Oppenheimer Asset Management Inc. Lowers Position in Plains GP Holdings, L.P. (NYSE:PAGP)

Oppenheimer Asset Management Inc. decreased its holdings in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 8.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 24,619 shares of the pipeline company’s stock after selling 2,356 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Plains GP were worth $463,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the stock. Cetera Investment Advisers grew its stake in Plains GP by 644.7% in the 1st quarter. Cetera Investment Advisers now owns 154,961 shares of the pipeline company’s stock worth $2,828,000 after buying an additional 134,153 shares in the last quarter. Janus Henderson Group PLC bought a new position in Plains GP in the first quarter valued at $1,669,000. Wealth Enhancement Advisory Services LLC purchased a new stake in Plains GP during the first quarter valued at about $697,000. Symmetry Investments LP bought a new stake in Plains GP during the fourth quarter worth about $1,002,000. Finally, Hennessy Advisors Inc. boosted its holdings in shares of Plains GP by 14.1% in the 1st quarter. Hennessy Advisors Inc. now owns 1,543,100 shares of the pipeline company’s stock worth $28,162,000 after purchasing an additional 190,700 shares in the last quarter. 88.30% of the stock is currently owned by institutional investors.

Plains GP Stock Down 0.1 %

Shares of Plains GP stock opened at $18.92 on Friday. The company’s 50 day moving average price is $18.92 and its 200-day moving average price is $18.53. Plains GP Holdings, L.P. has a 52-week low of $14.71 and a 52-week high of $20.10. 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 stock has a market capitalization of $3.73 billion, a price-to-earnings ratio of 22.77 and a beta of 1.53.

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

Plains GP Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Wednesday, July 31st were issued a $0.3175 dividend. This represents a $1.27 annualized dividend and a yield of 6.71%. The ex-dividend date of this dividend was Wednesday, July 31st. Plains GP’s dividend payout ratio (DPR) is currently 144.32%.

Analyst Ratings Changes

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

About Plains GP

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.