Engineers Gate Manager LP lessened its stake in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 85.9% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 35,306 shares of the pipeline company’s stock after selling 214,902 shares during the period. Engineers Gate Manager LP’s holdings in Plains GP were worth $298,000 at the end of the most recent reporting period.
Several other hedge funds have also modified their holdings of PAGP. Mercer Global Advisors Inc. ADV acquired a new stake in shares of Plains GP in the 3rd quarter valued at $81,000. CFO4Life Group LLC acquired a new stake in shares of Plains GP in the 4th quarter valued at $87,000. XTX Markets LLC acquired a new stake in shares of Plains GP in the 4th quarter valued at $95,000. Public Employees Retirement System of Ohio acquired a new stake in shares of Plains GP in the 4th quarter valued at $129,000. Finally, SL Advisors LLC boosted its holdings in shares of Plains GP by 4.8% in the 4th quarter. SL Advisors LLC now owns 21,383 shares of the pipeline company’s stock valued at $181,000 after purchasing an additional 978 shares in the last quarter. 78.48% of the stock is currently owned by hedge funds and other institutional investors.
PAGP has been the topic of a number of research analyst reports. Morgan Stanley reaffirmed an “equal weight” rating on shares of Plains GP in a report on Monday, March 29th. Mizuho raised their price objective on Plains GP from $13.00 to $14.00 and gave the company a “buy” rating in a report on Wednesday, January 20th. Wolfe Research reissued a “peer perform” rating on shares of Plains GP in a report on Wednesday, March 17th. Zacks Investment Research downgraded Plains GP from a “hold” rating to a “sell” rating in a report on Thursday, April 1st. Finally, Scotiabank assumed coverage on Plains GP in a report on Monday, February 1st. They set an “outperform” rating on the stock. One analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have issued a buy rating to the company’s stock. Plains GP currently has a consensus rating of “Buy” and an average target price of $11.84.
Plains GP (NYSE:PAGP) last announced its earnings results on Monday, February 8th. The pipeline company reported ($0.11) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.22 by ($0.33). The company had revenue of $5.96 billion for the quarter, compared to analyst estimates of $7.23 billion. Plains GP had a positive return on equity of 12.33% and a negative net margin of 1.89%. Equities research analysts predict that Plains GP Holdings, L.P. will post 8.07 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 14th. Stockholders of record on Friday, April 30th will be given a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 7.43%. The ex-dividend date is Thursday, April 29th. Plains GP’s dividend payout ratio (DPR) is presently 36.73%.
Plains GP Company 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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