State Street Corp Purchases New Position in Plains Group Holdings, L.P. (NYSE:PAGP)

State Street Corp purchased a new stake in Plains Group Holdings, L.P. (NYSE:PAGP) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 1,651,698 shares of the pipeline company’s stock, valued at approximately $51,634,000. State Street Corp owned about 1.60% of Plains Group Holdings, L.P. at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the stock. Chicago Partners Investment Group LLC increased its stake in shares of Plains Group Holdings, L.P. by 1.7% in the first quarter. Chicago Partners Investment Group LLC now owns 6,249 shares of the pipeline company’s stock worth $195,000 after buying an additional 103 shares during the last quarter. Segment Wealth Management LLC increased its stake in shares of Plains Group Holdings, L.P. by 19.5% in the first quarter. Segment Wealth Management LLC now owns 7,357 shares of the pipeline company’s stock worth $230,000 after buying an additional 1,200 shares during the last quarter. Hollencrest Securities LLC acquired a new stake in shares of Plains Group Holdings, L.P. during the first quarter worth $234,000. TD Asset Management Inc. acquired a new stake in shares of Plains Group Holdings, L.P. during the first quarter worth $263,000. Finally, Envestnet Asset Management Inc. increased its stake in shares of Plains Group Holdings, L.P. by 2.2% in the first quarter. Envestnet Asset Management Inc. now owns 9,648 shares of the pipeline company’s stock worth $302,000 after buying an additional 210 shares during the last quarter. Institutional investors and hedge funds own 85.09% of the company’s stock.

Shares of Plains Group Holdings, L.P. (NYSE PAGP) opened at 21.09 on Friday. The company’s market capitalization is $3.23 billion. The stock’s 50 day moving average is $25.83 and its 200-day moving average is $28.98. Plains Group Holdings, L.P. has a 12-month low of $14.44 and a 12-month high of $36.09.

Plains Group Holdings, L.P. (NYSE:PAGP) last posted its earnings results on Monday, August 7th. The pipeline company reported $0.16 EPS for the quarter, missing the Zacks’ consensus estimate of $0.20 by $0.04. Plains Group Holdings, L.P. had a net margin of 0.34% and a return on equity of 0.69%. The company had revenue of $6.08 billion during the quarter, compared to analyst estimates of $5.02 billion. During the same period in the previous year, the company earned $0.29 EPS. The company’s quarterly revenue was up 22.8% compared to the same quarter last year. Analysts anticipate that Plains Group Holdings, L.P. will post $1.51 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, August 14th. Shareholders of record on Monday, July 31st will be given a $0.55 dividend. The ex-dividend date is Thursday, July 27th. This represents a $2.20 dividend on an annualized basis and a yield of 10.43%. Plains Group Holdings, L.P.’s payout ratio is currently 333.50%.

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A number of equities analysts have recently issued reports on the stock. BidaskClub raised shares of Plains Group Holdings, L.P. from a “sell” rating to a “hold” rating in a research report on Thursday, July 6th. UBS AG raised shares of Plains Group Holdings, L.P. from a “market perform” rating to an “outperform” rating in a research report on Monday, May 22nd. Scotiabank set a $37.00 target price on shares of Plains Group Holdings, L.P. and gave the stock a “hold” rating in a research report on Friday, July 21st. Robert W. Baird cut shares of Plains Group Holdings, L.P. from an “outperform” rating to a “neutral” rating and dropped their target price for the stock from $36.00 to $23.00 in a research report on Tuesday. Finally, Citigroup Inc. reissued a “buy” rating and set a $28.00 target price (down previously from $33.50) on shares of Plains Group Holdings, L.P. in a research report on Thursday. Fourteen investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Plains Group Holdings, L.P. has a consensus rating of “Hold” and a consensus target price of $28.22.

In other news, Director Everardo Goyanes bought 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 9th. The shares were purchased at an average cost of $21.25 per share, for a total transaction of $425,000.00. Following the completion of the purchase, the director now owns 42,305 shares of the company’s stock, valued at $898,981.25. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Chairman Greg L. Armstrong bought 50,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 9th. The shares were purchased at an average price of $21.53 per share, for a total transaction of $1,076,500.00. Following the completion of the purchase, the chairman now directly owns 700,625 shares of the company’s stock, valued at approximately $15,084,456.25. The disclosure for this purchase can be found here. Insiders have bought 120,000 shares of company stock worth $2,672,000 in the last three months. Corporate insiders own 39.93% of the company’s stock.

About Plains Group Holdings, L.P.

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.

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

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