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

State Street Corp acquired a new position in shares of Plains Group Holdings, L.P. (NYSE:PAGP) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 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. as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in the stock. State Board of Administration of Florida Retirement System bought a new stake in shares of Plains Group Holdings, L.P. during the fourth quarter worth $416,000. Renaissance Technologies LLC boosted its stake in shares of Plains Group Holdings, L.P. by 13.8% in the fourth quarter. Renaissance Technologies LLC now owns 198,061 shares of the pipeline company’s stock worth $6,869,000 after buying an additional 24,061 shares during the period. HITE Hedge Asset Management LLC bought a new stake in shares of Plains Group Holdings, L.P. during the fourth quarter worth $2,188,000. Creative Planning boosted its stake in shares of 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 period. Finally, Gulf International Bank UK Ltd boosted its stake in shares of 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 period. Institutional investors and hedge funds own 81.77% of the company’s stock.

Shares of Plains Group Holdings, L.P. (NYSE PAGP) traded down 0.25% during midday trading on Friday, hitting $19.77. The company’s stock had a trading volume of 2,087,569 shares. The company’s market cap is $3.03 billion. Plains Group Holdings, L.P. has a 1-year low of $14.44 and a 1-year high of $36.09. The company has a 50-day moving average price of $25.15 and a 200 day moving average price of $28.53.

Plains Group Holdings, L.P. (NYSE:PAGP) last posted its quarterly earnings results on Monday, August 7th. The pipeline company reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.20 by $0.04. Plains Group Holdings, L.P. had a return on equity of 0.69% and a net margin of 0.34%. The firm had revenue of $6.08 billion for the quarter, compared to analyst estimates of $5.02 billion. During the same period last year, the company posted $0.29 earnings per share. The firm’s quarterly revenue was up 22.8% compared to the same quarter last year. On average, equities research analysts predict that Plains Group Holdings, L.P. will post $0.97 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Monday, August 14th. Investors of record on Monday, July 31st were paid a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis 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%.

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

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

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

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