Tocqueville Asset Management L.P. raised its stake in Plains GP Holdings LP (NYSE:PAGP) by 3.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 184,476 shares of the pipeline company’s stock after purchasing an additional 5,321 shares during the period. Tocqueville Asset Management L.P. owned 0.12% of Plains GP worth $4,606,000 at the end of the most recent quarter.
Several other large investors also recently added to or reduced their stakes in PAGP. Chickasaw Capital Management LLC boosted its position in shares of Plains GP by 19.8% in the second quarter. Chickasaw Capital Management LLC now owns 9,598,059 shares of the pipeline company’s stock valued at $239,664,000 after acquiring an additional 1,586,393 shares during the period. Terril Brothers Inc. bought a new stake in shares of Plains GP in the first quarter valued at about $28,964,000. KBC Group NV boosted its position in shares of Plains GP by 58.0% in the second quarter. KBC Group NV now owns 1,190,781 shares of the pipeline company’s stock valued at $29,734,000 after acquiring an additional 437,240 shares during the period. Acadian Asset Management LLC bought a new stake in shares of Plains GP in the first quarter valued at about $7,734,000. Finally, Perella Weinberg Partners Capital Management LP boosted its position in shares of Plains GP by 18.4% in the second quarter. Perella Weinberg Partners Capital Management LP now owns 1,738,750 shares of the pipeline company’s stock valued at $43,417,000 after acquiring an additional 270,107 shares during the period. Hedge funds and other institutional investors own 90.33% of the company’s stock.
In other Plains GP news, insider Emg Investment, Llc sold 7,328,291 shares of the business’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $23.10, for a total transaction of $169,283,522.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 16.31% of the stock is currently owned by insiders.
NYSE PAGP traded down $0.20 during trading on Wednesday, hitting $22.05. 72,364 shares of the company’s stock were exchanged, compared to its average volume of 1,470,631. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.90 and a current ratio of 1.02. The stock has a market capitalization of $3.50 billion, a P/E ratio of 10.41 and a beta of 1.15. Plains GP Holdings LP has a fifty-two week low of $19.17 and a fifty-two week high of $26.99. The firm’s 50 day moving average price is $24.29.
Plains GP (NYSE:PAGP) last issued its earnings results on Tuesday, August 6th. The pipeline company reported $0.40 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.32 by $0.08. The firm had revenue of $8.25 billion during the quarter, compared to the consensus estimate of $7.87 billion. Plains GP had a return on equity of 3.78% and a net margin of 1.47%. The business’s quarterly revenue was up 2.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.05 earnings per share. On average, equities analysts predict that Plains GP Holdings LP will post 2.61 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 14th. Shareholders of record on Wednesday, July 31st will be paid a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 6.53%. The ex-dividend date of this dividend is Tuesday, July 30th. Plains GP’s payout ratio is 68.25%.
Several research firms recently weighed in on PAGP. Wolfe Research raised shares of Plains GP from a “peer perform” rating to an “outperform” rating in a research report on Thursday, June 13th. TheStreet cut shares of Plains GP from a “b-” rating to a “c+” rating in a research report on Thursday, May 9th. ValuEngine cut shares of Plains GP from a “sell” rating to a “strong sell” rating in a research report on Wednesday, July 31st. Finally, Zacks Investment Research cut shares of Plains GP from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $28.73.
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.
Further Reading: Understanding Price to Earnings Ratio (PE)
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