Plains GP Holdings, L.P. (NYSE:PAGP) Shares Sold by Truist Financial Corp

Truist Financial Corp trimmed its stake in Plains GP Holdings, L.P. (NYSE:PAGP) by 14.4% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 61,839 shares of the pipeline company’s stock after selling 10,380 shares during the quarter. Truist Financial Corp’s holdings in Plains GP were worth $1,137,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of PAGP. Golden State Wealth Management LLC acquired a new stake in shares of Plains GP in the fourth quarter worth $33,000. Allworth Financial LP acquired a new stake in shares of Plains GP in the fourth quarter worth $44,000. Hara Capital LLC acquired a new stake in shares of Plains GP in the third quarter worth $57,000. Continuum Advisory LLC boosted its position in shares of Plains GP by 10.0% in the third quarter. Continuum Advisory LLC now owns 6,990 shares of the pipeline company’s stock worth $127,000 after buying an additional 637 shares during the period. Finally, F&V Capital Management LLC acquired a new stake in shares of Plains GP in the fourth quarter worth $153,000. 88.30% of the stock is currently owned by institutional investors and hedge funds.

Plains GP Price Performance

NYSE PAGP opened at $21.60 on Friday. Plains GP Holdings, L.P. has a fifty-two week low of $17.10 and a fifty-two week high of $22.31. The stock’s 50-day moving average is $20.56 and its two-hundred day moving average is $19.34. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.92. The firm has a market cap of $4.27 billion, a P/E ratio of 40.76 and a beta of 1.58.

Plains GP Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were issued a dividend of $0.38 per share. This is a positive change from Plains GP’s previous quarterly dividend of $0.32. This represents a $1.52 annualized dividend and a yield of 7.04%. The ex-dividend date was Friday, January 31st. Plains GP’s dividend payout ratio (DPR) is 286.79%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on PAGP shares. Wells Fargo & Company cut Plains GP from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $22.00 to $20.00 in a research report on Wednesday, December 18th. Wolfe Research raised Plains GP from a “peer perform” rating to an “outperform” rating and set a $22.00 price objective for the company in a research report on Friday, January 10th. Barclays lifted their price objective on Plains GP from $18.00 to $19.00 and gave the company an “underweight” rating in a research report on Thursday, January 16th. Raymond James lifted their price objective on Plains GP from $23.00 to $24.00 and gave the company a “strong-buy” rating in a research report on Tuesday, January 28th. Finally, StockNews.com cut Plains GP from a “buy” rating to a “hold” rating in a research report on Monday, February 10th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $20.60.

Plains GP Company 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.