Plains GP Holdings LP (NYSE:PAGP) Sees Large Drop in Short Interest

Plains GP Holdings LP (NYSE:PAGP) was the recipient of a large decline in short interest during the month of May. As of May 31st, there was short interest totalling 3,745,500 shares, a decline of 27.9% from the April 30th total of 5,192,200 shares. Approximately 2.4% of the company’s stock are short sold. Based on an average daily trading volume, of 1,390,000 shares, the short-interest ratio is presently 2.7 days.

Shares of PAGP traded down $0.15 during trading hours on Monday, hitting $24.08. The stock had a trading volume of 123,348 shares, compared to its average volume of 1,820,484. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.02 and a quick ratio of 0.90. The business’s 50-day moving average is $23.80. Plains GP has a fifty-two week low of $19.17 and a fifty-two week high of $27.00. The firm has a market cap of $3.86 billion, a price-to-earnings ratio of 11.32 and a beta of 1.14.

Plains GP (NYSE:PAGP) last posted its earnings results on Tuesday, May 7th. The pipeline company reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.49. Plains GP had a net margin of 1.31% and a return on equity of 3.41%. The firm had revenue of $8.38 billion during the quarter, compared to analysts’ expectations of $10.54 billion. During the same period in the previous year, the business posted $0.36 EPS. The business’s revenue was down .3% compared to the same quarter last year. As a group, research analysts expect that Plains GP will post 2.04 EPS for the current fiscal year.

In other Plains GP news, insider Emg Investment, Llc sold 7,328,291 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $23.10, for a total transaction of $169,283,522.10. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Everardo Goyanes sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $24.60, for a total transaction of $492,000.00. Following the sale, the director now directly owns 32,305 shares in the company, valued at approximately $794,703. The disclosure for this sale can be found here. 16.31% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Tortoise Capital Advisors L.L.C. lifted its stake in shares of Plains GP by 5.1% in the 4th quarter. Tortoise Capital Advisors L.L.C. now owns 9,843,712 shares of the pipeline company’s stock valued at $197,859,000 after purchasing an additional 477,509 shares during the period. Chickasaw Capital Management LLC raised its position in Plains GP by 8.3% during the first quarter. Chickasaw Capital Management LLC now owns 8,011,666 shares of the pipeline company’s stock worth $199,651,000 after acquiring an additional 610,930 shares during the period. Cohen & Steers Inc. raised its position in Plains GP by 296.3% during the fourth quarter. Cohen & Steers Inc. now owns 4,917,057 shares of the pipeline company’s stock worth $98,833,000 after acquiring an additional 3,676,379 shares during the period. Energy Income Partners LLC acquired a new position in Plains GP during the fourth quarter worth $81,279,000. Finally, Canyon Capital Advisors LLC raised its position in Plains GP by 3.8% during the first quarter. Canyon Capital Advisors LLC now owns 3,256,377 shares of the pipeline company’s stock worth $81,149,000 after acquiring an additional 119,525 shares during the period. Hedge funds and other institutional investors own 88.24% of the company’s stock.

Several research firms have weighed in on PAGP. TheStreet downgraded shares of Plains GP from a “b-” rating to a “c+” rating in a research report on Thursday, May 9th. ValuEngine downgraded shares of Plains GP from a “sell” rating to a “strong sell” rating in a research report on Tuesday, May 7th. Zacks Investment Research downgraded shares of Plains GP from a “buy” rating to a “hold” rating in a report on Friday, April 19th. Finally, Wolfe Research raised shares of Plains GP from a “peer perform” rating to an “outperform” rating in a report on Thursday. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and fifteen have given a buy rating to the stock. Plains GP has a consensus rating of “Buy” and an average target price of $28.57.

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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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