Alliancebernstein L.P. increased its stake in shares of Plains Group Holdings, L.P. (NYSE:PAGP) by 31.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,819 shares of the pipeline company’s stock after buying an additional 7,421 shares during the period. Alliancebernstein L.P.’s holdings in Plains Group Holdings, L.P. were worth $963,000 at the end of the most recent reporting period.
Other institutional investors have also made changes to their positions in the company. Segment Wealth Management LLC raised its position 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 worth $230,000 after buying an additional 1,200 shares during the period. Hollencrest Securities LLC acquired a new position in shares of Plains Group Holdings, L.P. during the first quarter worth about $234,000. TD Asset Management Inc. acquired a new position in shares of Plains Group Holdings, L.P. during the first quarter worth about $263,000. Envestnet Asset Management Inc. raised its position 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 worth $302,000 after buying an additional 210 shares during the period. Finally, Signature Financial Management Inc. acquired a new position in shares of Plains Group Holdings, L.P. during the first quarter worth about $323,000. Institutional investors and hedge funds own 81.77% of the company’s stock.
Shares of Plains Group Holdings, L.P. (NYSE PAGP) traded down 0.25% during midday trading on Friday, hitting $19.77. The stock had a trading volume of 2,087,569 shares. The firm has a 50-day moving average of $25.15 and a 200 day moving average of $28.53. Plains Group Holdings, L.P. has a 12-month low of $19.60 and a 12-month high of $36.59. The firm’s market cap is $3.03 billion.
Plains Group Holdings, L.P. (NYSE:PAGP) last issued its earnings results on Monday, August 7th. The pipeline company reported $0.16 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.20 by $0.04. Plains Group Holdings, L.P. had a return on equity of 0.69% and a net margin of 0.34%. The company had revenue of $6.08 billion during the quarter, compared to analyst estimates of $5.02 billion. During the same period in the previous year, the company posted $0.29 earnings per share. The company’s quarterly revenue was up 22.8% on a year-over-year basis. On average, analysts expect that Plains Group Holdings, L.P. will post $0.97 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, August 14th. Stockholders of record on Monday, July 31st were issued a $0.55 dividend. The ex-dividend date was Thursday, July 27th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 11.13%. Plains Group Holdings, L.P.’s payout ratio is presently 333.50%.
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Several brokerages recently weighed in on PAGP. BMO Capital Markets decreased their price target on Plains Group Holdings, L.P. from $32.00 to $22.00 and set a “market perform” rating for the company in a report on Friday. BidaskClub downgraded Plains Group Holdings, L.P. from a “hold” rating to a “sell” rating in a report on Wednesday. Citigroup Inc. reissued a “buy” rating and issued a $28.00 target price (down previously from $33.50) on shares of Plains Group Holdings, L.P. in a report on Thursday, August 10th. Stifel Nicolaus reissued a “hold” rating and issued a $26.00 target price (down previously from $30.00) on shares of Plains Group Holdings, L.P. in a report on Wednesday, August 9th. Finally, Raymond James Financial, Inc. set a $24.00 price target on Plains Group Holdings, L.P. and gave the company a “buy” rating in a research report on Wednesday, August 9th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and eight have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $27.67.
In other Plains Group Holdings, L.P. news, EVP Richard K. Mcgee purchased 2,500 shares of the company’s stock in a transaction that occurred on Thursday, August 10th. The stock was purchased at an average cost of $21.08 per share, with a total value of $52,700.00. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, Director Everardo Goyanes purchased 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 9th. The shares were acquired at an average cost of $21.25 per share, with a total value of $425,000.00. Following the completion of the acquisition, the director now directly owns 42,305 shares in the company, valued at $898,981.25. The disclosure for this purchase can be found here. Insiders have purchased a total of 122,500 shares of company stock valued at $2,724,700 over the last ninety days. Insiders own 39.93% of the company’s stock.
About Plains Group Holdings, L.P.
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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