Verition Fund Management LLC Takes Position in Plains Group Holdings, L.P. (PAGP)

Verition Fund Management LLC acquired a new stake in Plains Group Holdings, L.P. (NYSE:PAGP) during the third quarter, Holdings Channel reports. The fund acquired 58,788 shares of the company’s stock, valued at approximately $761,000.

A number of other institutional investors have also recently modified their holdings of PAGP. Capital Fund Management S.A. bought a new position in Plains Group Holdings, L.P. during the second quarter worth $116,000. Sumitomo Mitsui Asset Management Company LTD boosted its position in Plains Group Holdings, L.P. by 5.1% in the second quarter. Sumitomo Mitsui Asset Management Company LTD now owns 16,755 shares of the company’s stock worth $174,000 after buying an additional 813 shares during the period. Duff & Phelps Investment Management Co. boosted its position in Plains Group Holdings, L.P. by 21.6% in the second quarter. Duff & Phelps Investment Management Co. now owns 654,400 shares of the company’s stock worth $6,825,000 after buying an additional 116,360 shares during the period. Sumitomo Mitsui Trust Holdings Inc. boosted its position in Plains Group Holdings, L.P. by 25.5% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 878,078 shares of the company’s stock worth $9,158,000 after buying an additional 178,475 shares during the period. Finally, Proficio Capital Partners LLC boosted its position in Plains Group Holdings, L.P. by 2,779.3% in the second quarter. Proficio Capital Partners LLC now owns 20,817 shares of the company’s stock worth $217,000 after buying an additional 20,094 shares during the period.

Institutional Ownership by Quarter for Plains Group Holdings, L.P. (NYSE:PAGP)

Shares of Plains Group Holdings, L.P. (NYSE:PAGP) traded down 1.09% during midday trading on Friday, hitting $31.79. The stock had a trading volume of 1,207,536 shares. Plains Group Holdings, L.P. has a 1-year low of $8.16 and a 1-year high of $36.09. The firm has a 50-day moving average price of $33.57 and a 200-day moving average price of $23.60. The firm has a market cap of $3.21 billion, a price-to-earnings ratio of 33.50 and a beta of 1.49.

Plains Group Holdings, L.P. (NYSE:PAGP) last announced its quarterly earnings data on Tuesday, February 7th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.80 by $0.88. Plains Group Holdings, L.P. had a return on equity of 0.90% and a net margin of 0.47%. The firm had revenue of $5.95 billion for the quarter, compared to analysts’ expectations of $6.13 billion. During the same quarter in the prior year, the business posted $0.11 earnings per share. Plains Group Holdings, L.P.’s revenue was up 19.1% on a year-over-year basis. On average, equities analysts anticipate that Plains Group Holdings, L.P. will post $2.15 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 14th. Investors of record on Tuesday, January 31st will be issued a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a dividend yield of 6.92%. This is a positive change from Plains Group Holdings, L.P.’s previous quarterly dividend of $0.21. The ex-dividend date is Friday, January 27th. Plains Group Holdings, L.P.’s dividend payout ratio (DPR) is currently 236.06%.

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A number of research firms have recently weighed in on PAGP. Stifel Nicolaus boosted their price target on Plains Group Holdings, L.P. from $29.00 to $31.00 and gave the stock a “hold” rating in a report on Thursday, November 17th. J P Morgan Chase & Co raised Plains Group Holdings, L.P. from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $29.50 to $37.00 in a research report on Friday, December 9th. Zacks Investment Research downgraded Plains Group Holdings, L.P. from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 9th. Robert W. Baird raised Plains Group Holdings, L.P. from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $34.00 to $39.00 in a research report on Tuesday, January 31st. Finally, Mizuho started coverage on Plains Group Holdings, L.P. in a research report on Monday, January 30th. They issued a “neutral” rating and a $35.00 price objective for the company. Fourteen analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $19.50.

About Plains Group Holdings, L.P.

Plains GP Holdings, L.P. (PAGP) owns an interest in the general partner and incentive distribution rights (IDRs) of Plains All American Pipeline, L.P (PAA). The Company has no separate operating activities apart from those conducted by PAA. PAA owns and operates midstream energy infrastructure and provides logistics services for crude oil, natural gas liquids (NGL), natural gas and refined products.

5 Day Chart for NYSE:PAGP

Want to see what other hedge funds are holding PAGP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Plains Group Holdings, L.P. (NYSE:PAGP).

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