SIR Capital Management L.P. Acquires New Shares in Plains GP Holdings, L.P. (NYSE:PAGP)

SIR Capital Management L.P. acquired a new stake in Plains GP Holdings, L.P. (NYSE:PAGP) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 470,179 shares of the pipeline company’s stock, valued at approximately $8,849,000. SIR Capital Management L.P. owned about 0.24% of Plains GP at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Mather Group LLC. bought a new position in Plains GP in the 1st quarter worth $44,000. ORG Partners LLC bought a new position in Plains GP in the 2nd quarter worth $44,000. CWM LLC increased its holdings in shares of Plains GP by 61.0% during the 2nd quarter. CWM LLC now owns 3,028 shares of the pipeline company’s stock worth $57,000 after purchasing an additional 1,147 shares during the period. Spire Wealth Management increased its holdings in shares of Plains GP by 22.0% during the 1st quarter. Spire Wealth Management now owns 3,740 shares of the pipeline company’s stock worth $68,000 after purchasing an additional 674 shares during the period. Finally, Hexagon Capital Partners LLC increased its holdings in shares of Plains GP by 35.9% during the 1st quarter. Hexagon Capital Partners LLC now owns 3,791 shares of the pipeline company’s stock worth $69,000 after purchasing an additional 1,001 shares during the period. Institutional investors and hedge funds own 88.30% of the company’s stock.

Wall Street Analysts Forecast Growth

PAGP has been the topic of several research reports. StockNews.com upgraded shares of Plains GP from a “hold” rating to a “buy” rating in a report on Monday, August 5th. Morgan Stanley boosted their price objective on shares of Plains GP from $19.00 to $20.00 and gave the stock an “overweight” rating in a report on Monday, June 10th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, Plains GP currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.11.

Plains GP Price Performance

Shares of PAGP stock opened at $18.55 on Tuesday. The firm has a market capitalization of $3.66 billion, a price-to-earnings ratio of 21.08 and a beta of 1.53. Plains GP Holdings, L.P. has a 1 year low of $14.71 and a 1 year high of $20.10. The firm’s 50 day moving average is $19.07 and its 200-day moving average is $18.45. The company has a current ratio of 1.00, a quick ratio of 0.90 and a debt-to-equity ratio of 0.49.

Plains GP (NYSE:PAGP) last announced its quarterly earnings data on Friday, August 2nd. The pipeline company reported $0.20 EPS for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.11). The firm had revenue of $12.93 billion during the quarter, compared to the consensus estimate of $13.70 billion. Plains GP had a net margin of 0.33% and a return on equity of 1.09%. During the same period last year, the business earned $0.25 EPS. Sell-side analysts forecast that Plains GP Holdings, L.P. will post 1.24 EPS for the current fiscal year.

Plains GP Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Wednesday, July 31st were paid a $0.3175 dividend. This represents a $1.27 annualized dividend and a yield of 6.85%. The ex-dividend date was Wednesday, July 31st. Plains GP’s dividend payout ratio (DPR) is 144.32%.

About Plains GP

Plains GP Holdings, L.P., through its subsidiary, Plains All American Pipeline, L.P., owns and operates midstream infrastructure systems in the United States and Canada. It operates in two segments, Crude Oil and Natural Gas Liquids (NGLs). The company engages in the gathering and transporting crude oil and NGLs using pipelines, gathering systems, and trucks.