State of New Jersey Common Pension Fund D grew its holdings in Plains GP Holdings LP (NYSE:PAGP) by 8.2% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 124,009 shares of the pipeline company’s stock after buying an additional 9,409 shares during the period. State of New Jersey Common Pension Fund D owned approximately 0.07% of Plains GP worth $2,350,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. CIBC Private Wealth Group LLC raised its stake in shares of Plains GP by 16.0% during the 4th quarter. CIBC Private Wealth Group LLC now owns 6,086,817 shares of the pipeline company’s stock worth $115,345,000 after buying an additional 841,108 shares during the period. Kovack Advisors Inc. increased its stake in shares of Plains GP by 19.0% in the 4th quarter. Kovack Advisors Inc. now owns 12,500 shares of the pipeline company’s stock valued at $237,000 after buying an additional 2,000 shares during the period. Adams Asset Advisors LLC bought a new stake in shares of Plains GP during the fourth quarter worth $600,000. Moors & Cabot Inc. bought a new stake in shares of Plains GP during the fourth quarter worth $308,000. Finally, M&G Investment Management Ltd. acquired a new position in shares of Plains GP during the fourth quarter valued at $1,109,000. Institutional investors own 80.95% of the company’s stock.
Several research analysts have weighed in on PAGP shares. Morgan Stanley initiated coverage on Plains GP in a research report on Monday, January 6th. They set an “equal weight” rating and a $19.00 price objective on the stock. ValuEngine raised Plains GP from a “sell” rating to a “hold” rating in a research report on Saturday, January 4th. Robert W. Baird upgraded Plains GP from a “neutral” rating to an “outperform” rating and cut their price target for the stock from $22.00 to $21.00 in a research note on Monday, December 2nd. Goldman Sachs Group raised Plains GP from a “neutral” rating to a “buy” rating and set a $19.00 price objective for the company in a research report on Thursday, February 6th. Finally, Zacks Investment Research raised Plains GP from a “sell” rating to a “hold” rating in a research report on Friday, November 8th. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $22.67.
Plains GP (NYSE:PAGP) last posted its quarterly earnings results on Tuesday, February 4th. The pipeline company reported $0.26 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.56 by ($0.30). The company had revenue of $9.15 billion for the quarter, compared to the consensus estimate of $7.59 billion. Plains GP had a net margin of 0.98% and a return on equity of 2.32%. The business’s revenue was up 4.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.12 EPS. Analysts anticipate that Plains GP Holdings LP will post 1.84 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were given a dividend of $0.36 per share. The ex-dividend date of this dividend was Thursday, January 30th. This represents a $1.44 annualized dividend and a yield of 8.52%. Plains GP’s dividend payout ratio is presently 73.47%.
In related news, CEO Willie Cw Chiang purchased 60,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The stock was purchased at an average price of $17.14 per share, with a total value of $1,028,400.00. Following the completion of the acquisition, the chief executive officer now owns 135,104 shares in the company, valued at $2,315,682.56. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. 16.31% of the stock is owned by company insiders.
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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