LVW Advisors LLC cut its holdings in shares of Plains GP Holdings LP (NYSE:PAGP) by 5.6% in the 1st quarter, Holdings Channel reports. The firm owned 14,625 shares of the pipeline company’s stock after selling 875 shares during the quarter. LVW Advisors LLC’s holdings in Plains GP were worth $364,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors have also made changes to their positions in the company. Comerica Bank bought a new position in Plains GP in the 1st quarter worth about $241,000. Prospera Financial Services Inc bought a new stake in shares of Plains GP during the 1st quarter valued at about $249,000. Robeco Institutional Asset Management B.V. boosted its position in shares of Plains GP by 10.6% during the 1st quarter. Robeco Institutional Asset Management B.V. now owns 1,070,599 shares of the pipeline company’s stock valued at $26,679,000 after acquiring an additional 102,779 shares during the last quarter. Endurance Wealth Management Inc. bought a new stake in shares of Plains GP during the 1st quarter valued at about $385,000. Finally, Alps Advisors Inc. boosted its position in shares of Plains GP by 12.7% during the 1st quarter. Alps Advisors Inc. now owns 293,872 shares of the pipeline company’s stock valued at $7,323,000 after acquiring an additional 33,176 shares during the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages have recently issued reports on PAGP. ValuEngine downgraded Plains GP from a “sell” rating to a “strong sell” rating in a research report on Tuesday. Zacks Investment Research downgraded Plains GP from a “buy” rating to a “hold” rating in a research report on Saturday, May 4th. Finally, TheStreet upgraded Plains GP from a “c” rating to a “b-” rating in a research report on Friday, April 5th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and thirteen have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $28.57.
Plains GP (NYSE:PAGP) last released its earnings results on Tuesday, May 7th. The pipeline company reported $0.92 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.49. The company had revenue of $8.38 billion during the quarter, compared to the consensus estimate of $10.54 billion. Plains GP had a return on equity of 2.64% and a net margin of 0.98%. Plains GP’s quarterly revenue was down .3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.36 EPS. As a group, sell-side analysts anticipate that Plains GP Holdings LP will post 1.65 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Wednesday, May 1st will be given a $0.36 dividend. This is an increase from Plains GP’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Tuesday, April 30th. This represents a $1.44 dividend on an annualized basis and a yield of 6.01%. Plains GP’s payout ratio is presently 68.25%.
About Plains GP
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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