Mackenzie Financial Corp Decreases Position in Plains GP Holdings, L.P. (NYSE:PAGP)

Mackenzie Financial Corp cut its position in Plains GP Holdings, L.P. (NYSE:PAGP) by 19.7% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 1,569,016 shares of the pipeline company’s stock after selling 384,427 shares during the period. Mackenzie Financial Corp owned approximately 0.80% of Plains GP worth $25,026,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Geneos Wealth Management Inc. grew its stake in shares of Plains GP by 60.6% in the first quarter. Geneos Wealth Management Inc. now owns 3,445 shares of the pipeline company’s stock worth $39,000 after acquiring an additional 1,300 shares during the period. Spire Wealth Management grew its position in Plains GP by 63.2% during the third quarter. Spire Wealth Management now owns 2,538 shares of the pipeline company’s stock valued at $41,000 after buying an additional 983 shares during the period. Rational Advisors LLC bought a new stake in Plains GP during the third quarter valued at approximately $43,000. Allworth Financial LP bought a new stake in Plains GP during the third quarter valued at approximately $48,000. Finally, Allspring Global Investments Holdings LLC grew its position in Plains GP by 95.4% during the third quarter. Allspring Global Investments Holdings LLC now owns 3,475 shares of the pipeline company’s stock valued at $56,000 after buying an additional 1,697 shares during the period. 88.30% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

PAGP has been the subject of several recent research reports. Barclays boosted their target price on shares of Plains GP from $16.00 to $18.00 and gave the company an “underweight” rating in a research report on Friday, April 12th. StockNews.com upgraded shares of Plains GP from a “hold” rating to a “buy” rating in a research report on Monday, March 4th. Citigroup upped their price target on shares of Plains GP from $16.50 to $17.50 and gave the stock a “neutral” rating in a research report on Friday, March 1st. Stifel Nicolaus upped their price target on shares of Plains GP from $18.00 to $22.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, The Goldman Sachs Group upped their price target on shares of Plains GP from $14.50 to $16.00 and gave the stock a “sell” rating in a research report on Friday, April 12th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $19.55.

Plains GP Price Performance

PAGP stock opened at $18.27 on Thursday. Plains GP Holdings, L.P. has a one year low of $12.59 and a one year high of $19.77. The company’s fifty day moving average price is $17.68 and its 200-day moving average price is $16.56. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.87 and a current ratio of 0.98. The company has a market capitalization of $3.60 billion, a PE ratio of 17.91 and a beta of 1.55.

Plains GP (NYSE:PAGP) last released its quarterly earnings results on Friday, February 9th. The pipeline company reported $0.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.06). The business had revenue of $12.70 billion for the quarter, compared to analysts’ expectations of $12.88 billion. Plains GP had a net margin of 0.41% and a return on equity of 1.33%. On average, equities analysts anticipate that Plains GP Holdings, L.P. will post 1.04 EPS for the current fiscal year.

Plains GP Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Wednesday, May 1st will be paid a dividend of $0.3175 per share. This represents a $1.27 dividend on an annualized basis and a yield of 6.95%. The ex-dividend date of this dividend is Tuesday, April 30th. Plains GP’s payout ratio is 124.51%.

About Plains GP

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