Dynamic Technology Lab Private Ltd lifted its holdings in shares of Plains GP Holdings LP (NYSE:PAGP) by 87.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 86,153 shares of the pipeline company’s stock after purchasing an additional 40,304 shares during the period. Plains GP comprises approximately 0.3% of Dynamic Technology Lab Private Ltd’s investment portfolio, making the stock its 21st largest holding. Dynamic Technology Lab Private Ltd owned 0.06% of Plains GP worth $1,884,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in PAGP. Penserra Capital Management LLC purchased a new stake in Plains GP in the 2nd quarter worth about $103,000. The Manufacturers Life Insurance Company increased its holdings in Plains GP by 11.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 4,166 shares of the pipeline company’s stock worth $109,000 after acquiring an additional 428 shares during the last quarter. Toronto Dominion Bank increased its holdings in Plains GP by 260.0% in the 3rd quarter. Toronto Dominion Bank now owns 6,110 shares of the pipeline company’s stock worth $134,000 after acquiring an additional 4,413 shares during the last quarter. Paloma Partners Management Co purchased a new stake in Plains GP in the 1st quarter worth about $211,000. Finally, Shell Asset Management Co. increased its holdings in Plains GP by 110.8% in the 2nd quarter. Shell Asset Management Co. now owns 7,994 shares of the pipeline company’s stock worth $209,000 after acquiring an additional 4,202 shares during the last quarter. Institutional investors own 83.13% of the company’s stock.
Several brokerages recently weighed in on PAGP. BidaskClub lowered Plains GP from a “buy” rating to a “hold” rating in a report on Tuesday, August 8th. BMO Capital Markets set a $25.00 price objective on Plains GP and gave the stock a “buy” rating in a report on Tuesday, October 17th. Stifel Nicolaus reissued a “hold” rating and issued a $26.00 price objective (down previously from $30.00) on shares of Plains GP in a report on Wednesday, August 9th. Citigroup reissued a “buy” rating and issued a $28.00 price objective (down previously from $33.50) on shares of Plains GP in a report on Thursday, August 10th. Finally, Robert W. Baird lowered Plains GP from an “outperform” rating to a “neutral” rating and decreased their price objective for the stock from $36.00 to $23.00 in a report on Tuesday, August 8th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $27.00.
Plains GP Holdings LP (NYSE:PAGP) traded up $0.35 during mid-day trading on Monday, reaching $21.13. The company’s stock had a trading volume of 2,600,296 shares, compared to its average volume of 1,617,615. The company has a quick ratio of 0.78, a current ratio of 1.00 and a debt-to-equity ratio of 0.84. The stock has a market cap of $3,217.64, a price-to-earnings ratio of 46.18 and a beta of 1.48. Plains GP Holdings LP has a 1-year low of $18.98 and a 1-year high of $35.86.
Plains GP (NYSE:PAGP) last posted its earnings results on Monday, November 6th. The pipeline company reported $0.03 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.23 by ($0.20). The company had revenue of $5.87 billion for the quarter, compared to analysts’ expectations of $5.71 billion. Plains GP had a net margin of 0.25% and a return on equity of 0.50%. The firm’s quarterly revenue was up 13.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.39 EPS. sell-side analysts expect that Plains GP Holdings LP will post 0.87 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, November 14th. Stockholders of record on Tuesday, October 31st were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Monday, October 30th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 5.68%. Plains GP’s dividend payout ratio (DPR) is presently 266.67%.
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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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