Cushing Asset Management LP reduced its holdings in shares of Plains GP Holdings LP (NYSE:PAGP) by 5.5% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,493,193 shares of the pipeline company’s stock after selling 87,728 shares during the quarter. Cushing Asset Management LP owned approximately 0.96% of Plains GP worth $32,775,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also modified their holdings of the company. TIAA CREF Investment Management LLC grew its stake in shares of Plains GP by 20.2% in the fourth quarter. TIAA CREF Investment Management LLC now owns 1,460,145 shares of the pipeline company’s stock valued at $32,050,000 after buying an additional 245,349 shares in the last quarter. HBK Investments L P grew its stake in shares of Plains GP by 5.3% in the fourth quarter. HBK Investments L P now owns 321,135 shares of the pipeline company’s stock valued at $7,049,000 after buying an additional 16,235 shares in the last quarter. Clearbridge LLC grew its stake in shares of Plains GP by 13.7% in the fourth quarter. Clearbridge LLC now owns 2,082,910 shares of the pipeline company’s stock valued at $45,103,000 after buying an additional 250,560 shares in the last quarter. Kayne Anderson Capital Advisors LP grew its stake in shares of Plains GP by 16.4% in the fourth quarter. Kayne Anderson Capital Advisors LP now owns 5,682,584 shares of the pipeline company’s stock valued at $124,719,000 after buying an additional 802,067 shares in the last quarter. Finally, Castleton Investment Management LLC bought a new position in shares of Plains GP in the fourth quarter valued at $1,756,000. 84.22% of the stock is owned by institutional investors.
In other news, Director Oscar K. Brown bought 7,100 shares of the company’s stock in a transaction dated Thursday, February 15th. The stock was bought at an average price of $22.51 per share, with a total value of $159,821.00. Following the completion of the acquisition, the director now owns 7,100 shares of the company’s stock, valued at $159,821. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 39.93% of the stock is currently owned by company insiders.
Plains GP (NYSE:PAGP) last announced its quarterly earnings results on Tuesday, February 6th. The pipeline company reported $0.15 earnings per share (EPS) 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 analyst estimates of $4.91 billion. equities research analysts expect that Plains GP Holdings LP will post 1.56 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, February 14th. Stockholders of record on Wednesday, January 31st were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 5.19%. The ex-dividend date of this dividend was Tuesday, January 30th. Plains GP’s dividend payout ratio is currently 179.10%.
Several equities analysts recently weighed in on the stock. JPMorgan Chase & Co. raised their target price on shares of Plains GP from $27.00 to $28.00 and gave the company an “overweight” rating in a research note on Tuesday. Zacks Investment Research raised shares of Plains GP from a “sell” rating to a “hold” rating in a research note on Thursday, March 8th. Stifel Nicolaus raised shares of Plains GP from a “hold” rating to a “buy” rating and set a $24.00 target price for the company in a research note on Tuesday, March 6th. ValuEngine cut shares of Plains GP from a “hold” rating to a “sell” rating in a research note on Thursday, February 8th. Finally, Barclays cut shares of Plains GP from an “overweight” rating to an “equal weight” rating and set a $26.00 target price for the company. in a research note on Wednesday, January 17th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $26.11.
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Plains GP 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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