Westpac Banking Corp raised its stake in Plains GP Holdings LP (NYSE:PAGP) by 7.7% during the second quarter, Holdings Channel reports. The firm owned 18,128 shares of the company’s stock after buying an additional 1,299 shares during the period. Westpac Banking Corp’s holdings in Plains GP Holdings were worth $189,000 as of its most recent filing with the SEC.
A number of other large investors have also bought and sold shares of the company. Paragon Capital Management Ltd acquired a new stake in Plains GP Holdings during the second quarter valued at about $107,000. Capital Fund Management S.A. acquired a new stake in Plains GP Holdings during the second quarter valued at about $116,000. Oppenheimer & Co. Inc. acquired a new stake in Plains GP Holdings during the second quarter valued at about $117,000. Loomis Sayles & Co. L P acquired a new stake in Plains GP Holdings during the first quarter valued at about $107,000. Finally, LS Investment Advisors LLC boosted its stake in Plains GP Holdings by 27.4% in the second quarter. LS Investment Advisors LLC now owns 13,139 shares of the company’s stock valued at $137,000 after buying an additional 2,828 shares during the period. 76.78% of the stock is owned by institutional investors.
Shares of Plains GP Holdings LP (NYSE:PAGP) opened at 13.03 on Monday. The stock’s 50 day moving average price is $11.98 and its 200-day moving average price is $10.48. Plains GP Holdings LP has a 52-week low of $4.72 and a 52-week high of $19.11. The firm has a market cap of $3.48 billion, a PE ratio of 23.44 and a beta of 1.54.
Plains GP Holdings (NYSE:PAGP) last released its quarterly earnings data on Monday, August 8th. The company reported $0.15 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by $0.04. The firm had revenue of $4.95 billion for the quarter, compared to analyst estimates of $4.76 billion. Plains GP Holdings had a return on equity of 1.36% and a net margin of 0.69%. The company’s quarterly revenue was down 25.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.27 earnings per share. On average, equities research analysts anticipate that Plains GP Holdings LP will post $0.83 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 14th. Stockholders of record on Monday, October 31st will be issued a dividend of $0.2065 per share. The ex-dividend date is Thursday, October 27th. This represents a $0.83 dividend on an annualized basis and a dividend yield of 6.34%. Plains GP Holdings’s payout ratio is 170.37%.
Several research firms have issued reports on PAGP. Wunderlich reissued a “hold” rating and set a $10.00 target price (up previously from $9.00) on shares of Plains GP Holdings in a research note on Friday, July 15th. Credit Suisse Group AG restated a “neutral” rating and set a $12.00 price target (up from $11.00) on shares of Plains GP Holdings in a research report on Friday, July 15th. Zacks Investment Research upgraded Plains GP Holdings from a “hold” rating to a “buy” rating and set a $12.00 price target for the company in a research report on Thursday, July 14th. Howard Weil raised their price target on Plains GP Holdings from $10.00 to $14.00 and gave the stock a “sector perform” rating in a research report on Monday. Finally, SunTrust Banks Inc. began coverage on Plains GP Holdings in a research report on Tuesday, June 14th. They set a “neutral” rating and a $12.00 price target for the company. Seventeen research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Plains GP Holdings currently has a consensus rating of “Hold” and a consensus price target of $11.81.
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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