Royal Bank of Canada raised its position in Plains GP Holdings LP (NYSE:PAGP) by 34.3% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 1,142,961 shares of the pipeline company’s stock after purchasing an additional 292,147 shares during the period. Royal Bank of Canada owned about 0.73% of Plains GP worth $24,859,000 at the end of the most recent reporting period.
Other institutional investors have also recently bought and sold shares of the company. Icon Wealth Partners LLC acquired a new stake in Plains GP in the fourth quarter valued at $103,000. Westwood Holdings Group Inc. acquired a new stake in shares of Plains GP during the first quarter valued at $329,000. Candriam Luxembourg S.C.A. acquired a new stake in shares of Plains GP during the first quarter valued at $367,000. Xact Kapitalforvaltning AB boosted its stake in shares of Plains GP by 26.9% during the fourth quarter. Xact Kapitalforvaltning AB now owns 17,460 shares of the pipeline company’s stock valued at $383,000 after acquiring an additional 3,697 shares during the last quarter. Finally, First Republic Investment Management Inc. acquired a new stake in shares of Plains GP during the fourth quarter valued at $404,000. 85.44% of the stock is currently owned by institutional investors.
Shares of NYSE:PAGP opened at $23.91 on Friday. The company has a current ratio of 0.86, a quick ratio of 0.73 and a debt-to-equity ratio of 0.73. Plains GP Holdings LP has a 12-month low of $18.98 and a 12-month high of $27.75. The stock has a market capitalization of $3.76 billion, a price-to-earnings ratio of 36.78 and a beta of 1.23.
Plains GP (NYSE:PAGP) last issued its quarterly earnings results on Tuesday, May 8th. The pipeline company reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.08). Plains GP had a positive return on equity of 0.70% and a negative net margin of 2.63%. The business had revenue of $8.40 billion during the quarter, compared to analyst estimates of $6.82 billion. During the same period in the previous year, the business posted $0.34 earnings per share. The firm’s quarterly revenue was up 26.0% on a year-over-year basis. sell-side analysts expect that Plains GP Holdings LP will post 1.01 earnings per share for the current year.
A number of analysts recently commented on the company. ValuEngine lowered Plains GP from a “hold” rating to a “sell” rating in a research note on Friday. Sanford C. Bernstein lowered Plains GP from an “outperform” rating to a “market perform” rating in a research note on Monday, June 18th. Stifel Nicolaus lowered Plains GP from a “buy” rating to a “hold” rating and set a $24.00 price objective on the stock. in a research note on Wednesday, May 9th. TheStreet raised Plains GP from a “d+” rating to a “c-” rating in a research note on Monday, May 7th. Finally, US Capital Advisors lowered Plains GP from an “overweight” rating to a “hold” rating in a research note on Wednesday, May 9th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. Plains GP has a consensus rating of “Hold” and a consensus price target of $25.65.
Plains GP Company Profile
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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