State of New Jersey Common Pension Fund D Sells 59,901 Shares of Plains GP Holdings, L.P. (NYSE:PAGP)

State of New Jersey Common Pension Fund D trimmed its holdings in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 36.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 105,076 shares of the pipeline company’s stock after selling 59,901 shares during the period. State of New Jersey Common Pension Fund D owned about 0.05% of Plains GP worth $1,978,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in PAGP. Westwood Holdings Group Inc. raised its stake in Plains GP by 58.9% in the 4th quarter. Westwood Holdings Group Inc. now owns 4,645,531 shares of the pipeline company’s stock valued at $74,096,000 after acquiring an additional 1,721,120 shares during the period. Morningstar Investment Services LLC raised its stake in Plains GP by 97.8% in the 4th quarter. Morningstar Investment Services LLC now owns 1,452,776 shares of the pipeline company’s stock valued at $23,114,000 after acquiring an additional 718,465 shares during the period. Tortoise Capital Advisors L.L.C. raised its stake in Plains GP by 6.4% in the 2nd 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 acquiring an additional 703,158 shares during the period. Acadian Asset Management LLC bought a new stake in Plains GP in the 2nd quarter valued at about $11,442,000. Finally, SIR Capital Management L.P. bought a new stake in Plains GP in the 2nd quarter valued at about $8,849,000. 88.30% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. StockNews.com raised Plains GP from a “hold” rating to a “buy” rating in a report on Monday, August 5th. Wolfe Research raised Plains GP to a “hold” rating in a report on Wednesday. Finally, Morgan Stanley lifted their target price on Plains GP from $19.00 to $20.00 and gave the company an “overweight” rating in a report on Monday, June 10th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Plains GP currently has an average rating of “Hold” and a consensus target price of $20.11.

Plains GP Stock Down 0.1 %

Shares of NYSE PAGP opened at $18.92 on Friday. Plains GP Holdings, L.P. has a 12 month low of $14.71 and a 12 month high of $20.10. The company has a current ratio of 1.00, a quick ratio of 0.90 and a debt-to-equity ratio of 0.49. The firm has a market capitalization of $3.73 billion, a price-to-earnings ratio of 21.50 and a beta of 1.53. The business has a 50-day moving average of $18.92 and a 200-day moving average of $18.54.

Plains GP (NYSE:PAGP) last issued its quarterly earnings data on Friday, August 2nd. The pipeline company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.31 by ($0.11). Plains GP had a return on equity of 1.09% and a net margin of 0.33%. The business had revenue of $12.93 billion for the quarter, compared to analysts’ expectations of $13.70 billion. During the same period in the previous year, the firm posted $0.25 EPS. Sell-side analysts expect that Plains GP Holdings, L.P. will post 1.24 earnings per share for the current fiscal year.

Plains GP Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Wednesday, July 31st were issued a dividend of $0.3175 per share. This represents a $1.27 annualized dividend and a dividend yield of 6.71%. The ex-dividend date of this dividend was Wednesday, July 31st. Plains GP’s payout ratio is 144.32%.

Plains GP Profile

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.