Pacer Advisors Inc. Sells 2,470 Shares of Plains GP Holdings, L.P. (NYSE:PAGP)

Posted by Defense World Staff on May 2nd, 2023

Pacer Advisors Inc. trimmed its holdings in shares of Plains GP Holdings, L.P. (NYSE:PAGP – Get Rating) by 2.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 85,306 shares of the pipeline company’s stock after selling 2,470 shares during the period. Pacer Advisors Inc.’s holdings in Plains GP were worth $1,061,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Geneos Wealth Management Inc. raised its stake in shares of Plains GP by 60.6% during the first quarter. Geneos Wealth Management Inc. now owns 3,445 shares of the pipeline company’s stock worth $39,000 after buying an additional 1,300 shares during the last quarter. Private Trust Co. NA bought a new stake in Plains GP in the fourth quarter valued at approximately $56,000. Atlas Capital Advisors LLC increased its stake in Plains GP by 407.9% in the second quarter. Atlas Capital Advisors LLC now owns 7,619 shares of the pipeline company’s stock valued at $79,000 after purchasing an additional 6,119 shares in the last quarter. Tower Research Capital LLC TRC increased its stake in Plains GP by 1,011.5% in the third quarter. Tower Research Capital LLC TRC now owns 8,670 shares of the pipeline company’s stock valued at $94,000 after purchasing an additional 7,890 shares in the last quarter. Finally, Great West Life Assurance Co. Can bought a new stake in Plains GP in the third quarter valued at approximately $98,000. 83.68% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have commented on PAGP. Raymond James raised shares of Plains GP from an “outperform” rating to a “strong-buy” rating and upped their target price for the company from $16.00 to $17.00 in a research note on Friday, April 21st. StockNews.com assumed coverage on shares of Plains GP in a research note on Thursday, March 16th. They issued a “hold” rating for the company. Mizuho upped their price target on shares of Plains GP from $15.00 to $17.00 and gave the company a “buy” rating in a report on Wednesday, February 1st. Barclays upped their price target on shares of Plains GP from $13.00 to $15.00 in a report on Tuesday, April 18th. Finally, JPMorgan Chase & Co. upped their price target on shares of Plains GP from $14.00 to $15.00 and gave the company a “neutral” rating in a report on Thursday, March 9th. Five analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $15.58.

Plains GP Stock Performance

Shares of PAGP opened at $13.41 on Tuesday. The stock has a market capitalization of $2.61 billion, a price-to-earnings ratio of 15.59 and a beta of 1.63. The company has a current ratio of 0.91, a quick ratio of 0.79 and a debt-to-equity ratio of 0.50. The firm has a fifty day simple moving average of $13.34 and a 200 day simple moving average of $12.96. Plains GP Holdings, L.P. has a 12 month low of $9.39 and a 12 month high of $14.17.

Plains GP (NYSE:PAGP – Get Rating) last announced its quarterly earnings results on Wednesday, February 8th. The pipeline company reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.08). The firm had revenue of $12.95 billion during the quarter, compared to analyst estimates of $14.40 billion. Plains GP had a net margin of 0.29% and a return on equity of 1.18%. Research analysts forecast that Plains GP Holdings, L.P. will post 0.85 EPS for the current fiscal year.

Plains GP Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, May 15th. Shareholders of record on Monday, May 1st will be paid a $0.2675 dividend. This represents a $1.07 dividend on an annualized basis and a yield of 7.98%. The ex-dividend date of this dividend is Friday, April 28th. Plains GP’s dividend payout ratio is currently 124.42%.

Plains GP Company Profile

(Get Rating)

Plains GP Holdings LP owns and operates midstream energy infrastructure and provides logistics services primarily for crude oil, natural gas liquids and natural gas through its indirect investment in Plains All American Pipeline, L.P. The firm operates through the following segments: Transportation, Facilities and Supply and Logistics.

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

Receive News & Ratings for Plains GP Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Plains GP and related companies with MarketBeat.com's FREE daily email newsletter.