Bank of Montreal Can acquired a new stake in Plains GP Holdings LP (NYSE:PAGP) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 399,569 shares of the company’s stock, valued at approximately $4,167,000.
Several other hedge funds have also recently made changes to their positions in the company. Harvest Fund Advisors LLC raised its stake in shares of Plains GP Holdings by 34.0% in the first quarter. Harvest Fund Advisors LLC now owns 5,704,595 shares of the company’s stock valued at $49,573,000 after buying an additional 1,446,048 shares during the last quarter. Adage Capital Partners GP L.L.C. bought a new stake in shares of Plains GP Holdings during the first quarter valued at approximately $14,117,000. UBS Asset Management Americas Inc. raised its stake in shares of Plains GP Holdings by 1.6% in the first quarter. UBS Asset Management Americas Inc. now owns 330,186 shares of the company’s stock valued at $2,869,000 after buying an additional 5,127 shares in the last quarter. Loomis Sayles & Co. L P bought a new stake in shares of Plains GP Holdings during the first quarter valued at approximately $107,000. Finally, Meiji Yasuda Asset Management Co Ltd. bought a new stake in shares of Plains GP Holdings during the first quarter valued at approximately $272,000. 76.78% of the stock is currently owned by institutional investors.
Shares of Plains GP Holdings LP (NYSE:PAGP) traded down 0.82% during midday trading on Friday, hitting $13.34. The company had a trading volume of 2,980,601 shares. The stock has a market capitalization of $3.56 billion, a price-to-earnings ratio of 23.99 and a beta of 1.55. Plains GP Holdings LP has a one year low of $4.72 and a one year high of $18.89. The stock’s 50-day moving average price is $12.27 and its 200-day moving average price is $10.65.
Plains GP Holdings (NYSE:PAGP) last announced its quarterly earnings results on Monday, August 8th. The company reported $0.15 EPS for the quarter, missing the Zacks’ consensus estimate of $0.19 by $0.04. Plains GP Holdings had a net margin of 0.69% and a return on equity of 1.36%. The firm earned $4.95 billion during the quarter, compared to the consensus estimate of $4.76 billion. During the same quarter in the previous year, the company posted $0.27 earnings per share. The firm’s revenue was down 25.7% on a year-over-year basis. Analysts predict that Plains GP Holdings LP will post $0.83 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, November 14th. Stockholders of record on Monday, October 31st will be paid a $0.2065 dividend. This represents a $0.83 dividend on an annualized basis and a dividend yield of 6.19%. The ex-dividend date of this dividend is Thursday, October 27th. Plains GP Holdings’s payout ratio is 170.37%.
Several analysts recently commented on the company. Barclays PLC lowered Plains GP Holdings from an “overweight” rating to an “equal weight” rating and boosted their price target for the company from $8.00 to $11.00 in a research note on Friday, July 8th. Wells Fargo & Co. raised Plains GP Holdings from a “market perform” rating to an “outperform” rating in a research note on Wednesday, October 5th. Evercore ISI lowered Plains GP Holdings from a “buy” rating to a “hold” rating and boosted their price target for the company from $9.00 to $10.00 in a research note on Thursday, July 7th. Morgan Stanley boosted their price target on Plains GP Holdings from $12.50 to $14.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 4th. Finally, Robert W. Baird raised Plains GP Holdings from an “underperform” rating to a “neutral” rating and boosted their price target for the company from $5.00 to $12.00 in a research note on Wednesday, July 13th. Eighteen investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Plains GP Holdings presently has a consensus rating of “Hold” and a consensus target price of $12.06.
Plains GP Holdings Company Profile
Plains GP Holdings, L.P. (PAGP) owns an interest in the general partner and incentive distribution rights (IDRs) of Plains All American Pipeline, L.P (PAA). The Company has no separate operating activities apart from those conducted by PAA. PAA owns and operates midstream energy infrastructure and provides logistics services for crude oil, natural gas liquids (NGL), natural gas and refined products.
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