Epoch Investment Partners Inc. trimmed its position in shares of Plains GP Holdings LP (NYSE:PAGP) by 20.6% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 892,659 shares of the pipeline company’s stock after selling 232,213 shares during the period. Epoch Investment Partners Inc. owned about 0.56% of Plains GP worth $21,897,000 as of its most recent SEC filing.
A number of other large investors have also recently modified their holdings of the stock. Raymond James & Associates boosted its position in Plains GP by 3,697.3% in the 2nd quarter. Raymond James & Associates now owns 1,494,131 shares of the pipeline company’s stock valued at $35,725,000 after buying an additional 1,454,784 shares during the period. Kayne Anderson Capital Advisors LP boosted its position in Plains GP by 17.4% in the 2nd quarter. Kayne Anderson Capital Advisors LP now owns 6,898,055 shares of the pipeline company’s stock valued at $164,919,000 after buying an additional 1,020,371 shares during the period. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Plains GP in the 3rd quarter valued at about $23,474,000. BlueMountain Capital Management LLC boosted its position in Plains GP by 272.6% in the 2nd quarter. BlueMountain Capital Management LLC now owns 1,301,869 shares of the pipeline company’s stock valued at $31,128,000 after buying an additional 952,500 shares during the period. Finally, American International Group Inc. boosted its position in Plains GP by 23,620.8% in the 2nd quarter. American International Group Inc. now owns 907,556 shares of the pipeline company’s stock valued at $21,699,000 after buying an additional 903,730 shares during the period. Institutional investors own 85.83% of the company’s stock.
In other Plains GP news, Director Oscar K. Brown purchased 2,500 shares of the stock in a transaction dated Friday, November 23rd. The stock was purchased at an average price of $20.42 per share, with a total value of $51,050.00. Following the transaction, the director now owns 9,600 shares of the company’s stock, valued at $196,032. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director John T. Raymond bought 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 25th. The shares were purchased at an average cost of $23.40 per share, with a total value of $585,000.00. Following the transaction, the director now directly owns 245,531 shares of the company’s stock, valued at $5,745,425.40. The disclosure for this purchase can be found here. 16.80% of the stock is currently owned by corporate insiders.
Shares of PAGP opened at $21.49 on Friday. Plains GP Holdings LP has a fifty-two week low of $19.68 and a fifty-two week high of $27.00. The company has a market capitalization of $3.44 billion, a PE ratio of 33.06 and a beta of 1.27. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.89 and a quick ratio of 0.71.
Plains GP (NYSE:PAGP) last announced its quarterly earnings results on Tuesday, November 6th. The pipeline company reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.34. Plains GP had a negative net margin of 1.96% and a positive return on equity of 1.43%. The firm had revenue of $8.79 billion during the quarter, compared to analysts’ expectations of $7.37 billion. During the same quarter in the prior year, the company earned $0.03 EPS. The company’s revenue was up 49.7% compared to the same quarter last year. As a group, equities analysts expect that Plains GP Holdings LP will post 1.57 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 14th. Stockholders of record on Wednesday, October 31st were given a $0.30 dividend. The ex-dividend date of this dividend was Tuesday, October 30th. This represents a $1.20 annualized dividend and a dividend yield of 5.58%. Plains GP’s payout ratio is presently 184.62%.
Several equities research analysts have issued reports on the stock. Zacks Investment Research cut shares of Plains GP from a “buy” rating to a “hold” rating in a research report on Friday, October 19th. Citigroup lowered their price objective on shares of Plains GP from $27.00 to $25.00 and set a “buy” rating for the company in a research report on Thursday, November 29th. Mizuho assumed coverage on shares of Plains GP in a research report on Wednesday, November 28th. They issued a “buy” rating and a $30.00 price objective for the company. Morgan Stanley boosted their price objective on shares of Plains GP from $28.00 to $29.00 and gave the company an “overweight” rating in a research report on Friday, November 30th. Finally, Stifel Nicolaus raised shares of Plains GP from a “hold” rating to a “buy” rating and boosted their price objective for the company from $26.00 to $28.00 in a research report on Sunday, September 23rd. One investment analyst has rated the stock with a sell rating, six have given a hold rating and twelve have given a buy rating to the company. Plains GP has an average rating of “Buy” and a consensus price target of $28.31.
Plains GP Profile
Plains GP Holdings, L.P. owns and operates midstream energy infrastructure in the United States and Canada. It operates through three segments: Transportation, Facilities, and Supply and Logistics. The Transportation segment engages in the transportation of crude oil and natural gas liquids (NGLs) on pipelines, gathering systems, trucks, and barges.
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