Plains GP Sees Unusually Large Options Volume (NYSE:PAGP)

Posted by Defense World Staff on Jun 8th, 2023

Plains GP Holdings, L.P. (NYSE:PAGP – Get Rating) was the target of some unusual options trading activity on Wednesday. Investors acquired 9,737 call options on the company. This is an increase of approximately 459% compared to the average daily volume of 1,743 call options.

Wall Street Analysts Forecast Growth

PAGP has been the subject of a number of recent research reports. JPMorgan Chase & Co. increased their target price on shares of Plains GP from $14.00 to $15.00 and gave the company a “neutral” rating in a research report on Thursday, March 9th. Barclays upped their price objective on shares of Plains GP from $13.00 to $15.00 in a research report on Tuesday, April 18th. Morgan Stanley raised their price target on shares of Plains GP from $16.00 to $17.00 in a research note on Tuesday, April 25th. StockNews.com assumed coverage on shares of Plains GP in a report on Thursday, May 18th. They issued a “hold” rating on the stock. Finally, Raymond James raised shares of Plains GP from an “outperform” rating to a “strong-buy” rating and lifted their price objective for the stock from $16.00 to $17.00 in a report on Friday, April 21st. Five investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $15.73.

Plains GP Stock Up 2.3 %

PAGP stock opened at $14.57 on Thursday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.87 and a current ratio of 0.95. The business’s 50 day moving average price is $13.67 and its two-hundred day moving average price is $13.18. Plains GP has a fifty-two week low of $9.39 and a fifty-two week high of $14.65. The company has a market capitalization of $2.83 billion, a price-to-earnings ratio of 13.25 and a beta of 1.63.

Plains GP Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, May 15th. Stockholders of record on Monday, May 1st were given a dividend of $0.2675 per share. The ex-dividend date was Friday, April 28th. This represents a $1.07 dividend on an annualized basis and a dividend yield of 7.34%. Plains GP’s payout ratio is 97.27%.

Insider Buying and Selling at Plains GP

In related news, CEO Willie Cw Chiang purchased 75,000 shares of Plains GP stock in a transaction on Monday, May 8th. The shares were bought at an average cost of $13.25 per share, for a total transaction of $993,750.00. Following the acquisition, the chief executive officer now owns 256,704 shares in the company, valued at approximately $3,401,328. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 9.62% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Geode Capital Management LLC lifted its position in Plains GP by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 168,128 shares of the pipeline company’s stock valued at $2,091,000 after purchasing an additional 771 shares during the period. Beach Investment Counsel Inc. PA boosted its holdings in Plains GP by 0.5% in the 4th quarter. Beach Investment Counsel Inc. PA now owns 157,286 shares of the pipeline company’s stock valued at $1,957,000 after purchasing an additional 800 shares during the last quarter. Strategic Blueprint LLC lifted its holdings in shares of Plains GP by 5.6% in the 4th quarter. Strategic Blueprint LLC now owns 17,239 shares of the pipeline company’s stock worth $214,000 after acquiring an additional 921 shares during the last quarter. D.A. Davidson & CO. lifted its holdings in Plains GP by 6.1% during the 1st quarter. D.A. Davidson & CO. now owns 17,598 shares of the pipeline company’s stock worth $203,000 after buying an additional 1,019 shares in the last quarter. Finally, Prudential Financial Inc. lifted its holdings in Plains GP by 7.0% during the 2nd quarter. Prudential Financial Inc. now owns 17,365 shares of the pipeline company’s stock worth $179,000 after buying an additional 1,137 shares in the last quarter. Institutional investors own 83.68% of the company’s stock.

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.