Sound Income Strategies LLC bought a new position in shares of Plains GP Holdings LP (NYSE:PAGP) during the 4th quarter, according to its most recent disclosure with the SEC. The fund bought 1,821 shares of the pipeline company’s stock, valued at approximately $37,000.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Cerebellum GP LLC purchased a new stake in shares of Plains GP during the third quarter worth $173,000. Russell Investments Group Ltd. purchased a new stake in shares of Plains GP during the second quarter worth $175,000. IFM Investors Pty Ltd purchased a new stake in shares of Plains GP during the third quarter worth $216,000. Linscomb & Williams Inc. lifted its position in shares of Plains GP by 30.8% during the third quarter. Linscomb & Williams Inc. now owns 9,811 shares of the pipeline company’s stock worth $241,000 after acquiring an additional 2,311 shares in the last quarter. Finally, Meiji Yasuda Asset Management Co Ltd. purchased a new stake in shares of Plains GP in the third quarter worth $245,000. 85.83% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE:PAGP opened at $23.17 on Friday. Plains GP Holdings LP has a 12-month low of $19.17 and a 12-month high of $27.00. The stock has a market cap of $3.83 billion, a PE ratio of 35.65 and a beta of 1.16. The company has a current ratio of 0.89, a quick ratio of 0.71 and a debt-to-equity ratio of 0.72.
Plains GP (NYSE:PAGP) last posted its earnings results on Tuesday, November 6th. The pipeline company reported $0.70 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.36 by $0.34. The company had revenue of $8.79 billion during the quarter, compared to analyst estimates of $7.37 billion. Plains GP had a negative net margin of 1.96% and a positive return on equity of 1.43%. Plains GP’s revenue for the quarter was up 49.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.03 earnings per share. As a group, analysts anticipate that Plains GP Holdings LP will post 1.49 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, February 14th. Stockholders of record on Thursday, January 31st will be issued a dividend of $0.30 per share. The ex-dividend date is Wednesday, January 30th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 5.18%. Plains GP’s dividend payout ratio is currently 184.62%.
In other news, Director Oscar K. Brown bought 4,400 shares of the company’s stock in a transaction dated Thursday, December 27th. The stock was bought at an average cost of $19.54 per share, for a total transaction of $85,976.00. Following the completion of the acquisition, the director now owns 11,000 shares in the company, valued at approximately $214,940. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Oscar K. Brown bought 2,500 shares of the company’s stock in a transaction dated Friday, November 23rd. The shares were purchased at an average price of $20.42 per share, with a total value of $51,050.00. Following the completion of the acquisition, the director now owns 9,600 shares of the company’s stock, valued at approximately $196,032. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 7,900 shares of company stock valued at $156,846. 16.80% of the stock is currently owned by company insiders.
A number of equities research analysts recently issued reports on the company. Stifel Nicolaus upgraded Plains GP from a “hold” rating to a “buy” rating and increased their price objective for the stock from $26.00 to $28.00 in a research report on Sunday, September 23rd. Credit Suisse Group assumed coverage on Plains GP in a research report on Thursday, October 11th. They issued an “outperform” rating and a $31.00 price objective on the stock. Morgan Stanley increased their price objective on Plains GP from $28.00 to $29.00 and gave the stock an “overweight” rating in a research report on Friday, November 30th. Zacks Investment Research downgraded Plains GP from a “buy” rating to a “hold” rating in a research report on Saturday, September 22nd. Finally, ValuEngine upgraded Plains GP from a “strong sell” rating to a “sell” rating in a research report on Friday, December 21st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and fifteen have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $28.13.
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Plains GP Company Profile
Plains GP Holdings, L.P. owns and operates midstream energy infrastructure in the United States and Canada. It operates through three segments: Transportation, Facilities, and Supply and Logistics. The Transportation segment engages in the transportation of crude oil and natural gas liquids (NGLs) on pipelines, gathering systems, trucks, and barges.
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