KBC Group NV increased its stake in shares of Plains GP Holdings LP (NYSE:PAGP) by 309.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 425,982 shares of the pipeline company’s stock after buying an additional 321,848 shares during the period. KBC Group NV owned 0.41% of Plains GP Holdings worth $13,075,000 at the end of the most recent quarter.
Several other institutional investors also recently made changes to their positions in the stock. Capital Research Global Investors bought a new position in shares of Plains GP Holdings during the third quarter valued at about $36,548,000. Energy Income Partners LLC bought a new position in shares of Plains GP Holdings during the fourth quarter valued at about $60,116,000. Kayne Anderson Capital Advisors LP boosted its position in shares of Plains GP Holdings by 5.9% in the third quarter. Kayne Anderson Capital Advisors LP now owns 19,377,740 shares of the pipeline company’s stock valued at $250,735,000 after buying an additional 1,082,200 shares during the last quarter. HITE Hedge Asset Management LLC boosted its position in shares of Plains GP Holdings by 1,710.7% in the first quarter. HITE Hedge Asset Management LLC now owns 1,142,511 shares of the pipeline company’s stock valued at $35,715,000 after buying an additional 1,079,413 shares during the last quarter. Finally, Chickasaw Capital Management LLC boosted its position in shares of Plains GP Holdings by 9.7% in the first quarter. Chickasaw Capital Management LLC now owns 7,160,037 shares of the pipeline company’s stock valued at $223,823,000 after buying an additional 635,626 shares during the last quarter.
Plains GP Holdings LP (NYSE:PAGP) traded up 2.62% on Friday, reaching $28.23. The company’s stock had a trading volume of 816,302 shares. The firm’s 50 day moving average price is $29.75 and its 200-day moving average price is $30.93. The company has a market capitalization of $4.30 billion, a price-to-earnings ratio of 67.70 and a beta of 1.49. Plains GP Holdings LP has a 52 week low of $23.06 and a 52 week high of $36.59.
Plains GP Holdings (NYSE:PAGP) last released its earnings results on Monday, May 8th. The pipeline company reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.45 by $0.11. Plains GP Holdings had a return on equity of 0.90% and a net margin of 0.47%. The firm had revenue of $6.67 billion for the quarter, compared to the consensus estimate of $5.21 billion. During the same period in the prior year, the business earned $0.14 EPS. The company’s quarterly revenue was up 62.2% on a year-over-year basis. On average, equities analysts predict that Plains GP Holdings LP will post $1.73 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, May 15th. Shareholders of record on Monday, May 1st were issued a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a yield of 8.00%. The ex-dividend date of this dividend was Thursday, April 27th. Plains GP Holdings’s dividend payout ratio is presently 236.06%.
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PAGP has been the subject of several recent analyst reports. Mizuho initiated coverage on Plains GP Holdings in a research note on Monday, January 30th. They set a “neutral” rating and a $35.00 target price for the company. Robert W. Baird upgraded Plains GP Holdings from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $34.00 to $39.00 in a research note on Tuesday, January 31st. Stifel Nicolaus boosted their target price on Plains GP Holdings to $34.00 in a research note on Thursday, February 9th. Zacks Investment Research upgraded Plains GP Holdings from a “hold” rating to a “buy” rating and set a $37.00 target price for the company in a research note on Wednesday, March 8th. Finally, Barclays PLC restated an “equal weight” rating and set a $32.00 target price on shares of Plains GP Holdings in a research note on Thursday, March 30th. Thirteen research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Plains GP Holdings currently has a consensus rating of “Hold” and an average price target of $24.21.
In related news, Chairman Greg L. Armstrong purchased 50,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 1st. The shares were acquired at an average price of $31.00 per share, with a total value of $1,550,000.00. Following the acquisition, the chairman now owns 500,625 shares in the company, valued at approximately $15,519,375. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Chairman Greg L. Armstrong purchased 100,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 10th. The stock was bought at an average cost of $27.64 per share, for a total transaction of $2,764,000.00. Following the acquisition, the chairman now owns 525,625 shares in the company, valued at approximately $14,528,275. The disclosure for this purchase can be found here. Company insiders own 39.93% of the company’s stock.
About Plains GP Holdings
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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