Bank of New York Mellon Corp Makes New Investment in Plains GP Holdings, L.P. (NYSE:PAGP)

Bank of New York Mellon Corp acquired a new stake in shares of Plains GP Holdings, L.P. (NYSE:PAGP) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 30,096 shares of the pipeline company’s stock, valued at approximately $566,000.

Several other large investors have also recently made changes to their positions in the company. ORG Partners LLC purchased a new position in Plains GP in the second quarter worth about $44,000. Mather Group LLC. bought a new stake in Plains GP in the first quarter worth $44,000. CWM LLC boosted its stake in Plains GP by 61.0% during the second quarter. CWM LLC now owns 3,028 shares of the pipeline company’s stock worth $57,000 after buying an additional 1,147 shares during the period. Hexagon Capital Partners LLC increased its position in Plains GP by 35.9% during the first quarter. Hexagon Capital Partners LLC now owns 3,791 shares of the pipeline company’s stock valued at $69,000 after acquiring an additional 1,001 shares during the last quarter. Finally, Unique Wealth Strategies LLC purchased a new stake in shares of Plains GP in the second quarter valued at $70,000. 88.30% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Wolfe Research upgraded shares of Plains GP to a “hold” rating in a report on Wednesday, September 18th. Morgan Stanley upped their target price on Plains GP from $19.00 to $20.00 and gave the company an “overweight” rating in a research note on Monday, June 10th. Finally, StockNews.com raised Plains GP from a “hold” rating to a “buy” rating in a research note on Monday, August 5th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Plains GP has an average rating of “Hold” and a consensus price target of $20.11.

Plains GP Stock Up 1.5 %

NYSE:PAGP opened at $19.20 on Tuesday. 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 $3.79 billion, a P/E ratio of 21.82 and a beta of 1.53. The company’s 50-day simple moving average is $18.91 and its 200-day simple moving average is $18.56. Plains GP Holdings, L.P. has a fifty-two week low of $14.71 and a fifty-two week high of $20.10.

Plains GP (NYSE:PAGP) last released its quarterly earnings results on Friday, August 2nd. The pipeline company reported $0.20 earnings per share (EPS) 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 firm had revenue of $12.93 billion during the quarter, compared to analysts’ expectations of $13.70 billion. During the same period in the prior year, the firm posted $0.25 earnings per share. On average, equities analysts anticipate that Plains GP Holdings, L.P. will post 1.24 earnings per share for the current fiscal year.

Plains GP Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Wednesday, July 31st were paid a $0.3175 dividend. This represents a $1.27 dividend on an annualized basis and a yield of 6.61%. The ex-dividend date was Wednesday, July 31st. Plains GP’s dividend payout ratio (DPR) is presently 144.32%.

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.