KBC Group NV raised its stake in shares of Plains GP Holdings LP (NYSE:PAGP) by 309.1% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 425,982 shares of the pipeline company’s stock after buying an additional 321,848 shares during the period. KBC Group NV’s holdings in Plains GP Holdings were worth $13,075,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of PAGP. Kayne Anderson Capital Advisors LP boosted its stake in Plains GP Holdings by 5.9% in the third quarter. Kayne Anderson Capital Advisors LP now owns 19,377,740 shares of the pipeline company’s stock valued at $250,735,000 after buying an additional 1,082,200 shares in the last quarter. Chickasaw Capital Management LLC boosted its position in shares of Plains GP Holdings by 9.7% in the first quarter. Chickasaw Capital Management LLC now owns 7,160,037 shares of the pipeline company’s stock valued at $223,823,000 after buying an additional 635,626 shares during the period. Morgan Stanley boosted its position in shares of Plains GP Holdings by 17.4% in the third quarter. Morgan Stanley now owns 3,850,469 shares of the pipeline company’s stock valued at $49,826,000 after buying an additional 570,096 shares during the period. Capital Research Global Investors purchased a new position in shares of Plains GP Holdings during the third quarter valued at about $36,548,000. Finally, Eagle Global Advisors LLC boosted its position in shares of Plains GP Holdings by 19.8% in the first quarter. Eagle Global Advisors LLC now owns 2,151,616 shares of the pipeline company’s stock valued at $67,260,000 after buying an additional 355,254 shares during the period.
Shares of Plains GP Holdings LP (NYSE:PAGP) traded up 2.62% during mid-day trading on Friday, hitting $28.23. The stock had a trading volume of 816,302 shares. The stock’s 50-day moving average price is $29.75 and its 200-day moving average price is $30.93. The stock has a market capitalization of $4.30 billion, a price-to-earnings ratio of 67.70 and a beta of 1.49. Plains GP Holdings LP has a 12-month low of $23.06 and a 12-month high of $36.59.
Plains GP Holdings (NYSE:PAGP) last released its quarterly earnings data on Monday, May 8th. The pipeline company reported $0.34 EPS for the quarter, missing the Zacks’ consensus estimate of $0.45 by $0.11. Plains GP Holdings had a net margin of 0.47% and a return on equity of 0.90%. The firm had revenue of $6.67 billion during the quarter, compared to the consensus estimate of $5.21 billion. During the same quarter in the prior year, the company earned $0.14 EPS. Plains GP Holdings’s quarterly revenue was up 62.2% on a year-over-year basis. On average, equities analysts anticipate that Plains GP Holdings LP will post $1.73 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, May 15th. Investors of record on Monday, May 1st were given a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a dividend yield of 8.00%. The ex-dividend date of this dividend was Thursday, April 27th. Plains GP Holdings’s dividend payout ratio is currently 236.06%.
Several equities analysts have recently issued reports on PAGP shares. Robert W. Baird upgraded Plains GP Holdings from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $34.00 to $39.00 in a research report on Tuesday, January 31st. Mizuho started coverage on Plains GP Holdings in a research report on Monday, January 30th. They set a “neutral” rating and a $35.00 price target on the stock. Zacks Investment Research upgraded Plains GP Holdings from a “hold” rating to a “buy” rating and set a $37.00 price target on the stock in a research report on Wednesday, March 8th. Stifel Nicolaus lowered their price target on Plains GP Holdings from $34.00 to $30.00 and set a “hold” rating on the stock in a research report on Wednesday, May 10th. Finally, Barclays PLC reiterated an “equal weight” rating and set a $32.00 price target on shares of Plains GP Holdings in a research report on Thursday, March 30th. Thirteen investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $24.21.
In other news, Chairman Greg L. Armstrong acquired 50,000 shares of the stock in a transaction that occurred on Wednesday, March 1st. The stock was acquired at an average price of $31.00 per share, for a total transaction of $1,550,000.00. Following the transaction, the chairman now directly owns 500,625 shares in the company, valued at $15,519,375. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Greg L. Armstrong acquired 100,000 shares of the stock in a transaction that occurred on Wednesday, May 10th. The stock was purchased at an average price of $27.64 per share, with a total value of $2,764,000.00. Following the transaction, the chairman now owns 525,625 shares in the company, valued at $14,528,275. The disclosure for this purchase can be found here. 39.93% of the stock is owned by corporate insiders.
Plains GP Holdings Company Profile
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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