Plains GP Holdings, L.P. (NYSE:PAGP) Stock Position Increased by CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its holdings in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 1.2% in the third quarter, HoldingsChannel reports. The firm owned 4,373,000 shares of the pipeline company’s stock after acquiring an additional 53,000 shares during the period. Plains GP makes up about 6.0% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s portfolio, making the stock its 4th biggest holding. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in Plains GP were worth $80,900,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Mather Group LLC. purchased a new stake in shares of Plains GP during the first quarter worth about $44,000. ORG Partners LLC purchased a new stake in shares of Plains GP during the 2nd quarter worth about $44,000. CWM LLC increased its position in Plains GP by 61.0% during the 2nd quarter. CWM LLC now owns 3,028 shares of the pipeline company’s stock worth $57,000 after purchasing an additional 1,147 shares in the last quarter. Hexagon Capital Partners LLC raised its holdings in Plains GP by 35.9% in the first quarter. Hexagon Capital Partners LLC now owns 3,791 shares of the pipeline company’s stock valued at $69,000 after buying an additional 1,001 shares during the period. Finally, Unique Wealth Strategies LLC acquired a new position in Plains GP during the second quarter valued at approximately $70,000. 88.30% of the stock is currently owned by institutional investors and hedge funds.

Plains GP Stock Performance

PAGP stock traded down $0.05 during midday trading on Tuesday, hitting $18.23. The stock had a trading volume of 248,751 shares, compared to its average volume of 1,735,158. Plains GP Holdings, L.P. has a 52 week low of $14.93 and a 52 week 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 stock has a 50-day simple moving average of $18.74 and a 200 day simple moving average of $18.67. The firm has a market capitalization of $3.60 billion, a price-to-earnings ratio of 20.77 and a beta of 1.53.

Plains GP (NYSE:PAGP) last posted its quarterly earnings data on Friday, August 2nd. The pipeline company reported $0.20 EPS for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $13.70 billion. During the same period in the prior year, the firm posted $0.25 EPS. As a group, equities research analysts anticipate that Plains GP Holdings, L.P. will post 1.24 earnings per share for the current year.

Plains GP Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st will be given a dividend of $0.3175 per share. The ex-dividend date is Thursday, October 31st. This represents a $1.27 annualized dividend and a dividend yield of 6.97%. Plains GP’s payout ratio is currently 144.32%.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. StockNews.com raised Plains GP from a “hold” rating to a “buy” rating in a research report on Monday, August 5th. Wolfe Research upgraded shares of Plains GP to a “hold” rating in a research note on Wednesday, September 18th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $20.11.

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.