Nordea Investment Management AB continued to hold its stake in Plains GP Holdings LP (NYSE:PAGP) during the second quarter, Holdings Channel reports. The institutional investor owned 11,000 shares of the company’s stock at the end of the second quarter. Nordea Investment Management AB’s holdings in Plains GP Holdings were worth $115,000 at the end of the most recent quarter.
Several other hedge funds have also bought and sold shares of the company. Loomis Sayles & Co. L P acquired a new stake in Plains GP Holdings during the first quarter valued at about $107,000. Geode Capital Management LLC acquired a new stake in Plains GP Holdings during the first quarter valued at about $145,000. BNP Paribas Arbitrage SA boosted its stake in Plains GP Holdings by 32.4% in the second quarter. BNP Paribas Arbitrage SA now owns 14,302 shares of the company’s stock valued at $149,000 after buying an additional 3,498 shares during the last quarter. AXA acquired a new stake in Plains GP Holdings during the first quarter valued at about $166,000. Finally, Fox Run Management L.L.C. acquired a new stake in Plains GP Holdings during the second quarter valued at about $229,000. 77.16% of the stock is currently owned by institutional investors.
Shares of Plains GP Holdings LP (NYSE:PAGP) traded down 0.48% during mid-day trading on Friday, hitting $12.48. The stock had a trading volume of 3,115,649 shares. The company’s 50 day moving average is $11.54 and its 200-day moving average is $10.14. The stock has a market cap of $3.33 billion, a P/E ratio of 22.45 and a beta of 1.59. Plains GP Holdings LP has a 52-week low of $4.72 and a 52-week high of $19.49.
Plains GP Holdings (NYSE:PAGP) last posted its quarterly earnings data on Monday, August 8th. The company reported $0.15 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.19 by $0.04. Plains GP Holdings had a return on equity of 1.36% and a net margin of 0.69%. The firm earned $4.95 billion during the quarter, compared to analysts’ expectations of $4.76 billion. During the same period last year, the company earned $0.27 earnings per share. The business’s revenue for the quarter was down 25.7% compared to the same quarter last year. On average, equities research analysts anticipate that Plains GP Holdings LP will post $0.83 earnings per share for the current fiscal year.
Several research firms recently issued reports on PAGP. Barclays PLC cut Plains GP Holdings from an “overweight” rating to an “equal weight” rating and raised their target price for the stock from $8.00 to $11.00 in a research note on Friday, July 8th. JPMorgan Chase & Co. cut their price objective on Plains GP Holdings from $10.00 to $9.50 and set a “neutral” rating on the stock in a research report on Friday, May 27th. Evercore ISI cut Plains GP Holdings from a “buy” rating to a “hold” rating and lifted their price objective for the company from $9.00 to $10.00 in a research report on Thursday, July 7th. Robert W. Baird raised Plains GP Holdings from an “underperform” rating to a “neutral” rating and lifted their price objective for the company from $5.00 to $12.00 in a research report on Wednesday, July 13th. Finally, Zacks Investment Research cut Plains GP Holdings from a “buy” rating to a “hold” rating in a research report on Wednesday, August 17th. Nineteen analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $11.37.
About Plains GP Holdings
Plains GP Holdings, L.P. (PAGP) owns an interest in the general partner and incentive distribution rights (IDRs) of Plains All American Pipeline, L.P (PAA). The Company has no separate operating activities apart from those conducted by PAA. PAA owns and operates midstream energy infrastructure and provides logistics services for crude oil, natural gas liquids (NGL), natural gas and refined products.
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