Plains Group Holdings, L.P. (NYSE:PAGP) Chairman Greg L. Armstrong bought 50,000 shares of the business’s stock in a transaction on Wednesday, August 9th. The shares were acquired at an average price of $21.53 per share, with a total value of $1,076,500.00. Following the transaction, the chairman now directly owns 700,625 shares of the company’s stock, valued at $15,084,456.25. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.
Plains Group Holdings, L.P. (NYSE PAGP) opened at 21.09 on Friday. The company’s market capitalization is $3.23 billion. The stock has a 50 day moving average of $25.83 and a 200-day moving average of $28.98. Plains Group Holdings, L.P. has a 52-week low of $14.44 and a 52-week high of $36.09.
Plains Group Holdings, L.P. (NYSE:PAGP) last released its earnings results on Monday, August 7th. The pipeline company reported $0.16 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.20 by $0.04. The firm had revenue of $6.08 billion during the quarter, compared to analysts’ expectations of $5.02 billion. Plains Group Holdings, L.P. had a return on equity of 0.69% and a net margin of 0.34%. The company’s revenue was up 22.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.29 earnings per share. On average, equities research analysts anticipate that Plains Group Holdings, L.P. will post $1.51 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, August 14th. Investors of record on Monday, July 31st will be issued a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 10.43%. The ex-dividend date of this dividend is Thursday, July 27th. Plains Group Holdings, L.P.’s dividend payout ratio is 333.50%.
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A number of large investors have recently added to or reduced their stakes in the company. Penserra Capital Management LLC purchased a new stake in Plains Group Holdings, L.P. during the second quarter valued at about $103,000. Chicago Partners Investment Group LLC increased its position in 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 valued at $195,000 after buying an additional 103 shares during the last quarter. Searle & CO. acquired a new position in Plains Group Holdings, L.P. during the second quarter valued at $209,000. Shell Asset Management Co. increased its position in Plains Group Holdings, L.P. by 110.8% in the second quarter. Shell Asset Management Co. now owns 7,994 shares of the pipeline company’s stock valued at $209,000 after buying an additional 4,202 shares during the last quarter. Finally, Paloma Partners Management Co acquired a new position in Plains Group Holdings, L.P. during the first quarter valued at $211,000. 85.09% of the stock is owned by institutional investors.
A number of brokerages have weighed in on PAGP. BidaskClub upgraded 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 upgraded 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 lowered shares of Plains Group Holdings, L.P. from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $36.00 to $23.00 in a research report on Tuesday. Finally, Citigroup Inc. reiterated 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 research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Plains Group Holdings, L.P. presently has an average rating of “Hold” and an average target price of $28.22.
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.
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