Point72 Asset Management L.P. Takes Position in Plains GP Holdings LP (NYSE:PAGP)
Point72 Asset Management L.P. purchased a new stake in Plains GP Holdings LP (NYSE:PAGP) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 887,497 shares of the pipeline company’s stock, valued at approximately $16,818,000. Point72 Asset Management L.P. owned 0.49% of Plains GP as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Orion Portfolio Solutions LLC purchased a new stake in shares of Plains GP during the fourth quarter worth about $32,000. Tower Research Capital LLC TRC purchased a new position in shares of Plains GP in the third quarter valued at approximately $105,000. Evoke Wealth LLC purchased a new position in shares of Plains GP in the third quarter valued at approximately $204,000. Opus Capital Group LLC acquired a new stake in shares of Plains GP in the fourth quarter worth approximately $214,000. Finally, Kovack Advisors Inc. boosted its stake in shares of Plains GP by 19.0% in the fourth quarter. Kovack Advisors Inc. now owns 12,500 shares of the pipeline company’s stock worth $237,000 after acquiring an additional 2,000 shares during the last quarter. 84.87% of the stock is owned by institutional investors.
Several analysts recently commented on PAGP shares. Morgan Stanley cut Plains GP from an “equal weight” rating to an “underweight” rating in a research report on Monday, March 16th. Bank of America cut shares of Plains GP from a “buy” rating to a “neutral” rating in a research note on Wednesday, March 11th. Raymond James cut shares of Plains GP from a “strong-buy” rating to an “outperform” rating and lowered their target price for the stock from $25.00 to $14.00 in a research note on Thursday, March 12th. Robert W. Baird lowered shares of Plains GP from an “outperform” rating to a “neutral” rating and dropped their target price for the stock from $21.00 to $12.00 in a report on Monday, March 9th. Finally, Stifel Nicolaus cut shares of Plains GP from a “buy” rating to a “hold” rating in a research report on Thursday, March 12th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $17.86.
Shares of NYSE PAGP traded down $0.11 during trading on Thursday, hitting $6.24. 6,430,259 shares of the company were exchanged, compared to its average volume of 4,022,152. Plains GP Holdings LP has a 12-month low of $3.04 and a 12-month high of $25.69. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.80 and a current ratio of 0.92. The company has a fifty day moving average price of $12.57 and a 200-day moving average price of $17.61. The firm has a market capitalization of $1.07 billion, a PE ratio of 3.14 and a beta of 1.26.
Plains GP (NYSE:PAGP) last announced its quarterly earnings data on Tuesday, February 4th. The pipeline company reported $0.26 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.56 by ($0.30). Plains GP had a net margin of 0.98% and a return on equity of 2.31%. The firm had revenue of $9.15 billion during the quarter, compared to analysts’ expectations of $7.59 billion. During the same period in the prior year, the company posted $1.12 EPS. The company’s revenue for the quarter was up 4.2% compared to the same quarter last year. Research analysts anticipate that Plains GP Holdings LP will post 1.71 earnings per share for the current fiscal year.
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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