Oppenheimer Asset Management Inc. Cuts Stock Position in Plains GP Holdings LP (NYSE:PAGP)
Oppenheimer Asset Management Inc. cut its holdings in Plains GP Holdings LP (NYSE:PAGP) by 7.9% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 8,586 shares of the pipeline company’s stock after selling 733 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Plains GP were worth $214,000 at the end of the most recent quarter.
Several other hedge funds have also bought and sold shares of PAGP. Chickasaw Capital Management LLC grew its holdings 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 purchasing an additional 1,586,393 shares in the last quarter. KBC Group NV boosted its stake in Plains GP by 58.0% during the second quarter. KBC Group NV now owns 1,190,781 shares of the pipeline company’s stock worth $29,734,000 after buying an additional 437,240 shares during the period. Wells Fargo & Company MN boosted its stake in Plains GP by 132.3% during the second quarter. Wells Fargo & Company MN now owns 721,246 shares of the pipeline company’s stock worth $18,009,000 after buying an additional 410,797 shares during the period. Acadian Asset Management LLC purchased a new position in Plains GP during the first quarter worth $7,734,000. Finally, RR Advisors LLC boosted its stake in Plains GP by 14.9% during the second quarter. RR Advisors LLC now owns 2,171,000 shares of the pipeline company’s stock worth $54,230,000 after buying an additional 282,000 shares during the period. 88.16% of the stock is owned by hedge funds and other institutional investors.
Several research analysts have commented on PAGP shares. Scotiabank started coverage on shares of Plains GP in a research note on Tuesday, September 3rd. They set an “outperform” rating and a $28.00 price objective for the company. ValuEngine lowered shares of Plains GP from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 31st. Zacks Investment Research lowered shares of Plains GP from a “buy” rating to a “hold” rating in a research note on Thursday, August 22nd. Finally, Wolfe Research raised shares of Plains GP from a “peer perform” rating to an “outperform” rating in a research note on Thursday, June 13th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $27.50.
Plains GP (NYSE:PAGP) last released its earnings results on Tuesday, August 6th. The pipeline company reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.08. Plains GP had a return on equity of 3.71% and a net margin of 1.47%. The business had revenue of $8.25 billion during the quarter, compared to the consensus estimate of $7.87 billion. During the same period last year, the company earned $0.05 earnings per share. The business’s revenue for the quarter was up 2.1% compared to the same quarter last year. Equities analysts forecast that Plains GP Holdings LP will post 2.6 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Wednesday, July 31st were given a dividend of $0.36 per share. The ex-dividend date was Tuesday, July 30th. This represents a $1.44 annualized dividend and a dividend yield of 6.50%. Plains GP’s dividend payout ratio (DPR) is 68.25%.
About Plains GP
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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