Hodges Capital Management Inc. Boosts Position in Plains Group Holdings, L.P. (PAGP)

Hodges Capital Management Inc. increased its position in shares of Plains Group Holdings, L.P. (NYSE:PAGP) by 10.0% during the second quarter, Holdings Channel reports. The institutional investor owned 16,153 shares of the pipeline company’s stock after buying an additional 1,474 shares during the period. Hodges Capital Management Inc.’s holdings in Plains Group Holdings, L.P. were worth $423,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Creative Planning increased its position in Plains Group Holdings, L.P. by 4.9% in the first quarter. Creative Planning now owns 25,212 shares of the pipeline company’s stock valued at $788,000 after buying an additional 1,181 shares during the period. Gulf International Bank UK Ltd increased its position in Plains Group Holdings, L.P. by 52.2% in the first quarter. Gulf International Bank UK Ltd now owns 42,315 shares of the pipeline company’s stock valued at $1,322,000 after buying an additional 14,521 shares during the period. DnB Asset Management AS increased its position in Plains Group Holdings, L.P. by 24.7% in the first quarter. DnB Asset Management AS now owns 13,616 shares of the pipeline company’s stock valued at $426,000 after buying an additional 2,700 shares during the period. Duff & Phelps Investment Management Co. increased its position in Plains Group Holdings, L.P. by 38.2% in the first quarter. Duff & Phelps Investment Management Co. now owns 150,436 shares of the pipeline company’s stock valued at $4,703,000 after buying an additional 41,560 shares during the period. Finally, Hartford Financial Management Inc. increased its position in Plains Group Holdings, L.P. by 1.2% in the first quarter. Hartford Financial Management Inc. now owns 10,726 shares of the pipeline company’s stock valued at $334,000 after buying an additional 125 shares during the period. 85.09% of the stock is owned by hedge funds and other institutional investors.

Plains Group Holdings, L.P. (NYSE PAGP) opened at 20.97 on Thursday. Plains Group Holdings, L.P. has a one year low of $14.44 and a one year high of $36.09. The firm has a 50-day moving average of $25.97 and a 200 day moving average of $29.12. The company has a market capitalization of $3.19 billion, a P/E ratio of 50.29 and a beta of 1.48.

Plains Group Holdings, L.P. (NYSE:PAGP) last posted its quarterly earnings results on Monday, August 7th. The pipeline company reported $0.16 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.20 by $0.04. The firm had revenue of $6.08 billion during the quarter, compared to the consensus estimate of $5.02 billion. Plains Group Holdings, L.P. had a return on equity of 0.72% and a net margin of 0.34%. The business’s revenue for the quarter was up 22.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.29 earnings per share. On average, equities analysts forecast that Plains Group Holdings, L.P. will post $1.56 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, August 14th. Shareholders of record on Monday, July 31st will be given a $0.55 dividend. The ex-dividend date is Thursday, July 27th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 10.49%. Plains Group Holdings, L.P.’s payout ratio is currently 333.50%.

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Several research analysts recently commented on PAGP shares. Mizuho raised shares of Plains Group Holdings, L.P. from a “neutral” rating to a “buy” rating and set a $30.00 price objective for the company in a report on Monday, July 10th. Deutsche Bank AG downgraded shares of Plains Group Holdings, L.P. from a “buy” rating to a “hold” rating and cut their price objective for the stock from $35.00 to $29.00 in a report on Thursday, July 13th. Bank of America Corporation started coverage on shares of Plains Group Holdings, L.P. in a report on Thursday, August 3rd. They issued a “neutral” rating and a $29.00 price objective for the company. Stifel Nicolaus cut their price objective on shares of Plains Group Holdings, L.P. from $34.00 to $30.00 and set a “hold” rating for the company in a report on Wednesday, May 10th. Finally, BidaskClub downgraded shares of Plains Group Holdings, L.P. from a “buy” rating to a “hold” rating in a report on Tuesday. Fourteen investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Plains Group Holdings, L.P. currently has an average rating of “Hold” and a consensus target price of $27.36.

In other news, Chairman Greg L. Armstrong purchased 50,000 shares of the company’s stock in a transaction on Wednesday, August 9th. The stock was acquired at an average cost of $21.53 per share, for a total transaction of $1,076,500.00. Following the completion of the transaction, the chairman now directly owns 700,625 shares in the company, valued at approximately $15,084,456.25. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Everardo Goyanes purchased 20,000 shares of the company’s stock in a transaction on Wednesday, August 9th. The stock was purchased at an average price of $21.25 per share, with a total value of $425,000.00. Following the completion of the transaction, the director now owns 42,305 shares of the company’s stock, valued at $898,981.25. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 120,000 shares of company stock valued at $2,672,000. Company insiders own 39.93% of the company’s stock.

About Plains Group Holdings, L.P.

Plains GP Holdings, L.P. owns and operates midstream energy infrastructure and provides logistics services for crude oil, natural gas liquids (NGL), natural gas and refined products. The Company operates through three segments: Transportation, Facilities, and Supply and Logistics. Through its three business segments, the Company is engaged in the transportation, storage, terminaling and marketing of crude oil, NGL and natural gas.

Want to see what other hedge funds are holding PAGP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Plains Group Holdings, L.P. (NYSE:PAGP).

Institutional Ownership by Quarter for Plains Group Holdings, L.P. (NYSE:PAGP)

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