Skandinaviska Enskilda Banken AB publ acquired a new stake in shares of Plains GP Holdings LP (NYSE:PAGP) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 9,053 shares of the pipeline company’s stock, valued at approximately $226,000.
A number of other large investors have also bought and sold shares of the stock. Chickasaw Capital Management LLC boosted its stake in Plains GP by 19.8% during the second quarter. Chickasaw Capital Management LLC now owns 9,598,059 shares of the pipeline company’s stock valued at $239,664,000 after buying an additional 1,586,393 shares during the period. Kayne Anderson Capital Advisors LP boosted its stake in Plains GP by 1.9% during the second quarter. Kayne Anderson Capital Advisors LP now owns 7,216,719 shares of the pipeline company’s stock valued at $180,191,000 after buying an additional 136,000 shares during the period. Canyon Capital Advisors LLC lifted its stake in Plains GP by 3.8% during the first quarter. Canyon Capital Advisors LLC now owns 3,256,377 shares of the pipeline company’s stock worth $81,149,000 after purchasing an additional 119,525 shares during the last quarter. Clearbridge Investments LLC lifted its stake in Plains GP by 4.8% during the first quarter. Clearbridge Investments LLC now owns 2,895,781 shares of the pipeline company’s stock worth $72,163,000 after purchasing an additional 131,999 shares during the last quarter. Finally, Perella Weinberg Partners Capital Management LP lifted its stake in Plains GP by 18.4% during the second quarter. Perella Weinberg Partners Capital Management LP now owns 1,738,750 shares of the pipeline company’s stock worth $43,417,000 after purchasing an additional 270,107 shares during the last quarter. 86.93% of the stock is owned by institutional investors.
Several equities research analysts have issued reports on PAGP shares. ValuEngine lowered Plains GP from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 31st. Wolfe Research raised Plains GP from a “peer perform” rating to an “outperform” rating in a research note on Thursday, June 13th. Scotiabank started coverage on Plains GP in a research note on Tuesday, September 3rd. They set an “outperform” rating and a $28.00 price target for the company. Finally, Zacks Investment Research lowered Plains GP from a “buy” rating to a “hold” rating in a research note on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and ten have given a buy rating to the company. Plains GP has a consensus rating of “Buy” and a consensus target price of $27.78.
Plains GP (NYSE:PAGP) last issued its quarterly earnings results on Tuesday, August 6th. The pipeline company reported $0.40 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.32 by $0.08. The firm had revenue of $8.25 billion during the quarter, compared to analyst estimates of $7.87 billion. Plains GP had a return on equity of 3.71% and a net margin of 1.47%. The company’s revenue was up 2.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.05 earnings per share. As a group, equities analysts forecast that Plains GP Holdings LP will post 2.6 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Wednesday, July 31st were issued a $0.36 dividend. The ex-dividend date of this dividend was Tuesday, July 30th. This represents a $1.44 annualized dividend and a dividend yield of 6.60%. Plains GP’s dividend payout ratio is currently 68.25%.
Plains GP 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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