Truist Financial Corp Sells 3,311 Shares of Plains GP Holdings, L.P. (NYSE:PAGP)

Truist Financial Corp decreased its stake in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 4.4% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 72,715 shares of the pipeline company’s stock after selling 3,311 shares during the quarter. Truist Financial Corp’s holdings in Plains GP were worth $1,368,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Cetera Investment Advisers increased its holdings in shares of Plains GP by 644.7% during the 1st quarter. Cetera Investment Advisers now owns 154,961 shares of the pipeline company’s stock worth $2,828,000 after purchasing an additional 134,153 shares during the period. Janus Henderson Group PLC bought a new position in shares of Plains GP during the 1st quarter worth about $1,669,000. Wealth Enhancement Advisory Services LLC bought a new position in shares of Plains GP during the 1st quarter worth about $697,000. Hennessy Advisors Inc. increased its holdings in shares of Plains GP by 14.1% during the 1st quarter. Hennessy Advisors Inc. now owns 1,543,100 shares of the pipeline company’s stock worth $28,162,000 after purchasing an additional 190,700 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Plains GP by 25.2% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,712,817 shares of the pipeline company’s stock worth $31,259,000 after purchasing an additional 344,303 shares during the period. Institutional investors own 88.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Wolfe Research raised shares of Plains GP to a “hold” rating in a research note on Wednesday, September 18th. StockNews.com raised shares of Plains GP from a “hold” rating to a “buy” rating in a research note on Monday, August 5th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $20.11.

Plains GP Price Performance

Shares of PAGP stock opened at $18.87 on Friday. Plains GP Holdings, L.P. has a 1 year low of $14.93 and a 1 year high of $20.10. The firm’s 50 day moving average is $18.72 and its 200-day moving average is $18.66. The firm has a market capitalization of $3.72 billion, a price-to-earnings ratio of 21.44 and a beta of 1.53. The company has a current ratio of 1.00, a quick ratio of 0.90 and a debt-to-equity ratio of 0.49.

Plains GP (NYSE:PAGP) last announced its earnings results on Friday, August 2nd. The pipeline company reported $0.20 earnings per share (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 company had revenue of $12.93 billion for the quarter, compared to analyst estimates of $13.70 billion. During the same quarter in the previous year, the company posted $0.25 earnings per share. Sell-side analysts forecast that Plains GP Holdings, L.P. will post 1.24 EPS for the current fiscal year.

Plains GP Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Thursday, October 31st will be issued a $0.3175 dividend. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $1.27 annualized dividend and a yield of 6.73%. Plains GP’s dividend payout ratio is currently 144.32%.

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.