Cambria Investment Management L.P. Sells 29,175 Shares of Plains GP Holdings, L.P. (NYSE:PAGP)

Cambria Investment Management L.P. cut its stake in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 4.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 660,699 shares of the pipeline company’s stock after selling 29,175 shares during the quarter. Cambria Investment Management L.P. owned approximately 0.34% of Plains GP worth $9,798,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in PAGP. Goldman Sachs Group Inc. boosted its stake in Plains GP by 41.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 11,333,168 shares of the pipeline company’s stock worth $130,898,000 after purchasing an additional 3,318,007 shares during the period. Millennium Management LLC boosted its stake in Plains GP by 68.5% in the 4th quarter. Millennium Management LLC now owns 3,254,876 shares of the pipeline company’s stock worth $40,491,000 after purchasing an additional 1,322,722 shares during the period. Renaissance Technologies LLC boosted its stake in Plains GP by 95.7% in the 1st quarter. Renaissance Technologies LLC now owns 2,229,722 shares of the pipeline company’s stock worth $25,753,000 after purchasing an additional 1,090,133 shares during the period. Simplify Asset Management Inc. bought a new position in Plains GP in the 1st quarter worth approximately $13,834,000. Finally, Allianz Asset Management GmbH boosted its stake in Plains GP by 31.8% in the 1st quarter. Allianz Asset Management GmbH now owns 3,094,335 shares of the pipeline company’s stock worth $35,740,000 after purchasing an additional 747,435 shares during the period. 84.45% of the stock is currently owned by institutional investors.

Plains GP Trading Up 0.1 %

NYSE:PAGP traded up $0.02 during midday trading on Wednesday, hitting $16.00. 72,095 shares of the company traded hands, compared to its average volume of 2,603,898. The firm’s fifty day moving average is $15.89 and its 200-day moving average is $15.17. Plains GP Holdings, L.P. has a 12-month low of $11.79 and a 12-month high of $16.70. The firm has a market capitalization of $3.14 billion, a P/E ratio of 16.31 and a beta of 1.59. The company has a current ratio of 0.95, a quick ratio of 0.84 and a debt-to-equity ratio of 0.49.

Plains GP Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 14th. Investors of record on Tuesday, October 31st were issued a dividend of $0.2675 per share. The ex-dividend date was Monday, October 30th. This represents a $1.07 annualized dividend and a yield of 6.69%. Plains GP’s payout ratio is presently 109.18%.

Insider Activity at Plains GP

In other Plains GP news, CEO Willie Cw Chiang bought 62,000 shares of Plains GP stock in a transaction on Thursday, September 28th. The shares were acquired at an average price of $16.24 per share, for a total transaction of $1,006,880.00. Following the completion of the purchase, the chief executive officer now directly owns 318,704 shares in the company, valued at approximately $5,175,752.96. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 9.62% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have weighed in on PAGP shares. Citigroup downgraded Plains GP from a “buy” rating to a “neutral” rating and upped their price target for the stock from $14.00 to $15.50 in a research note on Wednesday, September 6th. Morgan Stanley upped their price objective on Plains GP from $17.00 to $18.00 and gave the stock an “overweight” rating in a report on Thursday, July 20th. Raymond James upped their price objective on Plains GP from $17.00 to $18.00 and gave the stock a “strong-buy” rating in a report on Friday, July 21st. The Goldman Sachs Group initiated coverage on Plains GP in a report on Thursday, October 5th. They set a “sell” rating and a $13.50 price objective on the stock. Finally, StockNews.com cut Plains GP from a “buy” rating to a “hold” rating in a report on Tuesday. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Plains GP has an average rating of “Hold” and a consensus price target of $17.22.

Plains GP Company Profile

Plains GP Holdings, L.P., through its subsidiary, Plains All American Pipeline, L.P., owns and operates midstream energy infrastructure in the United States and Canada. The company operates in two segments, Crude Oil and Natural Gas Liquids (NGLs). The company engages in the transportation of crude oil and NGLs on pipelines, gathering systems, and trucks.