Plains GP Target of Unusually Large Options Trading (PAGP)
Plains GP Holdings LP (NYSE:PAGP) was the recipient of unusually large options trading on Tuesday. Stock investors purchased 1,070 put options on the stock. This is an increase of 1,474% compared to the average volume of 68 put options.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company grew its stake in shares of Plains GP by 11.4% during the second quarter. The Manufacturers Life Insurance Company now owns 4,166 shares of the pipeline company’s stock valued at $109,000 after buying an additional 428 shares during the last quarter. Icon Wealth Partners LLC bought a new position in shares of Plains GP during the fourth quarter valued at approximately $103,000. Advisory Services Network LLC grew its stake in shares of Plains GP by 1,492.9% during the fourth quarter. Advisory Services Network LLC now owns 5,400 shares of the pipeline company’s stock valued at $119,000 after buying an additional 5,061 shares during the last quarter. Toronto Dominion Bank grew its stake in shares of Plains GP by 260.0% during the third quarter. Toronto Dominion Bank now owns 6,110 shares of the pipeline company’s stock valued at $134,000 after buying an additional 4,413 shares during the last quarter. Finally, Penserra Capital Management LLC grew its stake in shares of Plains GP by 84.2% during the third quarter. Penserra Capital Management LLC now owns 7,254 shares of the pipeline company’s stock valued at $158,000 after buying an additional 3,315 shares during the last quarter. 85.74% of the stock is currently owned by hedge funds and other institutional investors.
Several brokerages have recently issued reports on PAGP. Barclays cut Plains GP from an “overweight” rating to an “equal weight” rating and set a $26.00 target price on the stock. in a report on Wednesday, January 17th. Credit Suisse Group started coverage on Plains GP in a research note on Thursday, January 4th. They set an “outperform” rating and a $25.00 price objective on the stock. Bank of America started coverage on Plains GP in a research note on Tuesday, January 9th. They set a “neutral” rating on the stock. Robert W. Baird set a $22.00 price objective on Plains GP and gave the stock a “hold” rating in a research note on Wednesday, February 7th. Finally, ValuEngine cut Plains GP from a “hold” rating to a “sell” rating in a research note on Sunday, December 31st. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $25.88.
Plains GP (NYSE:PAGP) last released its earnings results on Tuesday, February 6th. The pipeline company reported $0.15 EPS for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.25). The business had revenue of $7.61 billion for the quarter, compared to the consensus estimate of $4.91 billion. Plains GP had a negative net margin of 2.79% and a positive return on equity of 0.73%. sell-side analysts forecast that Plains GP will post 1.56 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 14th. Stockholders of record on Wednesday, January 31st were paid a dividend of $0.30 per share. The ex-dividend date of this dividend was Tuesday, January 30th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 5.27%. Plains GP’s dividend payout ratio is -25.86%.
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Plains GP Company Profile
Plains GP Holdings, L.P. owns and operates midstream energy infrastructure and provides logistics services for crude oil, natural gas liquids (NGL), natural gas and refined products. The Company operates through three segments: Transportation, Facilities, and Supply and Logistics. Through its three business segments, the Company is engaged in the transportation, storage, terminaling and marketing of crude oil, NGL and natural gas.
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