OppenheimerFunds Inc. decreased its position in shares of Plains GP Holdings LP (NYSE:PAGP) by 4.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,541,578 shares of the pipeline company’s stock after selling 71,669 shares during the quarter. OppenheimerFunds Inc. owned 0.97% of Plains GP worth $38,416,000 at the end of the most recent quarter.
Several other large investors have also recently made changes to their positions in the company. Tortoise Capital Advisors L.L.C. lifted its holdings in Plains GP by 5.1% in the fourth quarter. Tortoise Capital Advisors L.L.C. now owns 9,843,712 shares of the pipeline company’s stock worth $197,859,000 after acquiring an additional 477,509 shares during the last quarter. Chickasaw Capital Management LLC grew its holdings in Plains GP by 8.3% in the 1st quarter. Chickasaw Capital Management LLC now owns 8,011,666 shares of the pipeline company’s stock worth $199,651,000 after acquiring an additional 610,930 shares during the last quarter. Cohen & Steers Inc. increased its position in shares of Plains GP by 296.3% in the fourth quarter. Cohen & Steers Inc. now owns 4,917,057 shares of the pipeline company’s stock valued at $98,833,000 after acquiring an additional 3,676,379 shares during the period. Energy Income Partners LLC purchased a new position in shares of Plains GP in the fourth quarter valued at about $81,279,000. Finally, CIBC Private Wealth Group LLC raised its stake in shares of Plains GP by 18.7% during the fourth quarter. CIBC Private Wealth Group LLC now owns 3,226,850 shares of the pipeline company’s stock valued at $64,860,000 after acquiring an additional 508,276 shares during the last quarter. 88.76% of the stock is currently owned by institutional investors and hedge funds.
Shares of NYSE PAGP traded down $0.14 during trading on Wednesday, hitting $23.82. The company had a trading volume of 79,278 shares, compared to its average volume of 1,456,073. The company has a quick ratio of 0.90, a current ratio of 1.02 and a debt-to-equity ratio of 0.68. Plains GP Holdings LP has a 12 month low of $19.17 and a 12 month high of $27.00. The company has a market capitalization of $3.80 billion, a P/E ratio of 11.30 and a beta of 1.14.
Plains GP (NYSE:PAGP) last posted its quarterly earnings data on Tuesday, May 7th. The pipeline company reported $0.92 EPS for the quarter, topping the consensus estimate of $0.43 by $0.49. Plains GP had a return on equity of 3.41% and a net margin of 1.31%. The firm had revenue of $8.38 billion for the quarter, compared to the consensus estimate of $10.54 billion. During the same quarter last year, the company earned $0.36 earnings per share. The business’s revenue for the quarter was down .3% compared to the same quarter last year. Research analysts anticipate that Plains GP Holdings LP will post 1.73 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 15th. Investors of record on Wednesday, May 1st were given a dividend of $0.36 per share. The ex-dividend date of this dividend was Tuesday, April 30th. This represents a $1.44 annualized dividend and a dividend yield of 6.05%. This is a boost from Plains GP’s previous quarterly dividend of $0.30. Plains GP’s dividend payout ratio (DPR) is currently 68.25%.
In related news, Director Everardo Goyanes sold 20,000 shares of the stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $24.60, for a total transaction of $492,000.00. Following the completion of the sale, the director now owns 32,305 shares in the company, valued at $794,703. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Emg Investment, Llc sold 7,328,291 shares of the stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $23.10, for a total value of $169,283,522.10. The disclosure for this sale can be found here. Company insiders own 16.31% of the company’s stock.
A number of analysts have recently weighed in on the stock. ValuEngine lowered shares of Plains GP from a “sell” rating to a “strong sell” rating in a report on Tuesday, May 7th. TheStreet raised Plains GP from a “c” rating to a “b-” rating in a research note on Friday, April 5th. Finally, Zacks Investment Research cut Plains GP from a “hold” rating to a “sell” rating in a research note on Thursday, March 14th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $28.57.
Plains GP Company 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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