Edge Capital Group LLC Lowers Holdings in Plains GP Holdings, L.P. (NYSE:PAGP)

Edge Capital Group LLC trimmed its holdings in Plains GP Holdings, L.P. (NYSE:PAGP) by 3.7% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 21,926 shares of the pipeline company’s stock after selling 836 shares during the quarter. Edge Capital Group LLC’s holdings in Plains GP were worth $413,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Westwood Holdings Group Inc. boosted its position in shares of Plains GP by 2.1% during the second quarter. Westwood Holdings Group Inc. now owns 5,393,558 shares of the pipeline company’s stock worth $101,507,000 after acquiring an additional 113,098 shares during the last quarter. Sei Investments Co. bought a new stake in Plains GP in the 2nd quarter valued at $2,494,000. Pacer Advisors Inc. lifted its stake in Plains GP by 2.1% in the 2nd quarter. Pacer Advisors Inc. now owns 77,293 shares of the pipeline company’s stock worth $1,455,000 after purchasing an additional 1,562 shares in the last quarter. Hsbc Holdings PLC boosted its holdings in shares of Plains GP by 6.8% during the 2nd quarter. Hsbc Holdings PLC now owns 1,276,398 shares of the pipeline company’s stock valued at $24,025,000 after purchasing an additional 80,993 shares during the last quarter. Finally, Moors & Cabot Inc. grew its position in shares of Plains GP by 0.4% during the second quarter. Moors & Cabot Inc. now owns 259,495 shares of the pipeline company’s stock valued at $4,884,000 after purchasing an additional 959 shares in the last quarter. 88.30% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently commented on PAGP. Morgan Stanley boosted their target price on Plains GP from $19.00 to $20.00 and gave the stock an “overweight” rating in a research report on Monday, June 10th. StockNews.com raised Plains GP from a “hold” rating to a “buy” rating in a report on Monday, August 5th. Finally, Wolfe Research raised shares of Plains GP to a “hold” rating in a report on Wednesday, September 18th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, Plains GP currently has an average rating of “Hold” and an average price target of $20.11.

Plains GP Stock Performance

NYSE PAGP opened at $18.92 on Monday. The business’s 50 day moving average price is $18.92 and its 200-day moving average price is $18.55. Plains GP Holdings, L.P. has a fifty-two week low of $14.71 and a fifty-two week high of $20.10. The company has a market cap of $3.73 billion, a P/E ratio of 21.50 and a beta of 1.53. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.90 and a current ratio of 1.00.

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

Plains GP Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Wednesday, July 31st were given a $0.3175 dividend. This represents a $1.27 dividend on an annualized basis and a yield of 6.71%. The ex-dividend date was Wednesday, July 31st. Plains GP’s dividend payout ratio (DPR) is currently 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.