Cubist Systematic Strategies LLC Sells 28,154 Shares of Plains Group Holdings, L.P. (PAGP)

Cubist Systematic Strategies LLC decreased its holdings in shares of Plains Group Holdings, L.P. (NYSE:PAGP) by 73.2% in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 10,307 shares of the pipeline company’s stock after selling 28,154 shares during the period. Cubist Systematic Strategies LLC’s holdings in Plains Group Holdings, L.P. were worth $270,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Penserra Capital Management LLC bought a new stake in shares of Plains Group Holdings, L.P. during the 2nd quarter valued at $103,000. Paloma Partners Management Co bought a new stake in shares of Plains Group Holdings, L.P. during the 1st quarter valued at $211,000. Shell Asset Management Co. raised its position in shares of Plains Group Holdings, L.P. by 110.8% during the 2nd quarter. Shell Asset Management Co. now owns 7,994 shares of the pipeline company’s stock valued at $209,000 after acquiring an additional 4,202 shares during the last quarter. Searle & CO. bought a new stake in shares of Plains Group Holdings, L.P. during the 2nd quarter valued at $209,000. Finally, HighTower Advisors LLC raised its position in shares of Plains Group Holdings, L.P. by 13.9% during the 2nd quarter. HighTower Advisors LLC now owns 8,621 shares of the pipeline company’s stock valued at $225,000 after acquiring an additional 1,050 shares during the last quarter. Institutional investors own 83.44% of the company’s stock.

Plains Group Holdings, L.P. (NYSE PAGP) opened at 20.20 on Tuesday. The stock’s 50 day moving average is $21.77 and its 200-day moving average is $24.78. Plains Group Holdings, L.P. has a 1-year low of $14.44 and a 1-year high of $36.09. The firm’s market capitalization is $3.10 billion.

Plains Group Holdings, L.P. (NYSE:PAGP) last released its quarterly earnings results on Monday, August 7th. The pipeline company reported $0.16 earnings per share for the quarter, missing the consensus estimate 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 analysts’ expectations of $5.02 billion. During the same quarter last year, the firm posted $0.29 earnings per share. The firm’s revenue for the quarter was up 22.8% compared to the same quarter last year. Analysts forecast that Plains Group Holdings, L.P. will post $1.09 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 14th. Shareholders of record on Tuesday, October 31st will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 5.94%. The ex-dividend date is Monday, October 30th. Plains Group Holdings, L.P.’s payout ratio is 333.50%.

PAGP has been the subject of several research analyst reports. BidaskClub raised shares of Plains Group Holdings, L.P. from a “sell” rating to a “hold” rating in a report on Thursday, July 6th. Scotiabank set a $26.00 price target on shares of Plains Group Holdings, L.P. and gave the company a “hold” rating in a report on Tuesday, August 8th. Robert W. Baird lowered shares of Plains Group Holdings, L.P. from an “outperform” rating to a “neutral” rating and decreased their price target for the company from $36.00 to $23.00 in a report on Tuesday, August 8th. Stifel Nicolaus reissued a “hold” rating and issued a $30.00 price target on shares of Plains Group Holdings, L.P. in a report on Wednesday, July 19th. Finally, Barclays PLC raised shares of Plains Group Holdings, L.P. from an “equal weight” rating to an “overweight” rating and decreased their price target for the company from $32.00 to $31.00 in a report on Tuesday, July 18th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $27.12.

In related news, Chairman Greg L. Armstrong bought 50,000 shares of the company’s stock in a transaction on Wednesday, August 9th. The shares were purchased at an average cost 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 in the company, valued at $15,084,456.25. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Richard K. Mcgee bought 2,500 shares of the company’s stock in a transaction on Thursday, August 10th. The stock was bought at an average price of $21.08 per share, for a total transaction of $52,700.00. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 72,500 shares of company stock worth $1,554,200. Corporate insiders own 39.93% of the company’s stock.

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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.

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

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