Cushing Asset Management LP lessened its stake in Plains GP Holdings LP (NYSE:PAGP) by 5.5% in the fourth quarter, HoldingsChannel reports. The firm owned 1,493,193 shares of the pipeline company’s stock after selling 87,728 shares during the quarter. Cushing Asset Management LP’s holdings in Plains GP were worth $32,775,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of the stock. TIAA CREF Investment Management LLC raised its stake in Plains GP by 20.2% in the fourth quarter. TIAA CREF Investment Management LLC now owns 1,460,145 shares of the pipeline company’s stock valued at $32,050,000 after purchasing an additional 245,349 shares in the last quarter. HBK Investments L P raised its stake in Plains GP by 5.3% in the fourth quarter. HBK Investments L P now owns 321,135 shares of the pipeline company’s stock valued at $7,049,000 after purchasing an additional 16,235 shares in the last quarter. Clearbridge LLC raised its stake in Plains GP by 13.7% in the fourth quarter. Clearbridge LLC now owns 2,082,910 shares of the pipeline company’s stock valued at $45,103,000 after purchasing an additional 250,560 shares in the last quarter. Kayne Anderson Capital Advisors LP raised its stake in Plains GP by 16.4% in the fourth quarter. Kayne Anderson Capital Advisors LP now owns 5,682,584 shares of the pipeline company’s stock valued at $124,719,000 after purchasing an additional 802,067 shares in the last quarter. Finally, Castleton Investment Management LLC acquired a new position in Plains GP in the fourth quarter valued at about $1,756,000. 84.22% of the stock is owned by institutional investors and hedge funds.
A number of research analysts recently commented on PAGP shares. Stifel Nicolaus raised Plains GP from a “hold” rating to a “buy” rating and set a $24.00 price target for the company in a research note on Tuesday, March 6th. Seaport Global Securities raised Plains GP from a “neutral” rating to a “buy” rating in a research note on Tuesday, February 20th. Barclays cut Plains GP from an “overweight” rating to an “equal weight” rating and set a $26.00 target price on the stock. in a research report on Wednesday, January 17th. Robert W. Baird set a $22.00 target price on Plains GP and gave the company a “hold” rating in a research report on Wednesday, February 7th. Finally, SunTrust Banks set a $24.00 target price on Plains GP and gave the company a “hold” rating in a research report on Thursday, November 16th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $26.11.
Plains GP (NYSE:PAGP) last released its quarterly earnings results on Tuesday, February 6th. The pipeline company reported $0.15 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.40 by ($0.25). The firm had revenue of $7.61 billion for the quarter, compared to the consensus estimate of $4.91 billion. Plains GP had a positive return on equity of 0.73% and a negative net margin of 2.79%. research analysts anticipate that Plains GP Holdings LP will post 1.56 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, February 14th. Stockholders of record on Wednesday, January 31st were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 5.19%. The ex-dividend date was Tuesday, January 30th. Plains GP’s dividend payout ratio (DPR) is currently 179.10%.
In other news, Director Oscar K. Brown purchased 7,100 shares of Plains GP stock in a transaction dated Thursday, February 15th. The shares were bought at an average cost of $22.51 per share, for a total transaction of $159,821.00. Following the completion of the acquisition, the director now owns 7,100 shares in the company, valued at approximately $159,821. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 39.93% of the company’s stock.
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Plains GP 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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