Invictus RG Invests $261,000 in Plains GP Holdings LP (PAGP) Stock

Invictus RG bought a new stake in Plains GP Holdings LP (NYSE:PAGP) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 10,635 shares of the pipeline company’s stock, valued at approximately $261,000.

A number of other hedge funds have also recently made changes to their positions in PAGP. Tortoise Capital Advisors L.L.C. grew its holdings in Plains GP by 1.0% in the 3rd quarter. Tortoise Capital Advisors L.L.C. now owns 9,366,203 shares of the pipeline company’s stock valued at $229,753,000 after buying an additional 92,418 shares during the period. Kayne Anderson Capital Advisors LP grew its holdings in Plains GP by 13.9% in the 3rd quarter. Kayne Anderson Capital Advisors LP now owns 7,855,760 shares of the pipeline company’s stock valued at $192,689,000 after buying an additional 957,705 shares during the period. Chickasaw Capital Management LLC grew its holdings in Plains GP by 4.6% in the 3rd quarter. Chickasaw Capital Management LLC now owns 7,522,308 shares of the pipeline company’s stock valued at $184,522,000 after buying an additional 330,003 shares during the period. Advisory Research Inc. grew its holdings in Plains GP by 3.3% in the 3rd quarter. Advisory Research Inc. now owns 3,273,365 shares of the pipeline company’s stock valued at $80,296,000 after buying an additional 104,890 shares during the period. Finally, Canyon Capital Advisors LLC grew its holdings in Plains GP by 0.3% in the 2nd quarter. Canyon Capital Advisors LLC now owns 3,128,337 shares of the pipeline company’s stock valued at $74,799,000 after buying an additional 8,860 shares during the period. 85.83% of the stock is owned by hedge funds and other institutional investors.

Shares of NYSE:PAGP opened at $21.49 on Friday. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.89 and a quick ratio of 0.71. Plains GP Holdings LP has a 1 year low of $19.68 and a 1 year high of $27.00. The stock has a market cap of $3.40 billion, a PE ratio of 18.93 and a beta of 1.27.

Plains GP (NYSE:PAGP) last issued its earnings results on Tuesday, November 6th. The pipeline company reported $0.70 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.36 by $0.34. Plains GP had a positive return on equity of 1.43% and a negative net margin of 1.96%. The business had revenue of $8.79 billion during the quarter, compared to analysts’ expectations of $7.37 billion. During the same quarter in the previous year, the business earned $0.03 EPS. The company’s revenue for the quarter was up 49.7% on a year-over-year basis. As a group, sell-side analysts forecast that Plains GP Holdings LP will post 1.49 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 14th. Stockholders of record on Wednesday, October 31st were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 5.58%. The ex-dividend date of this dividend was Tuesday, October 30th. Plains GP’s payout ratio is currently 184.62%.

In other news, Director Oscar K. Brown bought 2,500 shares of the firm’s stock in a transaction dated Friday, November 23rd. The stock was acquired at an average price of $20.42 per share, for a total transaction of $51,050.00. Following the acquisition, the director now owns 9,600 shares of the company’s stock, valued at $196,032. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director John T. Raymond bought 25,000 shares of the firm’s stock in a transaction dated Tuesday, September 25th. The shares were purchased at an average price of $23.40 per share, with a total value of $585,000.00. Following the acquisition, the director now directly owns 245,531 shares in the company, valued at approximately $5,745,425.40. The disclosure for this purchase can be found here. 16.80% of the stock is currently owned by insiders.

PAGP has been the subject of several recent analyst reports. Zacks Investment Research upgraded Plains GP from a “hold” rating to a “buy” rating and set a $27.00 price target for the company in a report on Wednesday, September 19th. Bank of America upgraded Plains GP from a “neutral” rating to a “buy” rating and lifted their price target for the company from $26.00 to $30.00 in a report on Tuesday, September 11th. Stifel Nicolaus upgraded Plains GP from a “hold” rating to a “buy” rating and lifted their price target for the company from $26.00 to $28.00 in a report on Sunday, September 23rd. Mizuho initiated coverage on Plains GP in a report on Wednesday, November 28th. They issued a “buy” rating and a $30.00 price target for the company. Finally, Citigroup lowered their price target on Plains GP from $27.00 to $25.00 and set a “buy” rating for the company in a report on Thursday, November 29th. One research analyst has rated the stock with a sell rating, six have given a hold rating and twelve have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $28.31.

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About Plains GP

Plains GP Holdings, L.P. owns and operates midstream energy infrastructure in the United States and Canada. It operates through three segments: Transportation, Facilities, and Supply and Logistics. The Transportation segment engages in the transportation of crude oil and natural gas liquids (NGLs) on pipelines, gathering systems, trucks, and barges.

Further Reading: What does cost of debt say about a company’s financial health?

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Institutional Ownership by Quarter for Plains GP (NYSE:PAGP)

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