Zurcher Kantonalbank Zurich Cantonalbank Has $1.03 Million Stock Holdings in Plains GP Holdings, L.P. (NYSE:PAGP)

Zurcher Kantonalbank Zurich Cantonalbank trimmed its position in Plains GP Holdings, L.P. (NYSE:PAGP) by 34.2% during the fourth quarter, Holdings Channel reports. The firm owned 56,163 shares of the pipeline company’s stock after selling 29,181 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Plains GP were worth $1,032,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of PAGP. Chickasaw Capital Management LLC boosted its position in Plains GP by 24.7% during the fourth quarter. Chickasaw Capital Management LLC now owns 8,218,030 shares of the pipeline company’s stock worth $151,047,000 after purchasing an additional 1,629,008 shares during the period. Thompson Siegel & Walmsley LLC bought a new stake in shares of Plains GP during the 3rd quarter worth about $13,848,000. Yaupon Capital Management LP acquired a new position in Plains GP in the 3rd quarter valued at about $9,772,000. Raymond James Financial Inc. bought a new position in Plains GP in the 4th quarter valued at about $5,214,000. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Plains GP during the third quarter worth approximately $4,013,000. 88.30% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Plains GP Trading Up 1.2 %

Shares of Plains GP stock opened at $21.52 on Thursday. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.49. Plains GP Holdings, L.P. has a 12-month low of $17.17 and a 12-month high of $22.31. The company has a market capitalization of $4.26 billion, a price-to-earnings ratio of 40.60 and a beta of 1.55. The firm’s 50-day moving average price is $21.17 and its two-hundred day moving average price is $19.53.

Plains GP Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were given a dividend of $0.38 per share. This is a positive change from Plains GP’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend was Friday, January 31st. This represents a $1.52 annualized dividend and a dividend yield of 7.06%. Plains GP’s dividend payout ratio (DPR) is currently 286.79%.

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.