Chickasaw Capital Management LLC trimmed its holdings in shares of Plains GP Holdings LP (NYSE:PAGP) by 1.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 7,400,736 shares of the pipeline company’s stock after selling 121,572 shares during the period. Plains GP accounts for 4.3% of Chickasaw Capital Management LLC’s portfolio, making the stock its 8th biggest position. Chickasaw Capital Management LLC owned approximately 4.65% of Plains GP worth $148,755,000 as of its most recent SEC filing.
Other large investors have also modified their holdings of the company. Franklin Square Holdings L.P. lifted its position in shares of Plains GP by 58.8% in the second quarter. Franklin Square Holdings L.P. now owns 63,720 shares of the pipeline company’s stock worth $1,524,000 after purchasing an additional 23,600 shares in the last quarter. Worldquant Millennium Quantitative Strategies LLC acquired a new stake in shares of Plains GP in the second quarter worth $10,333,000. Robeco Institutional Asset Management B.V. grew its stake in shares of Plains GP by 298.4% in the third quarter. Robeco Institutional Asset Management B.V. now owns 735,431 shares of the pipeline company’s stock worth $18,039,000 after acquiring an additional 550,829 shares during the last quarter. SG Americas Securities LLC grew its stake in shares of Plains GP by 61.1% in the third quarter. SG Americas Securities LLC now owns 46,828 shares of the pipeline company’s stock worth $1,149,000 after acquiring an additional 17,762 shares during the last quarter. Finally, Glenmede Trust Co. NA lifted its position in Plains GP by 62.8% in the third quarter. Glenmede Trust Co. NA now owns 83,704 shares of the pipeline company’s stock worth $2,053,000 after purchasing an additional 32,297 shares during the period. 85.83% of the stock is currently owned by institutional investors.
In other news, Director Oscar K. Brown bought 4,400 shares of Plains GP stock in a transaction on Thursday, December 27th. The shares were purchased at an average price of $19.54 per share, for a total transaction of $85,976.00. Following the acquisition, the director now owns 11,000 shares of the company’s stock, valued at $214,940. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Oscar K. Brown bought 2,500 shares of Plains GP stock in a transaction on Friday, November 23rd. The shares were purchased at an average price of $20.42 per share, for a total transaction of $51,050.00. Following the acquisition, the director now directly owns 9,600 shares in the company, valued at approximately $196,032. The disclosure for this purchase can be found here. Insiders have acquired a total of 7,900 shares of company stock worth $156,846 in the last quarter. Company insiders own 16.80% of the company’s stock.
Plains GP (NYSE:PAGP) last issued its quarterly earnings results on Tuesday, November 6th. The pipeline company reported $0.70 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.34. Plains GP had a positive return on equity of 1.43% and a negative net margin of 1.96%. The firm had revenue of $8.79 billion during the quarter, compared to analyst estimates of $7.37 billion. During the same quarter in the previous year, the company posted $0.03 earnings per share. The company’s revenue was up 49.7% compared to the same quarter last year. On average, research analysts anticipate that Plains GP Holdings LP will post 1.49 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, February 14th. Shareholders of record on Thursday, January 31st will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Wednesday, January 30th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 5.18%. Plains GP’s dividend payout ratio (DPR) is 184.62%.
A number of research analysts have issued reports on the company. Stifel Nicolaus raised Plains GP from a “hold” rating to a “buy” rating and lifted their price objective for the company from $26.00 to $28.00 in a report on Sunday, September 23rd. Zacks Investment Research cut Plains GP from a “buy” rating to a “hold” rating in a research note on Friday, October 19th. Credit Suisse Group began coverage on Plains GP in a research note on Thursday, October 11th. They set an “outperform” rating and a $31.00 price objective on the stock. Wolfe Research raised Plains GP from an “underperform” rating to a “peer perform” rating in a report on Monday, November 26th. Finally, Goldman Sachs Group raised Plains GP from a “neutral” rating to a “buy” rating in a report on Wednesday, January 2nd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and fifteen have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $28.13.
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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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