Bank of America Corp DE cut its position in Plains Group Holdings, L.P. (NYSE:PAGP) by 32.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 259,692 shares of the pipeline company’s stock after selling 123,900 shares during the period. Bank of America Corp DE owned approximately 0.25% of Plains Group Holdings, L.P. worth $8,118,000 as of its most recent SEC filing.
A number of other institutional investors have also bought and sold shares of the company. Chicago Partners Investment Group LLC increased its position in Plains Group Holdings, L.P. by 1.7% in the first quarter. Chicago Partners Investment Group LLC now owns 6,249 shares of the pipeline company’s stock valued at $195,000 after buying an additional 103 shares during the last quarter. Segment Wealth Management LLC increased its stake in shares of Plains Group Holdings, L.P. by 19.5% in the first quarter. Segment Wealth Management LLC now owns 7,357 shares of the pipeline company’s stock valued at $230,000 after buying an additional 1,200 shares in the last quarter. Hollencrest Securities LLC acquired a new stake in shares of Plains Group Holdings, L.P. during the first quarter valued at about $234,000. TD Asset Management Inc. acquired a new stake in shares of Plains Group Holdings, L.P. during the first quarter valued at about $263,000. Finally, Envestnet Asset Management Inc. increased its stake in shares of Plains Group Holdings, L.P. by 2.2% in the first quarter. Envestnet Asset Management Inc. now owns 9,648 shares of the pipeline company’s stock valued at $302,000 after buying an additional 210 shares in the last quarter. 81.77% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Plains Group Holdings, L.P. (NYSE:PAGP) traded down 0.25% during trading on Friday, hitting $19.77. 2,087,569 shares of the stock were exchanged. The stock’s market cap is $3.03 billion. The firm’s 50 day moving average price is $25.15 and its 200-day moving average price is $28.53. Plains Group Holdings, L.P. has a 52 week low of $14.44 and a 52 week high of $36.09.
Plains Group Holdings, L.P. (NYSE:PAGP) last released its earnings results on Monday, August 7th. The pipeline company reported $0.16 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.20 by $0.04. The firm had revenue of $6.08 billion during the quarter, compared to analysts’ expectations of $5.02 billion. Plains Group Holdings, L.P. had a return on equity of 0.69% and a net margin of 0.34%. The company’s revenue was up 22.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.29 earnings per share. On average, analysts predict that Plains Group Holdings, L.P. will post $0.97 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, August 14th. Investors of record on Monday, July 31st were issued a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 11.13%. The ex-dividend date of this dividend was Thursday, July 27th. Plains Group Holdings, L.P.’s dividend payout ratio is 333.50%.
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Several equities research analysts have recently issued reports on PAGP shares. Stifel Nicolaus lowered their price target on Plains Group Holdings, L.P. from $34.00 to $30.00 and set a “hold” rating on the stock in a research report on Wednesday, May 10th. Deutsche Bank AG reduced their target price on shares of Plains Group Holdings, L.P. from $40.00 to $35.00 and set a “buy” rating for the company in a research note on Tuesday, May 30th. Bank of America Corporation assumed coverage on shares of Plains Group Holdings, L.P. in a research note on Thursday, August 3rd. They issued a “neutral” rating and a $29.00 target price for the company. Raymond James Financial, Inc. upgraded shares of Plains Group Holdings, L.P. from a “market perform” rating to an “outperform” rating and set a $32.00 price target for the company in a research note on Monday, May 22nd. They noted that the move was a valuation call. Finally, Jefferies Group LLC restated a “hold” rating on shares of Plains Group Holdings, L.P. in a research note on Friday, June 23rd. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and eight have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $27.67.
In related news, Chairman Greg L. Armstrong acquired 50,000 shares of the business’s stock in a transaction on Wednesday, June 21st. The stock was acquired at an average cost of $23.41 per share, with a total value of $1,170,500.00. Following the acquisition, the chairman now directly owns 650,625 shares in the company, valued at approximately $15,231,131.25. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Richard K. Mcgee bought 2,500 shares of the business’s stock in a transaction that occurred on Thursday, August 10th. The stock was acquired at an average cost of $21.08 per share, with a total value of $52,700.00. The disclosure for this purchase can be found here. Insiders purchased a total of 122,500 shares of company stock valued at $2,724,700 over the last three months. 39.93% of the stock is currently owned by insiders.
Plains Group Holdings, L.P. 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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