Plains Group Holdings, L.P. (PAGP) to Issue Quarterly Dividend of $0.55
Plains Group Holdings, L.P. (NYSE:PAGP) announced a quarterly dividend on Friday, July 7th, Wall Street Journal reports. Stockholders of record on Monday, July 31st will be paid a dividend of 0.55 per share by the pipeline company on Monday, August 14th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 8.46%. The ex-dividend date is Thursday, July 27th.
Plains Group Holdings, L.P. has a dividend payout ratio of 118.9% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Plains Group Holdings, L.P. to earn $2.02 per share next year, which means the company may not be able to cover its $2.20 annual dividend with an expected future payout ratio of 108.9%.
Shares of Plains Group Holdings, L.P. (NYSE:PAGP) traded down 0.91% during midday trading on Friday, hitting $26.01. 947,463 shares of the stock were exchanged. The stock has a market cap of $3.96 billion, a P/E ratio of 62.37 and a beta of 1.47. Plains Group Holdings, L.P. has a 52-week low of $12.81 and a 52-week high of $36.09. The firm’s 50 day moving average price is $26.25 and its 200-day moving average price is $30.67.
Plains Group Holdings, L.P. (NYSE:PAGP) last announced its quarterly earnings data on Monday, May 8th. The pipeline company reported $0.34 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.45 by $0.11. The company had revenue of $6.67 billion for the quarter, compared to the consensus estimate of $5.21 billion. Plains Group Holdings, L.P. had a net margin of 0.44% and a return on equity of 0.90%. The company’s revenue was up 62.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.14 earnings per share. On average, equities research analysts expect that Plains Group Holdings, L.P. will post $1.46 earnings per share for the current fiscal year.
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PAGP has been the subject of a number of recent research reports. Zacks Investment Research downgraded Plains Group Holdings, L.P. from a “hold” rating to a “strong sell” rating in a research note on Thursday, June 22nd. Raymond James Financial, Inc. upgraded Plains Group Holdings, L.P. from a “market perform” rating to an “outperform” rating and set a $32.00 price objective for the company in a research note on Monday, May 22nd. They noted that the move was a valuation call. Jefferies Group LLC downgraded Plains Group Holdings, L.P. from a “buy” rating to a “hold” rating and boosted their price objective for the company from $12.00 to $27.00 in a research note on Friday, April 21st. Macquarie reiterated an “outperform” rating and set a $37.00 price objective on shares of Plains Group Holdings, L.P. in a research note on Friday, April 21st. Finally, Stifel Nicolaus cut their price objective on Plains Group Holdings, L.P. from $34.00 to $30.00 and set a “hold” rating for the company in a research note on Wednesday, May 10th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and seven have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $26.86.
In other news, Chairman Greg L. Armstrong acquired 100,000 shares of the firm’s stock in a transaction dated Wednesday, May 10th. The shares were acquired at an average cost of $27.64 per share, with a total value of $2,764,000.00. Following the acquisition, the chairman now directly owns 525,625 shares of the company’s stock, valued at $14,528,275. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Chairman Greg L. Armstrong acquired 50,000 shares of the firm’s stock in a transaction dated Wednesday, June 21st. The shares were purchased at an average cost of $23.41 per share, for a total transaction of $1,170,500.00. Following the completion of the acquisition, the chairman now directly owns 650,625 shares in the company, valued at $15,231,131.25. The disclosure for this purchase can be found here. 39.93% of the stock is owned by corporate insiders.
Plains Group Holdings, L.P. Company Profile
Plains GP Holdings, L.P. owns and operates midstream energy infrastructure and provides logistics services for crude oil, natural gas liquids (NGL), natural gas and refined products. The Company operates through three segments: Transportation, Facilities, and Supply and Logistics. Through its three business segments, the Company is engaged in the transportation, storage, terminaling and marketing of crude oil, NGL and natural gas.
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