Xact Kapitalforvaltning AB Increases Position in Plains GP Holdings LP (PAGP)

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Xact Kapitalforvaltning AB boosted its position in shares of Plains GP Holdings LP (NYSE:PAGP) by 15.2% in the third quarter, Holdings Channel reports. The institutional investor owned 22,545 shares of the pipeline company’s stock after acquiring an additional 2,978 shares during the period. Xact Kapitalforvaltning AB’s holdings in Plains GP were worth $553,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in PAGP. Raymond James & Associates boosted its stake in Plains GP by 3,697.3% during the second quarter. Raymond James & Associates now owns 1,494,131 shares of the pipeline company’s stock valued at $35,725,000 after buying an additional 1,454,784 shares during the last quarter. Epoch Investment Partners Inc. purchased a new stake in Plains GP during the second quarter valued at approximately $26,896,000. Miller Howard Investments Inc. NY raised its position in Plains GP by 707.6% during the second quarter. Miller Howard Investments Inc. NY now owns 1,198,629 shares of the pipeline company’s stock valued at $28,659,000 after purchasing an additional 1,050,211 shares during the period. Kayne Anderson Capital Advisors LP raised its position in Plains GP by 17.4% during the second quarter. Kayne Anderson Capital Advisors LP now owns 6,898,055 shares of the pipeline company’s stock valued at $164,919,000 after purchasing an additional 1,020,371 shares during the period. Finally, BlueMountain Capital Management LLC raised its position in Plains GP by 272.6% during the second quarter. BlueMountain Capital Management LLC now owns 1,301,869 shares of the pipeline company’s stock valued at $31,128,000 after purchasing an additional 952,500 shares during the period. 90.46% of the stock is owned by institutional investors.

A number of equities research analysts have issued reports on the company. SunTrust Banks set a $29.00 price objective on Plains GP and gave the company a “buy” rating in a research report on Wednesday, August 8th. ValuEngine upgraded Plains GP from a “hold” rating to a “buy” rating in a research report on Wednesday, August 8th. Scotiabank restated a “hold” rating and set a $30.00 price objective on shares of Plains GP in a research report on Monday, August 20th. Bank of America upgraded Plains GP from a “neutral” rating to a “buy” rating and upped their price objective for the company from $26.00 to $30.00 in a research report on Tuesday, September 11th. Finally, Seaport Global Securities restated a “buy” rating and set a $28.00 price objective on shares of Plains GP in a research report on Friday, July 27th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and ten have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $28.64.

In other Plains GP news, Director John T. Raymond purchased 25,000 shares of Plains GP stock in a transaction dated Tuesday, September 25th. The shares were purchased at an average cost of $23.40 per share, for a total transaction of $585,000.00. Following the completion of the acquisition, the director now owns 245,531 shares in the company, valued at approximately $5,745,425.40. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 16.80% of the company’s stock.

Shares of NYSE PAGP opened at $22.95 on Wednesday. The company has a current ratio of 0.75, a quick ratio of 0.63 and a debt-to-equity ratio of 0.73. Plains GP Holdings LP has a fifty-two week low of $19.38 and a fifty-two week high of $27.00. The company has a market capitalization of $3.45 billion, a PE ratio of 35.31 and a beta of 1.28.

Plains GP (NYSE:PAGP) last issued its quarterly earnings results on Tuesday, November 6th. The pipeline company reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.34. Plains GP had a positive return on equity of 0.57% and a negative net margin of 2.51%. The firm had revenue of $8.79 billion for the quarter, compared to the consensus estimate of $7.37 billion. During the same period in the prior year, the business posted $0.03 earnings per share. The company’s revenue for the quarter was up 49.7% on a year-over-year basis. On average, equities research analysts anticipate that Plains GP Holdings LP will post 1.15 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 14th. Stockholders of record on Wednesday, October 31st will be issued a $0.30 dividend. The ex-dividend date is Tuesday, October 30th. This represents a $1.20 annualized dividend and a dividend yield of 5.23%. Plains GP’s payout ratio is 184.62%.

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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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Institutional Ownership by Quarter for Plains GP (NYSE:PAGP)

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