Plains GP (NYSE:PAGP) issued its quarterly earnings data on Tuesday. The pipeline company reported $0.70 EPS for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.34, Briefing.com reports. The business had revenue of $8.79 billion for the quarter, compared to analyst estimates of $7.37 billion. Plains GP had a positive return on equity of 0.57% and a negative net margin of 2.51%. The firm’s revenue for the quarter was up 49.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.03 EPS.
PAGP traded up $0.04 during midday trading on Wednesday, reaching $22.99. The company’s stock had a trading volume of 2,114,100 shares, compared to its average volume of 1,657,529. The firm has a market capitalization of $3.45 billion, a P/E ratio of 35.37 and a beta of 1.28. The company has a quick ratio of 0.63, a current ratio of 0.75 and a debt-to-equity ratio of 0.73. Plains GP has a twelve month low of $19.38 and a twelve month high of $27.00.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 14th. Shareholders of record on Wednesday, October 31st will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 5.22%. The ex-dividend date is Tuesday, October 30th. Plains GP’s dividend payout ratio (DPR) is currently 184.62%.
Several hedge funds have recently made changes to their positions in the business. Tortoise Capital Advisors L.L.C. lifted its position in shares of Plains GP by 6.4% in the 2nd quarter. Tortoise Capital Advisors L.L.C. now owns 9,273,785 shares of the pipeline company’s stock worth $221,736,000 after acquiring an additional 559,191 shares during the period. Kayne Anderson Capital Advisors LP lifted its position in shares of Plains GP by 13.9% in the 3rd quarter. Kayne Anderson Capital Advisors LP now owns 7,855,760 shares of the pipeline company’s stock worth $192,689,000 after acquiring an additional 957,705 shares during the period. Chickasaw Capital Management LLC lifted its position in shares of Plains GP by 4.6% in the 3rd quarter. Chickasaw Capital Management LLC now owns 7,522,308 shares of the pipeline company’s stock worth $184,522,000 after acquiring an additional 330,003 shares during the period. Canyon Capital Advisors LLC lifted its position in shares of Plains GP by 0.3% in the 2nd quarter. Canyon Capital Advisors LLC now owns 3,128,337 shares of the pipeline company’s stock worth $74,799,000 after acquiring an additional 8,860 shares during the period. Finally, BlackRock Inc. lifted its position in shares of Plains GP by 22.3% in the 1st quarter. BlackRock Inc. now owns 1,886,331 shares of the pipeline company’s stock worth $41,029,000 after acquiring an additional 344,119 shares during the period. Institutional investors own 90.46% of the company’s stock.
A number of research analysts have recently commented on the company. SunTrust Banks set a $29.00 price objective on Plains GP and gave the company a “buy” rating in a report on Wednesday, August 8th. ValuEngine raised Plains GP from a “hold” rating to a “buy” rating in a report on Wednesday, August 8th. Scotiabank reissued a “hold” rating and set a $30.00 price objective on shares of Plains GP in a report on Monday, August 20th. Bank of America raised Plains GP from a “neutral” rating to a “buy” rating and increased their price objective for the company from $26.00 to $30.00 in a report on Tuesday, September 11th. Finally, Seaport Global Securities reissued a “buy” rating and set a $28.00 price objective on shares of Plains GP in a report on Friday, July 27th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $28.64.
Plains GP Company 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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