Cinctive Capital Management LP Makes New $831,000 Investment in Plains GP Holdings, L.P. $PAGP

Cinctive Capital Management LP acquired a new stake in Plains GP Holdings, L.P. (NYSE:PAGP) in the third quarter, Holdings Channel.com reports. The institutional investor acquired 45,551 shares of the pipeline company’s stock, valued at approximately $831,000.

A number of other hedge funds also recently made changes to their positions in PAGP. Pathstone Holdings LLC grew its position in Plains GP by 227.5% during the third quarter. Pathstone Holdings LLC now owns 2,055,395 shares of the pipeline company’s stock valued at $37,490,000 after buying an additional 1,427,743 shares during the period. Chickasaw Capital Management LLC increased its holdings in Plains GP by 5.9% during the third quarter. Chickasaw Capital Management LLC now owns 8,832,780 shares of the pipeline company’s stock worth $161,110,000 after buying an additional 494,259 shares during the last quarter. Bank of America Corp DE raised its position in Plains GP by 36.4% in the third quarter. Bank of America Corp DE now owns 1,750,236 shares of the pipeline company’s stock worth $31,924,000 after acquiring an additional 466,773 shares during the period. HRT Financial LP boosted its stake in Plains GP by 80.6% in the second quarter. HRT Financial LP now owns 836,999 shares of the pipeline company’s stock valued at $16,262,000 after acquiring an additional 373,578 shares during the last quarter. Finally, Callodine Capital Management LP boosted its stake in Plains GP by 125.0% in the third quarter. Callodine Capital Management LP now owns 540,000 shares of the pipeline company’s stock valued at $9,850,000 after acquiring an additional 300,000 shares during the last quarter. 88.30% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on PAGP. Bank of America lowered shares of Plains GP from a “neutral” rating to an “underperform” rating and set a $19.00 price target for the company. in a research note on Wednesday, January 28th. Zacks Research downgraded Plains GP from a “hold” rating to a “strong sell” rating in a research note on Thursday, March 12th. Barclays increased their price objective on Plains GP from $17.00 to $18.00 and gave the company an “underweight” rating in a report on Monday, February 9th. Mizuho set a $23.00 target price on Plains GP in a research note on Friday, January 23rd. Finally, Stifel Nicolaus upped their price target on Plains GP from $23.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, March 6th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Plains GP presently has a consensus rating of “Hold” and a consensus price target of $21.22.

Plains GP Price Performance

PAGP opened at $23.08 on Tuesday. The firm has a 50-day moving average price of $21.42 and a 200-day moving average price of $19.36. Plains GP Holdings, L.P. has a twelve month low of $16.60 and a twelve month high of $24.00. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.49. The company has a market capitalization of $4.57 billion, a price-to-earnings ratio of 43.55 and a beta of 0.56.

Plains GP Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Friday, January 30th were paid a $0.4175 dividend. This represents a $1.67 dividend on an annualized basis and a yield of 7.2%. The ex-dividend date was Friday, January 30th. Plains GP’s payout ratio is currently 129.46%.

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.