Plains Group Holdings, L.P. (NYSE:PAGP) was the target of a significant growth in short interest during the month of August. As of August 31st, there was short interest totalling 4,261,701 shares, a growth of 53.3% from the August 15th total of 2,780,860 shares. Currently, 2.9% of the shares of the company are sold short. Based on an average daily trading volume, of 2,755,189 shares, the days-to-cover ratio is currently 1.5 days.

PAGP has been the subject of a number of recent research reports. Deutsche Bank AG decreased their target price on Plains Group Holdings, L.P. from $40.00 to $35.00 and set a “buy” rating for the company in a research report on Tuesday, May 30th. Zacks Investment Research downgraded Plains Group Holdings, L.P. from a “hold” rating to a “strong sell” rating in a research report on Thursday, June 22nd. Jefferies Group LLC reissued a “hold” rating on shares of Plains Group Holdings, L.P. in a research report on Friday, June 23rd. BidaskClub raised Plains Group Holdings, L.P. from a “strong sell” rating to a “sell” rating in a research report on Tuesday, June 27th. Finally, Mizuho upgraded Plains Group Holdings, L.P. from a “neutral” rating to a “buy” rating and set a $30.00 price target for the company in a research report on Monday, July 10th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. Plains Group Holdings, L.P. has a consensus rating of “Hold” and a consensus target price of $27.94.

Plains Group Holdings, L.P. (NYSE:PAGP) opened at 22.33 on Friday. Plains Group Holdings, L.P. has a 52-week low of $14.44 and a 52-week high of $36.09. The stock’s market capitalization is $3.43 billion. The company’s 50-day moving average price is $22.34 and its 200 day moving average price is $26.87.

Plains Group Holdings, L.P. (NYSE:PAGP) last issued its quarterly earnings results on Monday, August 7th. The pipeline company reported $0.16 earnings per share (EPS) for the quarter, missing the Zacks’ 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 business had revenue of $6.08 billion during the quarter, compared to analysts’ expectations of $5.02 billion. During the same quarter in the previous year, the company posted $0.29 EPS. The company’s quarterly revenue was up 22.8% on a year-over-year basis. Equities analysts forecast that Plains Group Holdings, L.P. will post $1.09 EPS for the current fiscal year.

In other news, EVP Richard K. Mcgee bought 2,500 shares of the firm’s stock in a transaction on Thursday, August 10th. The stock was acquired at an average cost of $21.08 per share, with a total value of $52,700.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Everardo Goyanes bought 20,000 shares of the firm’s stock in a transaction on Wednesday, August 9th. The stock was purchased at an average cost of $21.25 per share, with a total value of $425,000.00. Following the completion of the transaction, the director now directly owns 42,305 shares of the company’s stock, valued at $898,981.25. The disclosure for this purchase can be found here. Insiders acquired 72,500 shares of company stock valued at $1,554,200 over the last three months. Company insiders own 39.93% of the company’s stock.

Hedge funds have recently modified their holdings of the business. KCG Holdings Inc. increased its stake in Plains Group Holdings, L.P. by 146.3% in the 1st quarter. KCG Holdings Inc. now owns 35,104 shares of the pipeline company’s stock worth $1,097,000 after buying an additional 20,851 shares in the last quarter. Investment House LLC purchased a new stake in Plains Group Holdings, L.P. in the 1st quarter worth $2,614,000. State of Wisconsin Investment Board increased its stake in Plains Group Holdings, L.P. by 9.9% in the 2nd quarter. State of Wisconsin Investment Board now owns 316,550 shares of the pipeline company’s stock worth $8,281,000 after buying an additional 28,420 shares in the last quarter. TIAA CREF Investment Management LLC increased its stake in Plains Group Holdings, L.P. by 16.8% in the 1st quarter. TIAA CREF Investment Management LLC now owns 1,096,532 shares of the pipeline company’s stock worth $34,278,000 after buying an additional 157,842 shares in the last quarter. Finally, TD Asset Management Inc. purchased a new stake in Plains Group Holdings, L.P. in the 1st quarter worth $263,000. Institutional investors and hedge funds own 83.03% 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.

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