Stock Traders Purchase Large Volume of Plains GP Put Options (PAGP)

Plains GP Holdings LP (NYSE:PAGP) was the recipient of some unusual options trading activity on Tuesday. Traders purchased 1,070 put options on the stock. This is an increase of 1,474% compared to the typical daily volume of 68 put options.

A number of hedge funds have recently added to or reduced their stakes in PAGP. Icon Wealth Partners LLC bought a new stake in Plains GP during the fourth quarter valued at $103,000. The Manufacturers Life Insurance Company grew its position in shares of Plains GP by 11.4% during the second quarter. The Manufacturers Life Insurance Company now owns 4,166 shares of the pipeline company’s stock worth $109,000 after acquiring an additional 428 shares during the last quarter. Advisory Services Network LLC grew its position in shares of Plains GP by 1,492.9% during the fourth quarter. Advisory Services Network LLC now owns 5,400 shares of the pipeline company’s stock worth $119,000 after acquiring an additional 5,061 shares during the last quarter. Toronto Dominion Bank grew its position in shares of Plains GP by 260.0% during the third quarter. Toronto Dominion Bank now owns 6,110 shares of the pipeline company’s stock worth $134,000 after acquiring an additional 4,413 shares during the last quarter. Finally, Penserra Capital Management LLC grew its position in shares of Plains GP by 84.2% during the third quarter. Penserra Capital Management LLC now owns 7,254 shares of the pipeline company’s stock worth $158,000 after acquiring an additional 3,315 shares during the last quarter. Hedge funds and other institutional investors own 85.74% of the company’s stock.

Plains GP (NYSE:PAGP) traded up $0.40 during mid-day trading on Wednesday, reaching $22.77. 2,126,859 shares of the company’s stock traded hands, compared to its average volume of 1,933,115. The company has a current ratio of 1.00, a quick ratio of 0.78 and a debt-to-equity ratio of 0.84. Plains GP has a 12-month low of $18.98 and a 12-month high of $33.66. The company has a market capitalization of $3,387.97, a price-to-earnings ratio of -4.92 and a beta of 1.39.

Plains GP (NYSE:PAGP) last released its earnings results on Tuesday, February 6th. The pipeline company reported $0.15 earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.25). Plains GP had a negative net margin of 2.79% and a positive return on equity of 0.73%. The business had revenue of $7.61 billion for the quarter, compared to the consensus estimate of $4.91 billion. equities research analysts predict that Plains GP will post 1.56 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, February 14th. Shareholders of record on Wednesday, January 31st will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Tuesday, January 30th. This represents a $1.20 annualized dividend and a yield of 5.27%. Plains GP’s payout ratio is -25.92%.

Several analysts recently issued reports on PAGP shares. BMO Capital Markets set a $25.00 price target on shares of Plains GP and gave the company a “buy” rating in a report on Tuesday, October 17th. Zacks Investment Research raised shares of Plains GP from a “hold” rating to a “buy” rating and set a $23.00 price target on the stock in a report on Tuesday, October 24th. Mizuho reaffirmed a “buy” rating and issued a $27.00 price target on shares of Plains GP in a report on Friday, October 20th. Barclays reaffirmed a “buy” rating and issued a $26.00 price target on shares of Plains GP in a report on Thursday, October 19th. Finally, BidaskClub raised shares of Plains GP from a “sell” rating to a “hold” rating in a report on Thursday, November 9th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. Plains GP has an average rating of “Hold” and a consensus target price of $25.88.

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About Plains GP

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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