Ibex Wealth Advisors purchased a new stake in Plains GP Holdings LP (NYSE:PAGP) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 141,014 shares of the pipeline company’s stock, valued at approximately $2,672,000. Ibex Wealth Advisors owned about 0.08% of Plains GP as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Coe Capital Management LLC increased its holdings in Plains GP by 5.8% in the third quarter. Coe Capital Management LLC now owns 14,708 shares of the pipeline company’s stock valued at $312,000 after purchasing an additional 800 shares during the period. Usca Ria LLC acquired a new stake in Plains GP in the third quarter valued at $28,000. Keybank National Association OH increased its holdings in Plains GP by 2.3% in the third quarter. Keybank National Association OH now owns 58,944 shares of the pipeline company’s stock valued at $1,251,000 after purchasing an additional 1,345 shares during the period. DNB Asset Management AS increased its holdings in Plains GP by 1.2% in the third quarter. DNB Asset Management AS now owns 137,236 shares of the pipeline company’s stock valued at $2,914,000 after purchasing an additional 1,593 shares during the period. Finally, BB&T Securities LLC increased its holdings in Plains GP by 16.6% in the third quarter. BB&T Securities LLC now owns 12,592 shares of the pipeline company’s stock valued at $268,000 after purchasing an additional 1,793 shares during the period. Institutional investors own 86.81% of the company’s stock.
PAGP has been the subject of a number of recent research reports. Goldman Sachs Group initiated coverage on Plains GP in a report on Monday, December 9th. They issued a “neutral” rating and a $18.00 price objective for the company. Morgan Stanley initiated coverage on Plains GP in a report on Monday, January 6th. They issued an “equal weight” rating and a $19.00 price objective for the company. ValuEngine upgraded Plains GP from a “sell” rating to a “hold” rating in a report on Saturday, January 4th. Barclays upgraded Plains GP from an “equal weight” rating to an “overweight” rating and set a $24.00 price target for the company in a report on Tuesday, January 14th. Finally, Robert W. Baird upgraded Plains GP from a “neutral” rating to an “outperform” rating and decreased their price target for the stock from $22.00 to $21.00 in a report on Monday, December 2nd. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $22.71.
Plains GP (NYSE:PAGP) last issued its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $0.41 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.35 by $0.06. Plains GP had a return on equity of 3.30% and a net margin of 1.39%. The firm had revenue of $7.89 billion during the quarter, compared to the consensus estimate of $8.15 billion. During the same period last year, the business posted $0.70 EPS. The business’s revenue was down 10.3% compared to the same quarter last year. Analysts anticipate that Plains GP Holdings LP will post 2.48 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, January 31st will be issued a dividend of $0.36 per share. The ex-dividend date of this dividend is Thursday, January 30th. This represents a $1.44 dividend on an annualized basis and a yield of 8.12%. Plains GP’s payout ratio is currently 68.25%.
In related news, Director Everardo Goyanes acquired 20,000 shares of the business’s stock in a transaction dated Monday, November 18th. The shares were bought at an average price of $17.91 per share, with a total value of $358,200.00. Following the transaction, the director now directly owns 57,305 shares of the company’s stock, valued at $1,026,332.55. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Willie Cw Chiang acquired 60,000 shares of the business’s stock in a transaction dated Wednesday, November 20th. The shares were bought at an average cost of $17.14 per share, for a total transaction of $1,028,400.00. Following the transaction, the chief executive officer now directly owns 135,104 shares in the company, valued at $2,315,682.56. The disclosure for this purchase can be found here. Company insiders own 16.31% of the company’s stock.
Plains GP Company 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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