Birch Capital Management LLC Sells 1,953 Shares of Plains GP Holdings, L.P. (NYSE:PAGP)

Birch Capital Management LLC lessened its stake in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 10.8% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 16,119 shares of the pipeline company’s stock after selling 1,953 shares during the quarter. Birch Capital Management LLC’s holdings in Plains GP were worth $152,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of PAGP. Amundi Pioneer Asset Management Inc. grew its stake in shares of Plains GP by 5.6% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 163,926 shares of the pipeline company’s stock worth $4,085,000 after buying an additional 8,694 shares during the last quarter. Wells Fargo & Company MN grew its stake in shares of Plains GP by 8.0% in the third quarter. Wells Fargo & Company MN now owns 325,761 shares of the pipeline company’s stock worth $1,984,000 after purchasing an additional 24,214 shares during the last quarter. BlackRock Inc. grew its stake in shares of Plains GP by 17.5% in the third quarter. BlackRock Inc. now owns 1,460,100 shares of the pipeline company’s stock worth $8,892,000 after purchasing an additional 217,639 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Plains GP by 72.4% in the third quarter. JPMorgan Chase & Co. now owns 257,529 shares of the pipeline company’s stock worth $1,573,000 after purchasing an additional 108,128 shares during the last quarter. Finally, Great West Life Assurance Co. Can grew its stake in shares of Plains GP by 85.3% in the third quarter. Great West Life Assurance Co. Can now owns 21,159 shares of the pipeline company’s stock worth $331,000 after purchasing an additional 9,740 shares during the last quarter. 78.48% of the stock is currently owned by hedge funds and other institutional investors.

Several research firms recently issued reports on PAGP. Morgan Stanley restated an “equal weight” rating on shares of Plains GP in a report on Monday, March 29th. Barclays lowered their target price on shares of Plains GP from $12.00 to $11.00 and set an “equal weight” rating on the stock in a report on Friday, March 19th. Mizuho upped their target price on shares of Plains GP from $13.00 to $14.00 and gave the stock a “buy” rating in a report on Wednesday, January 20th. Wolfe Research restated a “peer perform” rating on shares of Plains GP in a report on Wednesday, March 17th. Finally, Scotiabank initiated coverage on shares of Plains GP in a report on Monday, February 1st. They issued an “outperform” rating on the stock. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $11.84.

PAGP stock traded down $0.33 during trading on Thursday, reaching $9.36. The stock had a trading volume of 25,532 shares, compared to its average volume of 3,115,836. Plains GP Holdings, L.P. has a one year low of $5.45 and a one year high of $12.90. The company has a quick ratio of 0.72, a current ratio of 0.90 and a debt-to-equity ratio of 0.83. The company’s 50 day moving average is $9.30 and its two-hundred day moving average is $8.44. The company has a market capitalization of $1.82 billion, a price-to-earnings ratio of -3.54 and a beta of 2.24.

Plains GP (NYSE:PAGP) last released its earnings results on Monday, February 8th. The pipeline company reported ($0.11) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.22 by ($0.33). Plains GP had a negative net margin of 1.89% and a positive return on equity of 12.33%. The company had revenue of $5.96 billion for the quarter, compared to the consensus estimate of $7.23 billion. As a group, research analysts predict that Plains GP Holdings, L.P. will post 8.07 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, May 14th. Stockholders of record on Friday, April 30th will be given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 7.69%. The ex-dividend date is Thursday, April 29th. Plains GP’s dividend payout ratio is currently 36.73%.

Plains GP Profile

Plains GP Holdings, L.P. owns and operates midstream energy infrastructure in the United States and Canada. It operates through three segments: Transportation, Facilities, and Supply and Logistics. The Transportation segment engages in the transportation of crude oil and natural gas liquids (NGLs) on pipelines, gathering systems, trucks, and barges.

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Institutional Ownership by Quarter for Plains GP (NYSE:PAGP)

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