Welch & Forbes LLC Cuts Stake in Plains GP Holdings LP (PAGP)
Welch & Forbes LLC cut its position in Plains GP Holdings LP (NYSE:PAGP) by 63.0% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 8,286 shares of the pipeline company’s stock after selling 14,100 shares during the period. Welch & Forbes LLC’s holdings in Plains GP were worth $203,000 at the end of the most recent quarter.
Several other hedge funds have also recently made changes to their positions in PAGP. Wells Fargo & Company MN increased its holdings in shares of Plains GP by 97.8% in the first quarter. Wells Fargo & Company MN now owns 241,466 shares of the pipeline company’s stock valued at $5,253,000 after purchasing an additional 119,368 shares during the period. BlackRock Inc. boosted its stake in shares of Plains GP by 22.3% in the first quarter. BlackRock Inc. now owns 1,886,331 shares of the pipeline company’s stock worth $41,029,000 after buying an additional 344,119 shares during the last quarter. BNP Paribas Arbitrage SA boosted its stake in shares of Plains GP by 27.7% in the first quarter. BNP Paribas Arbitrage SA now owns 23,021 shares of the pipeline company’s stock worth $501,000 after buying an additional 4,989 shares during the last quarter. Guggenheim Capital LLC boosted its stake in shares of Plains GP by 13.1% in the first quarter. Guggenheim Capital LLC now owns 140,177 shares of the pipeline company’s stock worth $3,049,000 after buying an additional 16,198 shares during the last quarter. Finally, Legal & General Group Plc boosted its stake in shares of Plains GP by 12.1% in the first quarter. Legal & General Group Plc now owns 83,762 shares of the pipeline company’s stock worth $1,821,000 after buying an additional 9,051 shares during the last quarter. 89.44% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages have recently commented on PAGP. Zacks Investment Research downgraded Plains GP from a “buy” rating to a “hold” rating in a research note on Friday. Credit Suisse Group began coverage on Plains GP in a research note on Thursday, October 11th. They issued an “outperform” rating and a $31.00 target price on the stock. Stifel Nicolaus upgraded Plains GP from a “hold” rating to a “buy” rating and upped their target price for the stock from $26.00 to $28.00 in a research note on Sunday, September 23rd. Bank of America upgraded Plains GP from a “neutral” rating to a “buy” rating and upped their target price for the stock from $26.00 to $30.00 in a research note on Tuesday, September 11th. Finally, ValuEngine downgraded Plains GP from a “buy” rating to a “hold” rating in a research note on Saturday, September 1st. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eleven have assigned a buy rating to the company. Plains GP currently has a consensus rating of “Buy” and a consensus target price of $28.53.
Plains GP (NYSE:PAGP) last issued its quarterly earnings results on Tuesday, August 7th. The pipeline company reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.17). The business had revenue of $8.08 billion for the quarter, compared to analysts’ expectations of $7.71 billion. Plains GP had a positive return on equity of 0.57% and a negative net margin of 2.51%. On average, research analysts predict that Plains GP Holdings LP will post 1.1 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 14th. Shareholders of record on Wednesday, October 31st will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Tuesday, October 30th. This represents a $1.20 dividend on an annualized basis and a yield of 5.10%. Plains GP’s dividend payout ratio is currently 184.62%.
In other Plains GP news, Director John T. Raymond purchased 25,000 shares of the stock in a transaction on Tuesday, September 25th. The shares were bought at an average price of $23.40 per share, for a total transaction of $585,000.00. Following the completion of the transaction, the director now owns 245,531 shares of the company’s stock, valued at approximately $5,745,425.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 16.80% 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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