Plains GP Holdings, L.P. (NYSE:PAGP) Shares Sold by Propel Bio Management LLC

Propel Bio Management LLC decreased its holdings 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 13F filing with the Securities & Exchange Commission. The fund owned 1,272,360 shares of the pipeline company’s stock after selling 100,000 shares during the quarter. Plains GP makes up about 13.7% of Propel Bio Management LLC’s holdings, making the stock its 2nd biggest position. Propel Bio Management LLC owned approximately 0.64% of Plains GP worth $23,539,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of PAGP. ORG Partners LLC acquired a new stake in Plains GP in the 2nd quarter worth approximately $44,000. CWM LLC lifted its stake in shares of Plains GP by 61.0% in the second quarter. CWM LLC now owns 3,028 shares of the pipeline company’s stock worth $57,000 after buying an additional 1,147 shares during the last quarter. Hara Capital LLC bought a new stake in shares of Plains GP during the 3rd quarter worth $57,000. Unique Wealth Strategies LLC acquired a new position in Plains GP in the 2nd quarter valued at $70,000. Finally, Eastern Bank bought a new position in Plains GP in the 3rd quarter worth $76,000. Institutional investors own 88.30% of the company’s stock.

Analysts Set New Price Targets

PAGP has been the subject of a number of recent analyst reports. StockNews.com upgraded shares of Plains GP from a “hold” rating to a “buy” rating in a report on Friday, November 8th. Morgan Stanley lowered Plains GP from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $22.00 to $19.00 in a report on Friday, October 25th. Finally, Wolfe Research raised Plains GP to a “hold” rating in a research report on Wednesday, September 18th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $19.88.

Plains GP Stock Performance

Shares of NYSE PAGP opened at $18.87 on Tuesday. The firm has a market capitalization of $3.73 billion, a price-to-earnings ratio of 22.20 and a beta of 1.54. Plains GP Holdings, L.P. has a one year low of $14.93 and a one year high of $20.10. The business has a fifty day simple moving average of $18.47 and a 200 day simple moving average of $18.58. 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 Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st were issued a dividend of $0.3175 per share. This represents a $1.27 dividend on an annualized basis and a dividend yield of 6.73%. The ex-dividend date of this dividend was Thursday, October 31st. Plains GP’s payout ratio 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.