California Public Employees Retirement System lifted its holdings in Plains GP Holdings LP (NYSE:PAGP) by 15.2% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 272,092 shares of the pipeline company’s stock after purchasing an additional 35,824 shares during the period. California Public Employees Retirement System’s holdings in Plains GP were worth $5,972,000 as of its most recent filing with the SEC.
Several other institutional investors have also bought and sold shares of the company. Tortoise Capital Advisors L.L.C. increased its stake in shares of Plains GP by 9.4% in the third quarter. Tortoise Capital Advisors L.L.C. now owns 7,636,798 shares of the pipeline company’s stock worth $167,017,000 after purchasing an additional 653,301 shares during the period. Atlantic Trust Group LLC grew its position in Plains GP by 32.0% during the third quarter. Atlantic Trust Group LLC now owns 2,935,457 shares of the pipeline company’s stock worth $64,199,000 after buying an additional 711,518 shares in the last quarter. Center Coast Capital Advisors LP acquired a new stake in Plains GP during the fourth quarter worth about $42,264,000. Rockefeller Financial Services Inc. acquired a new stake in Plains GP during the fourth quarter worth about $34,159,000. Finally, Marathon Asset Management LP acquired a new stake in Plains GP during the third quarter worth about $25,254,000. Institutional investors and hedge funds own 84.22% of the company’s stock.
PAGP has been the topic of a number of recent research reports. Seaport Global Securities raised Plains GP from a “neutral” rating to a “buy” rating in a research report on Tuesday, February 20th. Bank of America initiated coverage on Plains GP in a research report on Tuesday, January 9th. They set a “neutral” rating on the stock. Morgan Stanley raised Plains GP from an “equal weight” rating to an “overweight” rating and set a $32.00 target price on the stock in a research report on Tuesday, February 13th. SunTrust Banks set a $24.00 target price on Plains GP and gave the stock a “hold” rating in a research report on Thursday, November 16th. Finally, Credit Suisse Group initiated coverage on Plains GP in a research report on Thursday, January 4th. They set an “outperform” rating and a $25.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $26.00.
Plains GP (NYSE:PAGP) last released its quarterly earnings data on Tuesday, February 6th. The pipeline company reported $0.15 earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.25). The company had revenue of $7.61 billion for the quarter, compared to analyst estimates of $4.91 billion. Plains GP had a negative net margin of 2.79% and a positive return on equity of 0.73%. equities research analysts predict that Plains GP Holdings LP will post 1.56 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 14th. Stockholders of record on Wednesday, January 31st were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 5.46%. The ex-dividend date of this dividend was Tuesday, January 30th. Plains GP’s payout ratio is currently 179.10%.
In other Plains GP news, Director Oscar K. Brown bought 7,100 shares of Plains GP stock in a transaction dated Thursday, February 15th. The shares were acquired at an average cost of $22.51 per share, with a total value of $159,821.00. Following the acquisition, the director now directly owns 7,100 shares of the company’s stock, valued at $159,821. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 39.93% of the stock is owned by insiders.
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Plains GP 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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