Brookfield Asset Management Inc. acquired a new position in shares of Plains GP Holdings LP (NYSE:PAGP) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 1,925,448 shares of the pipeline company’s stock, valued at approximately $42,264,000. Brookfield Asset Management Inc. owned approximately 1.24% of Plains GP as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. The Manufacturers Life Insurance Company grew its position in Plains GP by 11.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 4,166 shares of the pipeline company’s stock worth $109,000 after purchasing an additional 428 shares in the last quarter. Toronto Dominion Bank grew its position in Plains GP by 40.6% during the 4th quarter. Toronto Dominion Bank now owns 8,593 shares of the pipeline company’s stock worth $188,000 after purchasing an additional 2,483 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp grew its position in Plains GP by 1.0% during the 3rd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 276,834 shares of the pipeline company’s stock worth $6,054,000 after purchasing an additional 2,700 shares in the last quarter. LVW Advisors LLC grew its position in Plains GP by 13.4% during the 3rd quarter. LVW Advisors LLC now owns 23,700 shares of the pipeline company’s stock worth $518,000 after purchasing an additional 2,801 shares in the last quarter. Finally, Wells Fargo & Company MN grew its position in Plains GP by 2.5% during the 4th quarter. Wells Fargo & Company MN now owns 122,098 shares of the pipeline company’s stock worth $2,680,000 after purchasing an additional 2,987 shares in the last quarter. Hedge funds and other institutional investors own 84.22% of the company’s stock.
PAGP stock opened at $21.65 on Wednesday. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.73 and a current ratio of 0.88. Plains GP Holdings LP has a fifty-two week low of $18.98 and a fifty-two week high of $32.24. The company has a market cap of $3,554.73, a price-to-earnings ratio of -4.68 and a beta of 1.34.
Plains GP (NYSE:PAGP) last released its quarterly earnings data on Tuesday, February 6th. The pipeline company reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.25). Plains GP had a negative net margin of 2.79% and a positive return on equity of 0.73%. The business had revenue of $7.61 billion during the quarter, compared to analyst estimates of $4.91 billion. sell-side analysts predict that Plains GP Holdings LP will post 1.56 earnings per share for the current year.
In other Plains GP news, Director Oscar K. Brown acquired 7,100 shares of Plains GP stock in a transaction that occurred on Thursday, February 15th. The stock was acquired at an average price of $22.51 per share, with a total value of $159,821.00. Following the purchase, the director now owns 7,100 shares in the company, valued at $159,821. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 39.93% of the stock is currently owned by insiders.
PAGP has been the topic of several research analyst reports. Seaport Global Securities upgraded shares of Plains GP from a “neutral” rating to a “buy” rating in a research report on Tuesday, February 20th. Bank of America initiated coverage on shares of Plains GP in a research report on Tuesday, January 9th. They set a “neutral” rating on the stock. Morgan Stanley upgraded shares of Plains GP from an “equal weight” rating to an “overweight” rating and set a $32.00 price objective on the stock in a research report on Tuesday, February 13th. Credit Suisse Group initiated coverage on shares of Plains GP in a research report on Thursday, January 4th. They set an “outperform” rating and a $25.00 price objective on the stock. Finally, ValuEngine cut shares of Plains GP from a “hold” rating to a “sell” rating in a report on Sunday, December 31st. One analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $26.11.
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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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