Tortoise Capital Advisors L.L.C. increased its holdings in shares of Plains GP Holdings LP (NYSE:PAGP) by 4.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,708,176 shares of the pipeline company’s stock after purchasing an additional 599,056 shares during the period. Plains GP makes up 1.5% of Tortoise Capital Advisors L.L.C.’s holdings, making the stock its 21st biggest position. Tortoise Capital Advisors L.L.C. owned approximately 6.98% of Plains GP worth $240,820,000 as of its most recent SEC filing.
Several other institutional investors have also modified their holdings of the stock. Voya Financial Advisors Inc. boosted its position in Plains GP by 6.7% during the third quarter. Voya Financial Advisors Inc. now owns 57,453 shares of the pipeline company’s stock worth $1,234,000 after acquiring an additional 3,598 shares during the last quarter. Oxbow Advisors LLC raised its holdings in Plains GP by 13.3% in the fourth quarter. Oxbow Advisors LLC now owns 340,688 shares of the pipeline company’s stock valued at $6,456,000 after buying an additional 40,022 shares during the period. CI Investments Inc. purchased a new position in Plains GP in the fourth quarter valued at approximately $55,888,000. Opus Capital Group LLC purchased a new position in Plains GP in the fourth quarter valued at approximately $214,000. Finally, Man Group plc purchased a new position in Plains GP in the third quarter valued at approximately $1,063,000. 84.87% of the stock is owned by hedge funds and other institutional investors.
Shares of NYSE PAGP traded down $0.11 during midday trading on Thursday, reaching $6.24. 6,430,259 shares of the company traded hands, compared to its average volume of 4,022,152. Plains GP Holdings LP has a 52 week low of $3.04 and a 52 week high of $25.69. The stock has a 50-day moving average price of $12.57 and a 200 day moving average price of $17.61. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.92 and a quick ratio of 0.80. The company has a market cap of $1.07 billion, a price-to-earnings ratio of 3.14 and a beta of 1.26.
Plains GP (NYSE:PAGP) last issued its quarterly earnings data on Tuesday, February 4th. The pipeline company reported $0.26 earnings per share for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.30). Plains GP had a net margin of 0.98% and a return on equity of 2.31%. The company had revenue of $9.15 billion for the quarter, compared to the consensus estimate of $7.59 billion. During the same quarter in the prior year, the firm earned $1.12 earnings per share. Plains GP’s revenue for the quarter was up 4.2% compared to the same quarter last year. As a group, analysts expect that Plains GP Holdings LP will post 1.71 EPS for the current year.
In related news, Director Greg L. Armstrong acquired 70,187 shares of the business’s stock in a transaction on Monday, February 24th. The shares were purchased at an average price of $15.94 per share, for a total transaction of $1,118,780.78. Following the acquisition, the director now owns 1,745,812 shares in the company, valued at $27,828,243.28. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Robert V. Sinnott acquired 125,000 shares of the business’s stock in a transaction on Wednesday, March 18th. The shares were bought at an average price of $3.49 per share, for a total transaction of $436,250.00. Following the acquisition, the director now owns 93,368 shares in the company, valued at approximately $325,854.32. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 376,787 shares of company stock worth $3,493,743. 16.31% of the stock is owned by company insiders.
A number of research firms have recently issued reports on PAGP. Stifel Nicolaus lowered shares of Plains GP from a “buy” rating to a “hold” rating in a research note on Thursday, March 12th. Robert W. Baird downgraded shares of Plains GP from an “outperform” rating to a “neutral” rating and decreased their price objective for the stock from $21.00 to $12.00 in a report on Monday, March 9th. Raymond James downgraded shares of Plains GP from a “strong-buy” rating to an “outperform” rating and decreased their price objective for the stock from $25.00 to $14.00 in a report on Thursday, March 12th. Goldman Sachs Group raised shares of Plains GP from a “neutral” rating to a “buy” rating and set a $19.00 price objective for the company in a report on Thursday, February 6th. Finally, Morgan Stanley downgraded shares of Plains GP from an “equal weight” rating to an “underweight” rating in a report on Monday, March 16th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the stock. Plains GP has an average rating of “Hold” and a consensus target price of $17.86.
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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