MAI Capital Management Boosts Position in Plains Group Holdings, L.P. (PAGP)

MAI Capital Management raised its stake in Plains Group Holdings, L.P. (NYSE:PAGP) by 349.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 79,328 shares of the pipeline company’s stock after buying an additional 61,666 shares during the period. MAI Capital Management owned about 0.08% of Plains Group Holdings, L.P. worth $2,480,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Kayne Anderson Capital Advisors LP increased its position in shares of Plains Group Holdings, L.P. 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 period. Chickasaw Capital Management LLC increased its position in shares of Plains Group Holdings, L.P. 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 period. Morgan Stanley increased its position in shares of Plains Group Holdings, L.P. by 17.4% in the third quarter. Morgan Stanley now owns 3,850,469 shares of the pipeline company’s stock valued at $49,826,000 after buying an additional 570,096 shares during the period. Capital Research Global Investors acquired a new position in shares of Plains Group Holdings, L.P. during the third quarter valued at $36,548,000. Finally, Eagle Global Advisors LLC increased its position in shares of Plains Group Holdings, L.P. by 19.8% in the first quarter. Eagle Global Advisors LLC now owns 2,151,616 shares of the pipeline company’s stock valued at $67,260,000 after buying an additional 355,254 shares during the period. Hedge funds and other institutional investors own 84.00% of the company’s stock.

Institutional Ownership by Quarter for Plains Group Holdings, L.P. (NYSE:PAGP)

Plains Group Holdings, L.P. (NYSE PAGP) opened at 24.74 on Friday. The firm has a market cap of $3.77 billion, a PE ratio of 59.33 and a beta of 1.46. The stock has a 50 day moving average price of $27.37 and a 200 day moving average price of $31.29. Plains Group Holdings, L.P. has a one year low of $23.89 and a one year high of $36.59.

Plains Group Holdings, L.P. (NYSE:PAGP) last announced its quarterly earnings data on Monday, May 8th. The pipeline company reported $0.34 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.45 by $0.11. Plains Group Holdings, L.P. had a net margin of 0.44% and a return on equity of 0.90%. The business had revenue of $6.67 billion during the quarter, compared to analysts’ expectations of $5.21 billion. During the same period in the prior year, the firm posted $0.14 EPS. Plains Group Holdings, L.P.’s revenue for the quarter was up 62.2% compared to the same quarter last year. Equities research analysts expect that Plains Group Holdings, L.P. will post $1.40 EPS for the current year.

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PAGP has been the topic of several research analyst reports. Barclays PLC restated an “equal weight” rating and set a $32.00 target price on shares of Plains Group Holdings, L.P. in a research note on Thursday, March 30th. Stifel Nicolaus dropped their price target on Plains Group Holdings, L.P. from $34.00 to $30.00 and set a “hold” rating on the stock in a research note on Wednesday, May 10th. Raymond James Financial, Inc. upgraded Plains Group Holdings, L.P. from a “market perform” rating to an “outperform” rating and set a $32.00 price target on the stock in a research note on Monday, May 22nd. They noted that the move was a valuation call. Jefferies Group LLC downgraded Plains Group Holdings, L.P. from a “buy” rating to a “hold” rating and boosted their price target for the company from $12.00 to $27.00 in a research note on Friday, April 21st. Finally, Zacks Investment Research downgraded Plains Group Holdings, L.P. from a “buy” rating to a “hold” rating in a research note on Wednesday, April 26th. Thirteen research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Plains Group Holdings, L.P. presently has an average rating of “Hold” and a consensus price target of $26.86.

In other Plains Group Holdings, L.P. news, Chairman Greg L. Armstrong acquired 100,000 shares of the stock in a transaction on Wednesday, May 10th. The shares were bought at an average price of $27.64 per share, with a total value of $2,764,000.00. Following the acquisition, the chairman now owns 525,625 shares of the company’s stock, valued at $14,528,275. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 39.93% of the stock is currently owned by insiders.

Plains Group Holdings, L.P. Company 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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