Fox Run Management L.L.C. boosted its position in Plains GP Holdings LP (NYSE:PAGP) by 39.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 30,899 shares of the pipeline company’s stock after buying an additional 8,699 shares during the period. Fox Run Management L.L.C.’s holdings in Plains GP were worth $678,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also recently modified their holdings of PAGP. Canyon Capital Advisors LLC acquired a new position in Plains GP in the second quarter valued at approximately $35,731,000. Marathon Asset Management LP acquired a new position in Plains GP in the third quarter valued at approximately $25,254,000. Atlantic Trust Group LLC lifted its holdings in Plains GP by 32.0% in the third quarter. Atlantic Trust Group LLC now owns 2,935,457 shares of the pipeline company’s stock valued at $64,199,000 after acquiring an additional 711,518 shares during the period. Goldman Sachs Group Inc. lifted its holdings in Plains GP by 15.8% in the second quarter. Goldman Sachs Group Inc. now owns 5,132,617 shares of the pipeline company’s stock valued at $134,270,000 after acquiring an additional 701,120 shares during the period. Finally, Tortoise Capital Advisors L.L.C. lifted its holdings in Plains GP by 9.4% in the third quarter. Tortoise Capital Advisors L.L.C. now owns 7,636,798 shares of the pipeline company’s stock valued at $167,017,000 after acquiring an additional 653,301 shares during the period. Hedge funds and other institutional investors own 85.74% of the company’s stock.
Several brokerages have recently weighed in on PAGP. Bank of America reduced their target price on Plains GP from $24.00 to $23.00 and set a “neutral” rating for the company in a research note on Thursday. Robert W. Baird set a $22.00 target price on Plains GP and gave the stock a “hold” rating in a research note on Wednesday, February 7th. ValuEngine downgraded Plains GP from a “hold” rating to a “sell” rating in a research note on Thursday. Barclays downgraded Plains GP from an “overweight” rating to an “equal weight” rating and set a $26.00 price objective for the company. in a research note on Wednesday, January 17th. Finally, Credit Suisse Group started coverage on Plains GP in a research note on Thursday, January 4th. They issued an “outperform” rating and a $25.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Plains GP presently has a consensus rating of “Hold” and an average price target of $25.88.
Shares of Plains GP Holdings LP (NYSE PAGP) traded up $0.56 during trading hours on Monday, reaching $21.88. The company’s stock had a trading volume of 1,980,000 shares, compared to its average volume of 1,860,000. The company has a current ratio of 1.00, a quick ratio of 0.78 and a debt-to-equity ratio of 0.84. The stock has a market cap of $6,320.00, a PE ratio of -4.72 and a beta of 1.42. Plains GP Holdings LP has a 12 month low of $18.98 and a 12 month high of $33.66.
Plains GP (NYSE:PAGP) last issued its earnings results on Tuesday, February 6th. The pipeline company reported $0.15 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.40 by ($0.25). The company had revenue of $7.61 billion during the quarter, compared to analysts’ expectations of $4.91 billion. Plains GP had a negative net margin of 2.79% and a positive return on equity of 0.73%. analysts predict that Plains GP Holdings LP will post 1.56 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, February 14th. Stockholders of record on Wednesday, January 31st will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 5.48%. The ex-dividend date is Tuesday, January 30th. Plains GP’s dividend payout ratio is presently -25.86%.
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About Plains GP
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.
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