Royal Bank of Canada lifted its position in Plains GP Holdings LP (NYSE:PAGP) by 517.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 207,175 shares of the pipeline company’s stock after buying an additional 173,643 shares during the quarter. Royal Bank of Canada owned about 0.12% of Plains GP worth $5,173,000 as of its most recent SEC filing.
Several other large investors have also recently added to or reduced their stakes in PAGP. Nuveen Asset Management LLC boosted its position in Plains GP by 9,160.8% during the second quarter. Nuveen Asset Management LLC now owns 1,841,232 shares of the pipeline company’s stock worth $45,975,000 after purchasing an additional 1,821,350 shares during the period. Chickasaw Capital Management LLC boosted its position in Plains GP by 19.8% during the second quarter. Chickasaw Capital Management LLC now owns 9,598,059 shares of the pipeline company’s stock worth $239,664,000 after purchasing an additional 1,586,393 shares during the period. Invesco Ltd. boosted its position in Plains GP by 2,027.3% during the second quarter. Invesco Ltd. now owns 1,533,733 shares of the pipeline company’s stock worth $38,298,000 after purchasing an additional 1,461,634 shares during the period. Morningstar Investment Services LLC bought a new position in Plains GP during the second quarter worth $18,877,000. Finally, APG Asset Management N.V. boosted its position in Plains GP by 21.0% during the second quarter. APG Asset Management N.V. now owns 2,790,300 shares of the pipeline company’s stock worth $61,182,000 after purchasing an additional 484,300 shares during the period. 87.09% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts have recently weighed in on PAGP shares. Zacks Investment Research downgraded Plains GP from a “hold” rating to a “strong sell” rating in a report on Wednesday. ValuEngine raised Plains GP from a “strong sell” rating to a “sell” rating in a report on Thursday. Finally, Scotiabank started coverage on Plains GP in a report on Tuesday, September 3rd. They set an “outperform” rating and a $28.00 target price for the company. Two research analysts have rated the stock with a sell rating and seven have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $26.83.
Plains GP (NYSE:PAGP) last posted its earnings results on Tuesday, August 6th. The pipeline company reported $0.40 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.32 by $0.08. The company had revenue of $8.25 billion during the quarter, compared to the consensus estimate of $7.87 billion. Plains GP had a return on equity of 3.71% and a net margin of 1.47%. The company’s revenue was up 2.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.05 earnings per share. On average, equities research analysts predict that Plains GP Holdings LP will post 2.5 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Thursday, October 31st will be paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 7.24%. The ex-dividend date is Wednesday, October 30th. Plains GP’s dividend payout ratio (DPR) is presently 68.25%.
Plains GP Profile
Plains GP Holdings, L.P. owns and operates midstream energy infrastructure in the United States and Canada. It operates through three segments: Transportation, Facilities, and Supply and Logistics. The Transportation segment engages in the transportation of crude oil and natural gas liquids (NGLs) on pipelines, gathering systems, trucks, and barges.
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