American Century Companies Inc. Buys 528,880 Shares of Plains GP Holdings, L.P. (NYSE:PAGP)

Posted by Defense World Staff on Aug 30th, 2023

American Century Companies Inc. lifted its stake in shares of Plains GP Holdings, L.P. (NYSE:PAGP – Free Report) by 36.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,983,787 shares of the pipeline company’s stock after acquiring an additional 528,880 shares during the quarter. American Century Companies Inc. owned approximately 1.02% of Plains GP worth $26,027,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the stock. Geode Capital Management LLC raised its position in shares of Plains GP by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 168,128 shares of the pipeline company’s stock worth $2,091,000 after acquiring an additional 771 shares during the last quarter. Beach Investment Counsel Inc. PA raised its position in shares of Plains GP by 0.5% during the fourth quarter. Beach Investment Counsel Inc. PA now owns 157,286 shares of the pipeline company’s stock worth $1,957,000 after acquiring an additional 800 shares during the last quarter. D.A. Davidson & CO. raised its position in shares of Plains GP by 6.1% during the first quarter. D.A. Davidson & CO. now owns 17,598 shares of the pipeline company’s stock worth $203,000 after acquiring an additional 1,019 shares during the last quarter. Prudential Financial Inc. raised its position in shares of Plains GP by 7.0% during the second quarter. Prudential Financial Inc. now owns 17,365 shares of the pipeline company’s stock worth $179,000 after acquiring an additional 1,137 shares during the last quarter. Finally, Geneos Wealth Management Inc. grew its stake in 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 purchasing an additional 1,300 shares during the period. 84.45% of the stock is currently owned by institutional investors.

Plains GP Price Performance

Shares of NYSE:PAGP opened at $16.04 on Wednesday. Plains GP Holdings, L.P. has a 1-year low of $10.45 and a 1-year high of $16.09. The company has a current ratio of 1.00, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49. The stock has a market cap of $3.14 billion, a PE ratio of 13.40 and a beta of 1.64. The stock’s fifty day simple moving average is $15.36 and its two-hundred day simple moving average is $14.19.

Plains GP (NYSE:PAGP – Get Free Report) last posted its quarterly earnings data on Friday, August 4th. The pipeline company reported $0.25 EPS for the quarter, beating the consensus estimate of $0.14 by $0.11. Plains GP had a net margin of 0.45% and a return on equity of 1.59%. The firm had revenue of $11.60 billion during the quarter, compared to analyst estimates of $16.84 billion. As a group, analysts forecast that Plains GP Holdings, L.P. will post 1.14 EPS for the current fiscal year.

Plains GP Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, August 14th. Investors of record on Monday, July 31st were given a dividend of $0.2675 per share. This represents a $1.07 dividend on an annualized basis and a dividend yield of 6.67%. The ex-dividend date was Friday, July 28th. Plains GP’s payout ratio is 89.92%.

Analyst Ratings Changes

Several equities research analysts recently commented on PAGP shares. Raymond James raised their target price on Plains GP from $17.00 to $18.00 and gave the stock a “strong-buy” rating in a research note on Friday, July 21st. Morgan Stanley increased their price objective on shares of Plains GP from $17.00 to $18.00 and gave the stock an “overweight” rating in a research report on Thursday, July 20th. Mizuho boosted their target price on Plains GP from $17.00 to $19.00 in a research report on Wednesday, July 12th. Finally, StockNews.com started coverage on Plains GP in a research note on Thursday, August 17th. They issued a “hold” rating for the company. Two investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $16.56.

Check Out Our Latest Analysis on Plains GP

Plains GP Profile

(Free Report)

Plains GP Holdings, L.P., through its subsidiary, Plains All American Pipeline, L.P., owns and operates midstream energy infrastructure in the United States and Canada. The company operates in two segments, Crude Oil and Natural Gas Liquids (NGLs). The company engages in the transportation of crude oil and NGLs on pipelines, gathering systems, and trucks.