Teacher Retirement System of Texas Sells 66,640 Shares of Plains GP Holdings, L.P. $PAGP

Teacher Retirement System of Texas lowered its position in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 60.6% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 43,336 shares of the pipeline company’s stock after selling 66,640 shares during the quarter. Teacher Retirement System of Texas’ holdings in Plains GP were worth $790,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Huntington National Bank acquired a new stake in Plains GP in the 2nd quarter worth about $31,000. Caitong International Asset Management Co. Ltd increased its holdings in shares of Plains GP by 378.9% during the second quarter. Caitong International Asset Management Co. Ltd now owns 1,997 shares of the pipeline company’s stock worth $39,000 after purchasing an additional 1,580 shares during the period. Ameritas Advisory Services LLC acquired a new stake in shares of Plains GP in the second quarter valued at approximately $51,000. CWM LLC boosted its stake in shares of Plains GP by 394.5% in the second quarter. CWM LLC now owns 2,883 shares of the pipeline company’s stock valued at $56,000 after buying an additional 2,300 shares during the period. Finally, Lazard Asset Management LLC boosted its stake in shares of Plains GP by 36.5% in the second quarter. Lazard Asset Management LLC now owns 3,030 shares of the pipeline company’s stock valued at $58,000 after buying an additional 811 shares during the period. 88.30% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Mizuho set a $23.00 price objective on Plains GP in a report on Friday, January 23rd. Barclays decreased their price target on Plains GP from $18.00 to $17.00 and set an “underweight” rating on the stock in a research report on Tuesday, October 7th. Zacks Research downgraded shares of Plains GP from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 23rd. Raymond James Financial decreased their target price on shares of Plains GP from $24.00 to $22.00 and set a “strong-buy” rating on the stock in a report on Friday, October 24th. Finally, Morgan Stanley upped their price target on shares of Plains GP from $20.00 to $22.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 25th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, Plains GP currently has a consensus rating of “Hold” and an average target price of $20.14.

Plains GP Trading Up 2.7%

Shares of Plains GP stock opened at $21.11 on Wednesday. The firm’s 50 day moving average is $19.44 and its 200 day moving average is $18.75. The firm has a market capitalization of $4.18 billion, a PE ratio of 39.83 and a beta of 0.56. Plains GP Holdings, L.P. has a 1 year low of $16.60 and a 1 year high of $21.97. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49.

Plains GP Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 13th. Investors of record on Friday, January 30th will be issued a dividend of $0.4175 per share. The ex-dividend date of this dividend is Friday, January 30th. This represents a $1.67 annualized dividend and a dividend yield of 7.9%. Plains GP’s dividend payout ratio (DPR) is 179.57%.

About Plains GP

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.