State of Wisconsin Investment Board boosted its stake in shares of Plains Group Holdings, L.P. (NYSE:PAGP) by 9.9% during the second quarter, according to its most recent filing with the SEC. The firm owned 316,550 shares of the pipeline company’s stock after buying an additional 28,420 shares during the period. State of Wisconsin Investment Board owned approximately 0.21% of Plains Group Holdings, L.P. worth $8,281,000 as of its most recent filing with the SEC.
Several other institutional investors have also recently added to or reduced their stakes in PAGP. DnB Asset Management AS raised its stake in Plains Group Holdings, L.P. by 24.7% in the first quarter. DnB Asset Management AS now owns 13,616 shares of the pipeline company’s stock valued at $426,000 after buying an additional 2,700 shares during the period. State of New Jersey Common Pension Fund D bought a new stake in Plains Group Holdings, L.P. during the first quarter valued at approximately $966,000. Russell Investments Group Ltd. raised its stake in Plains Group Holdings, L.P. by 88.2% in the first quarter. Russell Investments Group Ltd. now owns 593,393 shares of the pipeline company’s stock valued at $18,539,000 after buying an additional 278,051 shares during the period. Sumitomo Mitsui Asset Management Company LTD raised its stake in Plains Group Holdings, L.P. by 69.5% in the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 10,906 shares of the pipeline company’s stock valued at $340,000 after buying an additional 4,473 shares during the period. Finally, Oregon Public Employees Retirement Fund raised its stake in Plains Group Holdings, L.P. by 47.2% in the first quarter. Oregon Public Employees Retirement Fund now owns 14,961 shares of the pipeline company’s stock valued at $468,000 after buying an additional 4,800 shares during the period. 81.77% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Plains Group Holdings, L.P. (NYSE PAGP) opened at 21.00 on Friday. The firm has a 50-day moving average price of $24.37 and a 200-day moving average price of $28.07. The stock’s market cap is $3.22 billion. 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 announced its quarterly earnings data on Monday, August 7th. The pipeline company reported $0.16 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.20 by $0.04. Plains Group Holdings, L.P. had a net margin of 0.34% and a return on equity of 0.69%. The company had revenue of $6.08 billion during the quarter, compared to analyst estimates of $5.02 billion. During the same quarter last year, the business earned $0.29 EPS. The firm’s revenue for the quarter was up 22.8% on a year-over-year basis. On average, equities analysts anticipate that Plains Group Holdings, L.P. will post $1.03 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, August 14th. Investors of record on Monday, July 31st were paid a $0.55 dividend. This represents a $2.20 annualized dividend and a dividend yield of 10.48%. The ex-dividend date of this dividend was Thursday, July 27th. Plains Group Holdings, L.P.’s dividend payout ratio (DPR) is 333.50%.
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Several equities research analysts have recently commented on PAGP shares. Mizuho upgraded Plains Group Holdings, L.P. from a “neutral” rating to a “buy” rating and set a $30.00 price objective for the company in a research note on Monday, July 10th. Deutsche Bank AG lowered Plains Group Holdings, L.P. from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $35.00 to $29.00 in a research note on Thursday, July 13th. Bank of America Corporation started coverage on Plains Group Holdings, L.P. in a research note on Thursday, August 3rd. They issued a “neutral” rating and a $29.00 price objective for the company. Stifel Nicolaus reduced their price objective on Plains Group Holdings, L.P. from $34.00 to $30.00 and set a “hold” rating for the company in a research note on Wednesday, May 10th. Finally, BidaskClub lowered Plains Group Holdings, L.P. from a “buy” rating to a “hold” rating in a research note on Tuesday, August 8th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and nine have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $27.50.
In related news, Chairman Greg L. Armstrong acquired 50,000 shares of Plains Group Holdings, L.P. stock in a transaction that occurred on Wednesday, June 21st. The stock was purchased at an average price of $23.41 per share, for a total transaction of $1,170,500.00. Following the completion of the purchase, the chairman now directly owns 650,625 shares of the company’s stock, valued at $15,231,131.25. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Richard K. Mcgee acquired 2,500 shares of Plains Group Holdings, L.P. stock in a transaction that occurred on Thursday, August 10th. The stock was bought at an average price of $21.08 per share, with a total value of $52,700.00. The disclosure for this purchase can be found here. Insiders purchased 122,500 shares of company stock valued at $2,724,700 in the last quarter. Company insiders own 39.93% of the company’s stock.
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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