Hsbc Holdings PLC Sells 57,655 Shares of Plains GP Holdings, L.P. $PAGP

Hsbc Holdings PLC reduced its stake in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 2.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,707,192 shares of the pipeline company’s stock after selling 57,655 shares during the quarter. Hsbc Holdings PLC’s holdings in Plains GP were worth $65,736,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Royal Bank of Canada raised its holdings in Plains GP by 6.1% in the first quarter. Royal Bank of Canada now owns 468,314 shares of the pipeline company’s stock worth $10,003,000 after purchasing an additional 26,952 shares in the last quarter. Natixis bought a new stake in shares of Plains GP in the 2nd quarter valued at about $1,029,000. Qube Research & Technologies Ltd grew its position in shares of Plains GP by 7.6% in the 2nd quarter. Qube Research & Technologies Ltd now owns 990,557 shares of the pipeline company’s stock worth $19,247,000 after buying an additional 69,970 shares during the last quarter. NewEdge Advisors LLC grew its position in shares of Plains GP by 5.9% in the 2nd quarter. NewEdge Advisors LLC now owns 84,136 shares of the pipeline company’s stock worth $1,635,000 after buying an additional 4,692 shares during the last quarter. Finally, Diversify Advisory Services LLC bought a new position in shares of Plains GP during the 2nd quarter worth approximately $279,000. Institutional investors own 88.30% of the company’s stock.

Plains GP Stock Performance

Shares of NYSE PAGP opened at $25.61 on Monday. 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 Holdings, L.P. has a 12 month low of $16.68 and a 12 month high of $26.15. The company has a 50 day simple moving average of $24.48 and a two-hundred day simple moving average of $23.01. The stock has a market cap of $5.07 billion, a price-to-earnings ratio of 48.32 and a beta of 0.45.

Plains GP Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, July 31st will be issued a dividend of $0.4175 per share. This represents a $1.67 annualized dividend and a dividend yield of 6.5%. The ex-dividend date of this dividend is Friday, July 31st. Plains GP’s dividend payout ratio (DPR) is 172.16%.

Wall Street Analyst Weigh In

A number of research firms recently commented on PAGP. Citigroup increased their target price on shares of Plains GP from $20.00 to $23.00 and gave the company a “neutral” rating in a research report on Thursday, May 14th. Mizuho lifted their price target on shares of Plains GP from $25.00 to $27.00 and gave the stock an “outperform” rating in a report on Monday, June 8th. Wells Fargo & Company upped their price target on Plains GP from $22.00 to $23.00 and gave the stock an “equal weight” rating in a research report on Tuesday, May 12th. Zacks Research lowered Plains GP from a “hold” rating to a “strong sell” rating in a report on Monday, June 22nd. Finally, US Capital Advisors cut Plains GP from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, May 29th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, six have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $23.36.

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.