Plains Group Holdings, L.P. (NYSE:PAGP) Sets New 12-Month Low After Earnings Miss

Plains Group Holdings, L.P. (NYSE:PAGP) hit a new 52-week low during trading on Tuesday following a weaker than expected earnings announcement. The company traded as low as $22.01 and last traded at $21.99, with a volume of 7,518,322 shares trading hands. The stock had previously closed at $25.83.

The pipeline company reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.20 by $0.04. The company had revenue of $6.08 billion during the quarter, compared to the consensus estimate of $5.02 billion. Plains Group Holdings, L.P. had a net margin of 0.34% and a return on equity of 0.69%. The business’s revenue was up 22.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.29 EPS.

The business also recently declared a quarterly dividend, which was paid on Monday, August 14th. Investors of record on Monday, July 31st were issued a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 11.13%. The ex-dividend date was Thursday, July 27th. Plains Group Holdings, L.P.’s dividend payout ratio (DPR) is currently 333.50%.

A number of analysts have recently commented on the stock. Zacks Investment Research cut shares of Plains Group Holdings, L.P. from a “buy” rating to a “hold” rating in a report on Wednesday, April 26th. Wolfe Research reaffirmed a “market perform” rating on shares of Plains Group Holdings, L.P. in a research report on Friday, April 21st. Macquarie reaffirmed an “outperform” rating and issued a $37.00 price target on shares of Plains Group Holdings, L.P. in a research report on Friday, April 21st. Jefferies Group LLC lowered Plains Group Holdings, L.P. from a “buy” rating to a “hold” rating and lifted their price target for the stock from $12.00 to $27.00 in a research report on Friday, April 21st. Finally, BMO Capital Markets reaffirmed a “hold” rating and set a $32.00 price target on shares of Plains Group Holdings, L.P. in a research report on Wednesday, May 24th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and eight have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $27.67.

In related news, EVP Richard K. Mcgee purchased 2,500 shares of the firm’s stock in a transaction that occurred on Thursday, August 10th. The shares were bought at an average price of $21.08 per share, for a total transaction of $52,700.00. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Everardo Goyanes purchased 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 9th. The shares were bought at an average price of $21.25 per share, for a total transaction of $425,000.00. Following the acquisition, the director now directly owns 42,305 shares in the company, valued at approximately $898,981.25. The disclosure for this purchase can be found here. Insiders have bought a total of 122,500 shares of company stock worth $2,724,700 over the last ninety days. Insiders own 39.93% of the company’s stock.

Several institutional investors have recently bought and sold shares of the company. Creative Planning increased its position in Plains Group Holdings, L.P. by 4.9% in the first quarter. Creative Planning now owns 25,212 shares of the pipeline company’s stock worth $788,000 after buying an additional 1,181 shares during the last quarter. Gulf International Bank UK Ltd increased its position in Plains Group Holdings, L.P. by 52.2% in the first quarter. Gulf International Bank UK Ltd now owns 42,315 shares of the pipeline company’s stock worth $1,322,000 after buying an additional 14,521 shares during the last quarter. DnB Asset Management AS increased its position in Plains Group Holdings, L.P. by 24.7% in the first quarter. DnB Asset Management AS now owns 13,616 shares of the pipeline company’s stock worth $426,000 after buying an additional 2,700 shares during the last quarter. Duff & Phelps Investment Management Co. increased its position in Plains Group Holdings, L.P. by 38.2% in the first quarter. Duff & Phelps Investment Management Co. now owns 150,436 shares of the pipeline company’s stock worth $4,703,000 after buying an additional 41,560 shares during the last quarter. Finally, CAPROCK Group Inc. increased its position in Plains Group Holdings, L.P. by 8.3% in the first quarter. CAPROCK Group Inc. now owns 25,723 shares of the pipeline company’s stock worth $802,000 after buying an additional 1,978 shares during the last quarter. 81.77% of the stock is currently owned by institutional investors and hedge funds.

The stock’s market cap is $3.03 billion. The stock has a 50-day moving average price of $25.15 and a 200-day moving average price of $28.53.

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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.

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