Goldman Sachs Group Inc. lessened its holdings in Plains GP Holdings LP (NYSE:PAGP) by 13.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,082,674 shares of the pipeline company’s stock after selling 788,373 shares during the quarter. Goldman Sachs Group Inc. owned 3.28% of Plains GP worth $111,565,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. Clearbridge LLC increased its holdings in Plains GP by 13.7% during the fourth quarter. Clearbridge LLC now owns 2,082,910 shares of the pipeline company’s stock worth $45,103,000 after buying an additional 250,560 shares during the last quarter. Kayne Anderson Capital Advisors LP increased its holdings 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 purchasing an additional 802,067 shares during the last quarter. Castleton Investment Management LLC acquired a new position in shares of Plains GP in the fourth quarter valued at $1,756,000. Franklin Square Holdings L.P. increased its holdings in shares of Plains GP by 34.2% in the fourth quarter. Franklin Square Holdings L.P. now owns 75,920 shares of the pipeline company’s stock valued at $1,666,000 after purchasing an additional 19,330 shares during the last quarter. Finally, Arosa Capital Management LP acquired a new position in shares of Plains GP in the fourth quarter valued at $6,585,000. 84.22% of the stock is currently owned by institutional investors and hedge funds.
In other news, Director Oscar K. Brown acquired 7,100 shares of the 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 purchase, the director now directly owns 7,100 shares of the company’s stock, valued at approximately $159,821. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 39.93% of the company’s stock.
Plains GP (NYSE:PAGP) last released its quarterly earnings data on Tuesday, February 6th. The pipeline company reported $0.15 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 firm had revenue of $7.61 billion during the quarter, compared to analyst estimates of $4.91 billion. analysts expect that Plains GP Holdings LP will post 1.56 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 14th. Stockholders of record on Wednesday, January 31st were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 5.19%. The ex-dividend date was Tuesday, January 30th. Plains GP’s dividend payout ratio is currently -25.92%.
Several equities analysts have commented on PAGP shares. Stifel Nicolaus upgraded shares of Plains GP from a “hold” rating to a “buy” rating and set a $24.00 price objective on the stock in a report on Tuesday, March 6th. Seaport Global Securities raised shares of Plains GP from a “neutral” rating to a “buy” rating in a report on Tuesday, February 20th. 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 report on Wednesday, January 17th. Robert W. Baird set a $22.00 target price on shares of Plains GP and gave the stock a “hold” rating in a report on Wednesday, February 7th. Finally, SunTrust Banks set a $24.00 target price on shares of Plains GP and gave the stock a “hold” rating in a report on Thursday, November 16th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. Plains GP currently has an average rating of “Buy” and a consensus 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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