Truist Financial Corp lowered its position in Plains GP Holdings, L.P. (NYSE:PAGP – Get Rating) by 7.9% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 62,575 shares of the pipeline company’s stock after selling 5,338 shares during the period. Truist Financial Corp’s holdings in Plains GP were worth $682,000 as of its most recent SEC filing.
A number of other large investors have also made changes to their positions in the company. Inverness Counsel LLC NY bought a new position in Plains GP during the 3rd quarter worth about $820,000. Meritage Portfolio Management increased its holdings in Plains GP by 5.9% during the 3rd quarter. Meritage Portfolio Management now owns 296,655 shares of the pipeline company’s stock worth $3,237,000 after purchasing an additional 16,482 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its holdings in Plains GP by 2.4% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 143,710 shares of the pipeline company’s stock worth $1,568,000 after purchasing an additional 3,336 shares in the last quarter. Eagle Global Advisors LLC increased its holdings in Plains GP by 5.1% during the 3rd quarter. Eagle Global Advisors LLC now owns 794,121 shares of the pipeline company’s stock worth $8,664,000 after purchasing an additional 38,220 shares in the last quarter. Finally, Platform Technology Partners increased its holdings in Plains GP by 20.0% during the 3rd quarter. Platform Technology Partners now owns 14,412 shares of the pipeline company’s stock worth $157,000 after purchasing an additional 2,406 shares in the last quarter. Institutional investors own 83.68% of the company’s stock.
Analysts Set New Price Targets
Several equities analysts have recently weighed in on the company. TheStreet upgraded Plains GP from a “c+” rating to a “b-” rating in a report on Thursday, November 3rd. Mizuho raised their price objective on Plains GP from $13.00 to $15.00 and gave the company a “buy” rating in a report on Tuesday, November 8th. Wells Fargo & Company decreased their price objective on Plains GP from $16.00 to $15.00 and set an “overweight” rating for the company in a report on Friday, November 4th. Morgan Stanley raised their price objective on Plains GP from $15.00 to $16.00 and gave the company an “overweight” rating in a report on Thursday, October 20th. Finally, Citigroup initiated coverage on Plains GP in a report on Thursday, December 8th. They issued a “buy” rating and a $14.00 price objective for the company. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, Plains GP presently has an average rating of “Moderate Buy” and an average price target of $14.58.
Plains GP Price Performance
Plains GP (NYSE:PAGP – Get Rating) last posted its earnings results on Wednesday, November 2nd. The pipeline company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.17 by $0.19. The firm had revenue of $14.34 billion during the quarter, compared to the consensus estimate of $14.77 billion. Plains GP had a return on equity of 1.47% and a net margin of 0.36%. On average, sell-side analysts forecast that Plains GP Holdings, L.P. will post 0.93 EPS for the current fiscal year.
Plains GP Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Tuesday, February 14th. Stockholders of record on Tuesday, January 31st will be paid a $0.2675 dividend. This is a boost from Plains GP’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Monday, January 30th. This represents a $1.07 annualized dividend and a dividend yield of 8.21%. Plains GP’s dividend payout ratio is presently 82.08%.
About Plains GP
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.
- Get a free copy of the StockNews.com research report on Plains GP (PAGP)
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