Cambria Investment Management L.P. Has $9.72 Million Position in Plains GP Holdings, L.P. $PAGP

Cambria Investment Management L.P. cut its holdings in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 6.6% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 532,922 shares of the pipeline company’s stock after selling 37,772 shares during the quarter. Cambria Investment Management L.P.’s holdings in Plains GP were worth $9,720,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. Caprock Group LLC acquired a new position in Plains GP during the third quarter valued at approximately $3,088,000. Chickasaw Capital Management LLC increased its position in shares of Plains GP by 5.9% during the 3rd quarter. Chickasaw Capital Management LLC now owns 8,832,780 shares of the pipeline company’s stock worth $161,110,000 after purchasing an additional 494,259 shares during the last quarter. Osaic Holdings Inc. increased its position in shares of Plains GP by 75.3% during the 2nd quarter. Osaic Holdings Inc. now owns 291,320 shares of the pipeline company’s stock worth $5,661,000 after purchasing an additional 125,169 shares during the last quarter. Turtle Creek Wealth Advisors LLC raised its stake in shares of Plains GP by 16.8% during the 3rd quarter. Turtle Creek Wealth Advisors LLC now owns 800,863 shares of the pipeline company’s stock worth $14,608,000 after purchasing an additional 115,020 shares in the last quarter. Finally, Hsbc Holdings PLC raised its stake in shares of Plains GP by 3.4% during the 2nd quarter. Hsbc Holdings PLC now owns 2,649,726 shares of the pipeline company’s stock worth $51,483,000 after purchasing an additional 86,695 shares in the last quarter. Institutional investors own 88.30% of the company’s stock.

Analysts Set New Price Targets

PAGP has been the subject of several recent analyst reports. Bank of America downgraded Plains GP from a “neutral” rating to an “underperform” rating and set a $19.00 price objective for the company. in a report on Wednesday, January 28th. Citigroup boosted their target price on shares of Plains GP from $17.00 to $20.00 and gave the stock a “neutral” rating in a report on Tuesday, February 10th. Mizuho set a $23.00 price target on shares of Plains GP in a research report on Friday, January 23rd. Stifel Nicolaus increased their price target on shares of Plains GP from $23.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, March 6th. Finally, Zacks Research downgraded shares of Plains GP from a “hold” rating to a “strong sell” rating in a research report on Thursday, March 12th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, five have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $21.44.

Plains GP Stock Performance

PAGP opened at $23.33 on Thursday. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.49. Plains GP Holdings, L.P. has a 12-month low of $16.60 and a 12-month high of $24.00. The business has a 50 day moving average of $21.59 and a 200-day moving average of $19.42. The stock has a market cap of $4.62 billion, a price-to-earnings ratio of 44.02 and a beta of 0.56.

Plains GP Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, January 30th were issued a dividend of $0.4175 per share. The ex-dividend date of this dividend was Friday, January 30th. This represents a $1.67 annualized dividend and a yield of 7.2%. Plains GP’s dividend payout ratio (DPR) is currently 129.46%.

Plains GP Company Profile

Plains GP Holdings, L.P. (NYSE: PAGP) serves as the general partner of Plains All American Pipeline, L.P., one of North America’s leading energy infrastructure companies. Through its ownership of a 2% general partner interest and incentive distribution rights (IDRs), Plains GP Holdings participates in the governance and cash distribution structure of a diversified portfolio of crude oil and natural gas liquids gathering, transportation, storage, and terminaling assets.

The company’s primary business activities include overseeing the strategic direction and capital allocation decisions for its affiliated midstream operations.