Chickasaw Capital Management LLC trimmed its position in shares of Plains GP Holdings LP (NYSE:PAGP) by 1.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,400,736 shares of the pipeline company’s stock after selling 121,572 shares during the quarter. Plains GP accounts for approximately 4.3% of Chickasaw Capital Management LLC’s holdings, making the stock its 8th largest position. Chickasaw Capital Management LLC’s holdings in Plains GP were worth $148,755,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PAGP. Capital International Investors bought a new position in Plains GP in the 3rd quarter worth $158,475,000. PointState Capital LP increased its stake in Plains GP by 137.0% in the 3rd quarter. PointState Capital LP now owns 3,557,616 shares of the pipeline company’s stock worth $87,268,000 after buying an additional 2,056,356 shares in the last quarter. Clearbridge Investments LLC increased its stake in Plains GP by 148.1% in the 3rd quarter. Clearbridge Investments LLC now owns 2,861,825 shares of the pipeline company’s stock worth $70,201,000 after buying an additional 1,708,217 shares in the last quarter. Kayne Anderson Capital Advisors LP increased its stake 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 worth $192,689,000 after buying an additional 957,705 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new stake in Plains GP in the 3rd quarter worth $23,474,000. 85.83% of the stock is currently owned by hedge funds and other institutional investors.
PAGP has been the subject of a number of analyst reports. Goldman Sachs Group upgraded Plains GP from a “neutral” rating to a “buy” rating in a research note on Wednesday, January 2nd. Wolfe Research upgraded Plains GP from an “underperform” rating to a “peer perform” rating in a research note on Monday, November 26th. Mizuho initiated coverage on Plains GP in a research note on Wednesday, November 28th. They issued a “buy” rating and a $30.00 price target for the company. Jefferies Financial Group upgraded Plains GP from a “hold” rating to a “buy” rating in a research note on Thursday, December 20th. Finally, Morgan Stanley raised their price objective on Plains GP from $28.00 to $29.00 and gave the company an “overweight” rating in a research report on Friday, November 30th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and fifteen have assigned a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $28.13.
PAGP traded down $0.47 on Friday, hitting $23.17. The company had a trading volume of 970,992 shares, compared to its average volume of 2,106,836. The firm has a market cap of $3.83 billion, a P/E ratio of 35.65 and a beta of 1.16. Plains GP Holdings LP has a 12-month low of $19.17 and a 12-month high of $27.00. The company has a current ratio of 0.89, a quick ratio of 0.71 and a debt-to-equity ratio of 0.72.
Plains GP (NYSE:PAGP) last released its quarterly earnings results on Tuesday, November 6th. The pipeline company reported $0.70 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.34. The company had revenue of $8.79 billion during the quarter, compared to analyst estimates of $7.37 billion. Plains GP had a positive return on equity of 1.43% and a negative net margin of 1.96%. The firm’s revenue was up 49.7% on a year-over-year basis. During the same quarter last year, the business posted $0.03 earnings per share. On average, research analysts forecast that Plains GP Holdings LP will post 1.49 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, February 14th. Investors of record on Thursday, January 31st will be given a $0.30 dividend. The ex-dividend date of this dividend is Wednesday, January 30th. This represents a $1.20 annualized dividend and a yield of 5.18%. Plains GP’s dividend payout ratio is currently 184.62%.
Plains GP Profile
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.
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