Franklin Square Holdings L.P. increased its holdings in Plains GP Holdings LP (NYSE:PAGP) by 58.8% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 63,720 shares of the pipeline company’s stock after purchasing an additional 23,600 shares during the quarter. Plains GP accounts for 1.7% of Franklin Square Holdings L.P.’s investment portfolio, making the stock its 13th biggest position. Franklin Square Holdings L.P.’s holdings in Plains GP were worth $1,524,000 as of its most recent SEC filing.
A number of other large investors have also modified their holdings of the stock. Icon Wealth Partners LLC increased its position in shares of Plains GP by 50.4% in the second quarter. Icon Wealth Partners LLC now owns 7,093 shares of the pipeline company’s stock valued at $170,000 after acquiring an additional 2,378 shares during the period. Russell Investments Group Ltd. purchased a new position in shares of Plains GP in the second quarter valued at about $175,000. Linscomb & Williams Inc. purchased a new position in shares of Plains GP in the second quarter valued at about $179,000. MHI Funds LLC purchased a new position in shares of Plains GP in the second quarter valued at about $208,000. Finally, Mackay Shields LLC purchased a new position in shares of Plains GP in the second quarter valued at about $227,000. Institutional investors own 89.45% of the company’s stock.
A number of research firms have issued reports on PAGP. SunTrust Banks set a $29.00 price objective on shares of Plains GP and gave the company a “buy” rating in a research report on Wednesday, August 8th. ValuEngine upgraded shares of Plains GP from a “hold” rating to a “buy” rating in a research report on Wednesday, August 8th. Scotiabank restated a “hold” rating and issued a $30.00 price objective on shares of Plains GP in a research report on Monday, August 20th. Bank of America upgraded shares of Plains GP from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $26.00 to $30.00 in a research report on Tuesday, September 11th. Finally, Sanford C. Bernstein cut shares of Plains GP from an “outperform” rating to a “market perform” rating in a research report on Monday, June 18th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the stock. Plains GP has an average rating of “Hold” and a consensus target price of $27.73.
Shares of PAGP opened at $24.64 on Monday. The stock has a market cap of $3.94 billion, a PE ratio of 37.91 and a beta of 1.25. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.63 and a current ratio of 0.75. Plains GP Holdings LP has a 1-year low of $18.98 and a 1-year high of $27.00.
Plains GP (NYSE:PAGP) last announced its earnings results on Tuesday, August 7th. The pipeline company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.17). The company had revenue of $8.08 billion for the quarter, compared to the consensus estimate of $7.71 billion. Plains GP had a negative net margin of 2.51% and a positive return on equity of 0.57%. research analysts expect that Plains GP Holdings LP will post 1.1 EPS for the current year.
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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