Plains GP Holdings, L.P. (NYSE:PAGP) Shares Sold by Simplify Asset Management Inc.

Simplify Asset Management Inc. decreased its position in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 7.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,272,360 shares of the pipeline company’s stock after selling 100,000 shares during the period. Plains GP accounts for about 1.1% of Simplify Asset Management Inc.’s investment portfolio, making the stock its 14th largest holding. Simplify Asset Management Inc.’s holdings in Plains GP were worth $23,539,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Tortoise Capital Advisors L.L.C. boosted its stake in Plains GP by 6.4% during the second quarter. Tortoise Capital Advisors L.L.C. now owns 11,666,947 shares of the pipeline company’s stock valued at $219,572,000 after buying an additional 703,158 shares in the last quarter. Westwood Holdings Group Inc. lifted its holdings in Plains GP by 13.7% in the 1st quarter. Westwood Holdings Group Inc. now owns 5,280,460 shares of the pipeline company’s stock valued at $96,368,000 after acquiring an additional 634,929 shares during the last quarter. Acadian Asset Management LLC bought a new position in shares of Plains GP during the 2nd quarter valued at about $11,442,000. SIR Capital Management L.P. acquired a new position in shares of Plains GP in the 2nd quarter worth approximately $8,849,000. Finally, Bahl & Gaynor Inc. raised its holdings in shares of Plains GP by 82.7% in the 1st quarter. Bahl & Gaynor Inc. now owns 921,467 shares of the pipeline company’s stock worth $16,817,000 after purchasing an additional 417,031 shares in the last quarter. 88.30% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. StockNews.com upgraded shares of Plains GP from a “hold” rating to a “buy” rating in a research report on Friday, November 8th. Wolfe Research upgraded Plains GP to a “hold” rating in a report on Wednesday, September 18th. Finally, Morgan Stanley downgraded Plains GP from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $22.00 to $19.00 in a report on Friday, October 25th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, Plains GP currently has an average rating of “Hold” and a consensus price target of $19.88.

Plains GP Stock Up 0.5 %

NYSE:PAGP traded up $0.09 during trading hours on Friday, hitting $18.30. 119,190 shares of the company’s stock traded hands, compared to its average volume of 1,745,638. The stock’s fifty day moving average price is $18.44 and its two-hundred day moving average price is $18.56. The firm has a market cap of $3.61 billion, a P/E ratio of 21.49 and a beta of 1.54. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.90 and a current ratio of 1.01. Plains GP Holdings, L.P. has a twelve month low of $14.93 and a twelve month high of $20.10.

Plains GP Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st were given a $0.3175 dividend. This represents a $1.27 dividend on an annualized basis and a dividend yield of 6.94%. The ex-dividend date was Thursday, October 31st. Plains GP’s dividend payout ratio (DPR) is 149.41%.

About Plains GP

Plains GP Holdings, L.P., through its subsidiary, Plains All American Pipeline, L.P., owns and operates midstream infrastructure systems in the United States and Canada. It operates in two segments, Crude Oil and Natural Gas Liquids (NGLs). The company engages in the gathering and transporting crude oil and NGLs using pipelines, gathering systems, and trucks.