Home Hedge Funds State of New Jersey Common Pension Fund D Sells 28,761 Shares of...

State of New Jersey Common Pension Fund D Sells 28,761 Shares of Plains GP Holdings, L.P. (NYSE:PAGP)

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State of New Jersey Common Pension Fund D trimmed its holdings in Plains GP Holdings, L.P. (NYSE:PAGPGet Rating) by 10.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 237,965 shares of the pipeline company’s stock after selling 28,761 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Plains GP were worth $2,748,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the business. Van ECK Associates Corp lifted its position in Plains GP by 40.4% in the fourth quarter. Van ECK Associates Corp now owns 50,194 shares of the pipeline company’s stock worth $509,000 after purchasing an additional 14,448 shares during the period. Janney Montgomery Scott LLC lifted its position in Plains GP by 21.4% in the fourth quarter. Janney Montgomery Scott LLC now owns 55,045 shares of the pipeline company’s stock worth $558,000 after purchasing an additional 9,715 shares during the period. Commonwealth Equity Services LLC lifted its position in Plains GP by 12.0% in the fourth quarter. Commonwealth Equity Services LLC now owns 28,018 shares of the pipeline company’s stock worth $284,000 after purchasing an additional 3,007 shares during the period. D.A. Davidson & CO. bought a new position in Plains GP in the fourth quarter worth $168,000. Finally, Eagle Global Advisors LLC lifted its position in Plains GP by 2.8% in the fourth quarter. Eagle Global Advisors LLC now owns 849,301 shares of the pipeline company’s stock worth $8,612,000 after purchasing an additional 22,770 shares during the period. 90.45% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Credit Suisse Group raised Plains GP from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $13.00 to $14.00 in a research report on Thursday, May 12th. Bank of America raised Plains GP from an “underperform” rating to a “neutral” rating and set a $12.00 price objective for the company in a report on Tuesday, July 19th. Raymond James lifted their price objective on Plains GP from $12.00 to $13.00 and gave the company an “outperform” rating in a report on Wednesday, April 20th. UBS Group lifted their price objective on Plains GP from $16.00 to $17.00 and gave the company a “buy” rating in a report on Friday, July 8th. Finally, StockNews.com cut Plains GP from a “buy” rating to a “hold” rating in a report on Monday, April 18th. Six investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $14.06.

Plains GP Stock Performance

Shares of NYSE:PAGP opened at $11.19 on Friday. Plains GP Holdings, L.P. has a twelve month low of $9.24 and a twelve month high of $12.84. The firm has a market cap of $2.17 billion, a PE ratio of 159.86 and a beta of 1.74. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.88 and a current ratio of 0.94. The business has a fifty day moving average of $11.02 and a 200-day moving average of $11.38.

Plains GP (NYSE:PAGPGet Rating) last announced its quarterly earnings data on Wednesday, May 4th. The pipeline company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.31). The firm had revenue of $13.69 billion during the quarter, compared to analyst estimates of $12.13 billion. Plains GP had a return on equity of 0.10% and a net margin of 0.03%. On average, equities research analysts predict that Plains GP Holdings, L.P. will post 0.67 EPS for the current fiscal year.

Plains GP Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 12th. Investors of record on Friday, July 29th will be given a $0.2175 dividend. The ex-dividend date is Thursday, July 28th. This represents a $0.87 dividend on an annualized basis and a yield of 7.77%. Plains GP’s payout ratio is 1,242.86%.

Plains GP Profile

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

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Institutional Ownership by Quarter for Plains GP (NYSE:PAGP)



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