DNB Asset Management AS boosted its stake in shares of Plains GP Holdings LP (NYSE:PAGP) by 349.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 72,043 shares of the pipeline company’s stock after purchasing an additional 56,027 shares during the quarter. DNB Asset Management AS’s holdings in Plains GP were worth $1,795,000 at the end of the most recent quarter.
A number of other large investors also recently added to or reduced their stakes in PAGP. Tortoise Capital Advisors L.L.C. raised its stake in shares of Plains GP by 1.0% in the 3rd quarter. Tortoise Capital Advisors L.L.C. now owns 9,366,203 shares of the pipeline company’s stock valued at $229,753,000 after buying an additional 92,418 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Plains GP by 65.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 330,588 shares of the pipeline company’s stock valued at $8,110,000 after buying an additional 130,919 shares in the last quarter. BlackRock Inc. raised its stake in shares of Plains GP by 13.5% in the 3rd quarter. BlackRock Inc. now owns 2,072,398 shares of the pipeline company’s stock valued at $50,836,000 after buying an additional 246,546 shares in the last quarter. Credit Suisse AG increased its position in shares of Plains GP by 5.8% during the 3rd quarter. Credit Suisse AG now owns 166,695 shares of the pipeline company’s stock worth $4,087,000 after purchasing an additional 9,154 shares in the last quarter. Finally, United Services Automobile Association increased its position in shares of Plains GP by 38.2% during the 3rd quarter. United Services Automobile Association now owns 26,660 shares of the pipeline company’s stock worth $654,000 after purchasing an additional 7,370 shares in the last quarter. Hedge funds and other institutional investors own 85.46% of the company’s stock.
A number of equities research analysts have commented on PAGP shares. Goldman Sachs Group raised shares of Plains GP from a “neutral” rating to a “buy” rating in a report on Wednesday, January 2nd. Zacks Investment Research lowered shares of Plains GP from a “buy” rating to a “hold” rating in a report on Tuesday, January 22nd. Jefferies Financial Group raised shares of Plains GP from a “hold” rating to a “buy” rating in a report on Thursday, December 20th. ValuEngine raised shares of Plains GP from a “strong sell” rating to a “sell” rating in a report on Friday, December 21st. Finally, Evercore ISI started coverage on shares of Plains GP in a report on Tuesday, February 5th. They set a $24.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. Plains GP currently has an average rating of “Buy” and a consensus target price of $28.60.
Shares of NYSE PAGP opened at $24.54 on Wednesday. The stock has a market capitalization of $3.95 billion, a PE ratio of 11.79 and a beta of 1.23. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.84 and a current ratio of 1.02. Plains GP Holdings LP has a 1 year low of $19.17 and a 1 year high of $27.00.
Plains GP (NYSE:PAGP) last released its quarterly earnings data on Tuesday, February 5th. The pipeline company reported $1.12 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.61. Plains GP had a net margin of 0.98% and a return on equity of 2.64%. The business had revenue of $8.79 billion for the quarter, compared to analyst estimates of $10.52 billion. During the same quarter last year, the firm earned ($5.16) EPS. Plains GP’s quarterly revenue was up 15.5% compared to the same quarter last year. Analysts expect that Plains GP Holdings LP will post 1.54 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Wednesday, May 1st will be paid a dividend of $0.36 per share. This is a positive change from Plains GP’s previous quarterly dividend of $0.30. The ex-dividend date is Tuesday, April 30th. This represents a $1.44 annualized dividend and a yield of 5.87%. Plains GP’s dividend payout ratio (DPR) is presently 56.87%.
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About Plains GP
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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