NewEdge Wealth LLC Reduces Stake in Plains GP Holdings, L.P. (NYSE:PAGP)

NewEdge Wealth LLC decreased its stake in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 18.3% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 10,295 shares of the pipeline company’s stock after selling 2,311 shares during the period. NewEdge Wealth LLC’s holdings in Plains GP were worth $123,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in the business. Semmax Financial Advisors Inc. increased its position in Plains GP by 3.2% during the second quarter. Semmax Financial Advisors Inc. now owns 74,724 shares of the pipeline company’s stock worth $892,000 after buying an additional 2,304 shares in the last quarter. CM Management LLC increased its position in Plains GP by 42.9% during the second quarter. CM Management LLC now owns 100,000 shares of the pipeline company’s stock worth $1,194,000 after buying an additional 30,000 shares in the last quarter. Prescott Group Capital Management L.L.C. increased its position in Plains GP by 63.4% during the second quarter. Prescott Group Capital Management L.L.C. now owns 554,217 shares of the pipeline company’s stock worth $6,617,000 after buying an additional 215,000 shares in the last quarter. Cresset Asset Management LLC increased its position in Plains GP by 231.3% during the second quarter. Cresset Asset Management LLC now owns 41,932 shares of the pipeline company’s stock worth $500,000 after buying an additional 29,275 shares in the last quarter. Finally, Mid Atlantic Financial Management Inc. ADV purchased a new position in Plains GP during the second quarter worth $265,000. 86.87% of the stock is owned by institutional investors.

Several equities research analysts have recently issued reports on the company. Wells Fargo & Company raised their price objective on Plains GP from $12.00 to $14.00 and gave the stock an “overweight” rating in a report on Thursday, June 24th. Zacks Investment Research cut Plains GP from a “hold” rating to a “strong sell” rating in a report on Thursday, September 16th. Raymond James raised their price objective on Plains GP from $10.00 to $12.00 and gave the stock an “outperform” rating in a report on Wednesday, July 21st. Citigroup raised their price objective on Plains GP from $11.00 to $13.00 and gave the stock a “buy” rating in a report on Tuesday, July 13th. Finally, Morgan Stanley upgraded Plains GP from an “equal weight” rating to an “overweight” rating and set a $13.00 price objective on the stock in a report on Friday, July 16th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the stock. According to MarketBeat, Plains GP has an average rating of “Buy” and a consensus target price of $12.86.

Shares of Plains GP stock opened at $10.66 on Friday. Plains GP Holdings, L.P. has a twelve month low of $5.55 and a twelve month high of $12.95. The stock has a market capitalization of $2.07 billion, a P/E ratio of -1,066.00 and a beta of 2.20. The company has a current ratio of 0.92, a quick ratio of 0.81 and a debt-to-equity ratio of 0.76. The business’s fifty day moving average price is $10.23 and its 200 day moving average price is $10.42.

The company also recently announced a quarterly dividend, which was paid on Friday, August 13th. Investors of record on Friday, July 30th were issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 6.75%. The ex-dividend date was Thursday, July 29th. Plains GP’s payout ratio is currently 9.24%.

Plains GP Profile

Plains GP Holdings LP owns and operates midstream energy infrastructure and provides logistics services primarily for crude oil, natural gas liquids and natural gas through its indirect investment in Plains All American Pipeline, L.P. The firm operates through the following segments: Transportation, Facilities and Supply and Logistics.

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

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