Callodine Capital Management LP Sells 150,000 Shares of Plains GP Holdings, L.P. $PAGP

Callodine Capital Management LP reduced its stake in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 27.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 390,000 shares of the pipeline company’s stock after selling 150,000 shares during the quarter. Callodine Capital Management LP owned about 0.20% of Plains GP worth $9,469,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Waverly Advisors LLC raised its position in Plains GP by 7.0% in the 1st quarter. Waverly Advisors LLC now owns 258,057 shares of the pipeline company’s stock worth $6,266,000 after purchasing an additional 16,854 shares during the last quarter. Entropy Technologies LP boosted its position in Plains GP by 383.2% in the 1st quarter. Entropy Technologies LP now owns 87,625 shares of the pipeline company’s stock valued at $2,128,000 after buying an additional 69,491 shares during the last quarter. JRM Investment Counsel LLC boosted its position in Plains GP by 11.4% in the 1st quarter. JRM Investment Counsel LLC now owns 255,000 shares of the pipeline company’s stock valued at $6,191,000 after buying an additional 26,000 shares during the last quarter. State of Wyoming acquired a new stake in shares of Plains GP in the 1st quarter valued at $159,000. Finally, Swiss National Bank increased its stake in shares of Plains GP by 0.4% in the 1st quarter. Swiss National Bank now owns 391,534 shares of the pipeline company’s stock valued at $9,506,000 after buying an additional 1,600 shares during the period. 88.30% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Citigroup upped their price target on Plains GP from $20.00 to $23.00 and gave the company a “neutral” rating in a research note on Thursday, May 14th. Barclays lifted their price objective on Plains GP from $21.00 to $23.00 and gave the stock an “underweight” rating in a research report on Thursday, July 16th. Wells Fargo & Company boosted their price objective on Plains GP from $22.00 to $23.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 12th. Truist Financial upped their target price on shares of Plains GP from $23.00 to $25.00 and gave the company a “buy” rating in a research report on Wednesday, July 15th. Finally, The Goldman Sachs Group raised shares of Plains GP from a “sell” rating to a “neutral” rating and raised their target price for the company from $18.00 to $24.00 in a research note on Wednesday, June 3rd. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $23.36.

Plains GP Price Performance

Shares of PAGP opened at $26.45 on Friday. 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 1 year low of $16.68 and a 1 year high of $26.65. The stock has a market cap of $5.23 billion, a P/E ratio of 49.91 and a beta of 0.45. The stock’s 50-day moving average price is $24.72 and its two-hundred day moving average price is $23.23.

Plains GP Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, July 31st will be given a $0.4175 dividend. This represents a $1.67 dividend on an annualized basis and a dividend yield of 6.3%. The ex-dividend date is Friday, July 31st. Plains GP’s dividend payout ratio (DPR) is currently 172.16%.

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.