Plains Group Holdings, L.P. (PAGP) to Issue Quarterly Dividend of $0.30
Plains Group Holdings, L.P. (NYSE:PAGP) declared a quarterly dividend on Thursday, October 12th, Wall Street Journal reports. Stockholders of record on Tuesday, October 31st will be given a dividend of 0.30 per share by the pipeline company on Tuesday, November 14th. This represents a $1.20 annualized dividend and a dividend yield of 5.58%. The ex-dividend date of this dividend is Monday, October 30th.
Plains Group Holdings, L.P. has a dividend payout ratio of 165.4% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Plains Group Holdings, L.P. to earn $1.59 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 138.4%.
Shares of Plains Group Holdings, L.P. (PAGP) traded down 1.65% on Thursday, reaching $21.49. The company had a trading volume of 1,056,718 shares. The firm’s market capitalization is $3.30 billion. Plains Group Holdings, L.P. has a 12 month low of $19.60 and a 12 month high of $36.46. The firm’s 50 day moving average is $22.21 and its 200 day moving average is $25.82.
Plains Group Holdings, L.P. (NYSE:PAGP) last posted its quarterly earnings results on Monday, August 7th. The pipeline company reported $0.16 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.20 by ($0.04). Plains Group Holdings, L.P. had a net margin of 0.34% and a return on equity of 0.69%. The business had revenue of $6.08 billion during the quarter, compared to analyst estimates of $5.02 billion. During the same quarter in the prior year, the business earned $0.29 earnings per share. The firm’s quarterly revenue was up 22.8% on a year-over-year basis. On average, equities research analysts expect that Plains Group Holdings, L.P. will post $1.09 earnings per share for the current fiscal year.
In other Plains Group Holdings, L.P. news, Director Everardo Goyanes purchased 20,000 shares of the business’s stock in a transaction on Wednesday, August 9th. The stock was bought at an average cost of $21.25 per share, for a total transaction of $425,000.00. Following the acquisition, the director now owns 42,305 shares of the company’s stock, valued at approximately $898,981.25. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Greg L. Armstrong purchased 50,000 shares of the business’s stock in a transaction on Wednesday, August 9th. The stock was acquired at an average price of $21.53 per share, with a total value of $1,076,500.00. Following the completion of the acquisition, the chairman now directly owns 700,625 shares in the company, valued at approximately $15,084,456.25. The disclosure for this purchase can be found here. Insiders have purchased a total of 72,500 shares of company stock valued at $1,554,200 over the last 90 days. Insiders own 39.93% of the company’s stock.
A hedge fund recently bought a new stake in Plains Group Holdings, L.P. stock. California State Teachers Retirement System purchased a new position in shares of Plains Group Holdings, L.P. (NYSE:PAGP) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 12,497 shares of the pipeline company’s stock, valued at approximately $327,000. 83.04% of the stock is currently owned by hedge funds and other institutional investors.
A number of analysts have recently commented on PAGP shares. Bank of America Corporation set a $22.00 target price on Plains Group Holdings, L.P. and gave the stock a “hold” rating in a research report on Monday, August 28th. Seaport Global Securities started coverage on Plains Group Holdings, L.P. in a research report on Tuesday. They set a “neutral” rating and a $23.00 target price on the stock. Deutsche Bank AG cut Plains Group Holdings, L.P. from a “buy” rating to a “hold” rating and cut their target price for the stock from $35.00 to $29.00 in a research report on Thursday, July 13th. BMO Capital Markets upgraded Plains Group Holdings, L.P. from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $22.00 to $25.00 in a research report on Monday, August 28th. Finally, BidaskClub upgraded Plains Group Holdings, L.P. from a “sell” rating to a “hold” rating in a research report on Saturday, September 2nd. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $27.88.
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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