Gilman Hill Asset Management LLC Decreases Stock Holdings in Plains GP Holdings, L.P. $PAGP

Gilman Hill Asset Management LLC reduced its stake in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 11.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 266,871 shares of the pipeline company’s stock after selling 33,570 shares during the period. Gilman Hill Asset Management LLC’s holdings in Plains GP were worth $5,108,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in PAGP. Royal Bank of Canada lifted its position in Plains GP by 6.1% during the first quarter. Royal Bank of Canada now owns 468,314 shares of the pipeline company’s stock worth $10,003,000 after buying an additional 26,952 shares in the last quarter. Legal & General Group Plc boosted its stake in Plains GP by 1.5% during the second quarter. Legal & General Group Plc now owns 207,126 shares of the pipeline company’s stock worth $4,024,000 after buying an additional 3,106 shares during the last quarter. XTX Topco Ltd grew its holdings in Plains GP by 180.5% in the 2nd quarter. XTX Topco Ltd now owns 148,531 shares of the pipeline company’s stock valued at $2,886,000 after buying an additional 95,583 shares in the last quarter. Hsbc Holdings PLC grew its holdings in Plains GP by 3.4% in the 2nd quarter. Hsbc Holdings PLC now owns 2,649,726 shares of the pipeline company’s stock valued at $51,483,000 after buying an additional 86,695 shares in the last quarter. Finally, JRM Investment Counsel LLC increased its stake in shares of Plains GP by 33.5% in the 2nd quarter. JRM Investment Counsel LLC now owns 219,000 shares of the pipeline company’s stock worth $4,255,000 after acquiring an additional 55,000 shares during the last quarter. 88.30% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently commented on PAGP shares. Morgan Stanley lifted their price target on Plains GP from $22.00 to $24.00 and gave the stock an “equal weight” rating in a report on Wednesday, March 18th. Zacks Research cut shares of Plains GP from a “hold” rating to a “strong sell” rating in a research report on Thursday, March 12th. Citigroup lifted their target price on shares of Plains GP from $17.00 to $20.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 10th. Barclays boosted their target price on shares of Plains GP from $17.00 to $18.00 and gave the company an “underweight” rating in a report on Monday, February 9th. Finally, Truist Financial began coverage on shares of Plains GP in a research note on Tuesday. They issued a “buy” rating and a $23.00 price target for the company. Two analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Plains GP presently has a consensus rating of “Hold” and an average price target of $21.60.

Plains GP Stock Performance

Shares of Plains GP stock opened at $24.14 on Wednesday. The firm has a market cap of $4.78 billion, a PE ratio of 45.55 and a beta of 0.56. 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 52 week low of $16.60 and a 52 week high of $24.34. The business’s fifty day simple moving average is $21.90 and its 200-day simple moving average is $19.56.

Plains GP Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, January 30th were given a $0.4175 dividend. The ex-dividend date of this dividend was Friday, January 30th. This represents a $1.67 dividend on an annualized basis and a yield of 6.9%. Plains GP’s dividend payout ratio is presently 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.