State of New Jersey Common Pension Fund D Sells 1,495 Shares of Plains GP Holdings, L.P. (NYSE:PAGP)

State of New Jersey Common Pension Fund D trimmed its stake in Plains GP Holdings, L.P. (NYSE:PAGP) by 1.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 103,581 shares of the pipeline company’s stock after selling 1,495 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Plains GP were worth $1,916,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. ORG Partners LLC bought a new position in shares of Plains GP in the second quarter worth approximately $44,000. CWM LLC grew its position in Plains GP by 61.0% during the second quarter. CWM LLC now owns 3,028 shares of the pipeline company’s stock valued at $57,000 after acquiring an additional 1,147 shares during the last quarter. Hara Capital LLC bought a new position in Plains GP during the third quarter valued at approximately $57,000. Unique Wealth Strategies LLC bought a new position in Plains GP during the second quarter valued at approximately $70,000. Finally, Eastern Bank bought a new position in Plains GP during the third quarter valued at approximately $76,000. 88.30% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PAGP. Wolfe Research upgraded shares of Plains GP to a “hold” rating in a research report on Wednesday, September 18th. Morgan Stanley cut shares of Plains GP from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $22.00 to $19.00 in a research report on Friday, October 25th. Finally, StockNews.com upgraded shares of Plains GP from a “hold” rating to a “buy” rating in a research report on Friday, November 8th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $19.88.

Plains GP Stock Up 0.1 %

Shares of Plains GP stock opened at $18.23 on Monday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.90 and a current ratio of 1.01. Plains GP Holdings, L.P. has a 52-week low of $14.93 and a 52-week high of $20.10. The stock has a market capitalization of $3.60 billion, a price-to-earnings ratio of 21.45 and a beta of 1.54. The company’s 50 day moving average price is $18.43 and its 200-day moving average price is $18.56.

Plains GP Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, October 31st were paid a $0.3175 dividend. This represents a $1.27 dividend on an annualized basis and a yield of 6.97%. The ex-dividend date was Thursday, October 31st. Plains GP’s payout ratio is 149.41%.

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.