Cinctive Capital Management LP Raises Stock Position in Plains GP Holdings, L.P. (NYSE:PAGP)

Cinctive Capital Management LP increased its stake in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 0.1% during the 3rd quarter, Holdings Channel.com reports. The fund owned 992,338 shares of the pipeline company’s stock after purchasing an additional 781 shares during the quarter. Plains GP comprises about 1.0% of Cinctive Capital Management LP’s portfolio, making the stock its 16th biggest position. Cinctive Capital Management LP’s holdings in Plains GP were worth $18,358,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. ORG Partners LLC acquired a new stake in shares of Plains GP in the second quarter valued at approximately $44,000. CWM LLC boosted its stake 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 during the period. Hara Capital LLC purchased a new position in Plains GP during the 3rd quarter worth $57,000. Unique Wealth Strategies LLC purchased a new stake in shares of Plains GP in the second quarter valued at about $70,000. Finally, Eastern Bank purchased a new stake in shares of Plains GP in the third quarter valued at about $76,000. 88.30% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Plains GP Stock Up 2.8 %

PAGP opened at $20.02 on Monday. Plains GP Holdings, L.P. has a one year low of $14.93 and a one year high of $20.10. The company has a market cap of $3.95 billion, a price-to-earnings ratio of 23.55 and a beta of 1.54. The business’s fifty day moving average is $18.51 and its two-hundred day moving average is $18.62. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.92 and a current ratio of 1.01.

Plains GP Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st were paid a dividend of $0.3175 per share. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $1.27 dividend on an annualized basis and a dividend yield of 6.34%. Plains GP’s dividend payout ratio (DPR) is 149.41%.

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.