Hsbc Holdings PLC grew its position in Plains GP Holdings LP (NYSE:PAGP) by 99.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 176,063 shares of the pipeline company’s stock after buying an additional 87,570 shares during the quarter. Hsbc Holdings PLC owned 0.11% of Plains GP worth $3,539,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. Korea Investment CORP increased its position in Plains GP by 5.1% during the 4th quarter. Korea Investment CORP now owns 309,100 shares of the pipeline company’s stock valued at $6,213,000 after buying an additional 15,100 shares in the last quarter. Great West Life Assurance Co. Can increased its holdings in shares of Plains GP by 1.7% in the fourth quarter. Great West Life Assurance Co. Can now owns 29,668 shares of the pipeline company’s stock valued at $566,000 after purchasing an additional 484 shares during the period. Northern Trust Corp increased its holdings in shares of Plains GP by 21.9% in the fourth quarter. Northern Trust Corp now owns 441,328 shares of the pipeline company’s stock valued at $8,870,000 after purchasing an additional 79,278 shares during the period. Venturi Wealth Management LLC acquired a new position in shares of Plains GP in the fourth quarter valued at about $2,063,000. Finally, State of Tennessee Treasury Department increased its holdings in shares of Plains GP by 2.0% in the fourth quarter. State of Tennessee Treasury Department now owns 136,149 shares of the pipeline company’s stock valued at $2,737,000 after purchasing an additional 2,706 shares during the period. Institutional investors and hedge funds own 86.06% of the company’s stock.
In related news, Director Oscar K. Brown bought 4,400 shares of the stock in a transaction dated Thursday, December 27th. The shares were purchased at an average price of $19.54 per share, for a total transaction of $85,976.00. Following the completion of the purchase, the director now directly owns 11,000 shares of the company’s stock, valued at $214,940. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 16.80% of the stock is owned by corporate insiders.
Shares of PAGP opened at $24.37 on Friday. Plains GP Holdings LP has a 52 week low of $19.17 and a 52 week high of $27.00. The company has a current ratio of 1.02, a quick ratio of 0.84 and a debt-to-equity ratio of 0.69. The stock has a market capitalization of $3.89 billion, a PE ratio of 11.55 and a beta of 1.22.
Plains GP (NYSE:PAGP) last issued its earnings results on Tuesday, February 5th. The pipeline company reported $1.12 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.61. Plains GP had a return on equity of 2.64% and a net margin of 0.98%. The firm had revenue of $8.79 billion for the quarter, compared to the consensus estimate of $10.52 billion. During the same quarter in the prior year, the business earned ($5.16) earnings per share. The company’s revenue was up 15.5% compared to the same quarter last year. On average, research analysts predict that Plains GP Holdings LP will post 1.54 EPS for the current fiscal year.
A number of research analysts have recently weighed in on the company. Zacks Investment Research lowered Plains GP from a “buy” rating to a “hold” rating in a report on Tuesday, February 19th. ValuEngine lowered Plains GP from a “hold” rating to a “sell” rating in a report on Friday, March 1st. Evercore ISI assumed coverage on Plains GP in a report on Tuesday, February 5th. They issued a $24.00 price objective on the stock. Finally, Citigroup cut their price objective on Plains GP from $27.00 to $25.00 and set a “buy” rating on the stock in a report on Thursday, November 29th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and fourteen have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $28.60.
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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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