BBVA USA Bancshares Inc. increased its stake in shares of Plains GP Holdings LP (NYSE:PAGP) by 192.2% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 26,385 shares of the pipeline company’s stock after acquiring an additional 17,354 shares during the quarter. BBVA USA Bancshares Inc.’s holdings in Plains GP were worth $560,000 at the end of the most recent quarter.
Other large investors also recently modified their holdings of the company. Usca Ria LLC bought a new position in shares of Plains GP during the third quarter worth $28,000. Manchester Capital Management LLC bought a new position in shares of Plains GP during the second quarter worth $38,000. Steward Partners Investment Advisory LLC bought a new position in shares of Plains GP during the second quarter worth $42,000. Cerebellum GP LLC bought a new position in shares of Plains GP during the third quarter worth $72,000. Finally, Advisor Group Inc. boosted its position in shares of Plains GP by 107.1% during the second quarter. Advisor Group Inc. now owns 4,738 shares of the pipeline company’s stock worth $118,000 after acquiring an additional 2,450 shares during the last quarter. Hedge funds and other institutional investors own 90.88% of the company’s stock.
PAGP has been the subject of several research reports. Scotiabank initiated coverage on shares of Plains GP in a research report on Tuesday, September 3rd. They set an “outperform” rating and a $28.00 price objective for the company. Barclays set a $24.00 price objective on shares of Plains GP and gave the company a “hold” rating in a research report on Tuesday, October 15th. Zacks Investment Research upgraded shares of Plains GP from a “sell” rating to a “hold” rating in a research report on Friday, November 8th. Finally, ValuEngine lowered shares of Plains GP from a “sell” rating to a “strong sell” rating in a research report on Friday, November 1st. One analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the company’s stock. Plains GP has an average rating of “Buy” and an average price target of $26.43.
PAGP stock opened at $17.92 on Friday. Plains GP Holdings LP has a 52 week low of $17.55 and a 52 week high of $25.82. The company has a quick ratio of 0.79, a current ratio of 0.96 and a debt-to-equity ratio of 0.66. The company has a fifty day simple moving average of $19.70 and a two-hundred day simple moving average of $22.57. The firm has a market capitalization of $3.25 billion, a P/E ratio of 8.49 and a beta of 1.16.
Plains GP (NYSE:PAGP) last released its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $0.41 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.35 by $0.06. Plains GP had a net margin of 1.39% and a return on equity of 3.30%. The business had revenue of $7.89 billion during the quarter, compared to analyst estimates of $8.15 billion. During the same quarter last year, the business earned $0.70 earnings per share. Plains GP’s quarterly revenue was down 10.3% compared to the same quarter last year. As a group, analysts anticipate that Plains GP Holdings LP will post 2.41 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st were paid a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 8.04%. The ex-dividend date was Wednesday, October 30th. 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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