Headlands Technologies LLC Lowers Stake in Plains GP Holdings, L.P. (NYSE:PAGP)

Headlands Technologies LLC lessened its position in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 55.1% in the second quarter, Holdings Channel.com reports. The fund owned 6,990 shares of the pipeline company’s stock after selling 8,587 shares during the quarter. Headlands Technologies LLC’s holdings in Plains GP were worth $132,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Spire Wealth Management boosted its holdings in Plains GP by 22.0% in the first quarter. Spire Wealth Management now owns 3,740 shares of the pipeline company’s stock valued at $68,000 after purchasing an additional 674 shares during the last quarter. Hexagon Capital Partners LLC boosted its holdings in Plains GP by 22.0% in the second quarter. Hexagon Capital Partners LLC now owns 4,624 shares of the pipeline company’s stock valued at $87,000 after purchasing an additional 833 shares during the last quarter. CWM LLC boosted its holdings in Plains GP by 61.0% in the second quarter. CWM LLC now owns 3,028 shares of the pipeline company’s stock valued at $57,000 after purchasing an additional 1,147 shares during the last quarter. Arizona State Retirement System boosted its holdings in Plains GP by 2.2% in the second quarter. Arizona State Retirement System now owns 55,184 shares of the pipeline company’s stock valued at $1,039,000 after purchasing an additional 1,204 shares during the last quarter. Finally, California State Teachers Retirement System boosted its holdings in Plains GP by 0.9% in the first quarter. California State Teachers Retirement System now owns 176,647 shares of the pipeline company’s stock valued at $3,224,000 after purchasing an additional 1,521 shares during the last quarter. Hedge funds and other institutional investors own 88.30% of the company’s stock.

Plains GP Stock Performance

Shares of NYSE PAGP opened at $18.73 on Monday. The stock has a fifty day moving average price of $18.97 and a two-hundred day moving average price of $18.49. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.90 and a current ratio of 1.00. The firm has a market cap of $3.69 billion, a P/E ratio of 21.28 and a beta of 1.53. Plains GP Holdings, L.P. has a 1 year low of $14.71 and a 1 year high of $20.10.

Plains GP (NYSE:PAGP) last released its quarterly earnings data on Friday, August 2nd. The pipeline company reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.31 by ($0.11). Plains GP had a return on equity of 1.09% and a net margin of 0.33%. The company had revenue of $12.93 billion for the quarter, compared to the consensus estimate of $13.70 billion. During the same period in the prior year, the business earned $0.25 earnings per share. Research analysts forecast that Plains GP Holdings, L.P. will post 1.24 EPS for the current fiscal year.

Plains GP Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Wednesday, July 31st were paid a $0.3175 dividend. The ex-dividend date of this dividend was Wednesday, July 31st. This represents a $1.27 annualized dividend and a dividend yield of 6.78%. Plains GP’s payout ratio is 144.32%.

Analysts Set New Price Targets

Several brokerages have issued reports on PAGP. Morgan Stanley upped their price objective on Plains GP from $19.00 to $20.00 and gave the company an “overweight” rating in a research note on Monday, June 10th. StockNews.com upgraded Plains GP from a “hold” rating to a “buy” rating in a research note on Monday, August 5th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.11.

Plains GP Company Profile

Plains GP Holdings, L.P., through its subsidiary, Plains All American Pipeline, L.P., owns and operates midstream infrastructure systems in the United States and Canada. It operates in two segments, Crude Oil and Natural Gas Liquids (NGLs). The company engages in the gathering and transporting crude oil and NGLs using pipelines, gathering systems, and trucks.