Mackenzie Financial Corp Boosts Stock Holdings in Plains GP Holdings, L.P. (NYSE:PAGP)

Mackenzie Financial Corp boosted its stake in Plains GP Holdings, L.P. (NYSE:PAGP) by 10.5% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,804,713 shares of the pipeline company’s stock after purchasing an additional 171,217 shares during the quarter. Mackenzie Financial Corp’s holdings in Plains GP were worth $33,965,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Hsbc Holdings PLC lifted its position in shares of Plains GP by 46.6% in the fourth quarter. Hsbc Holdings PLC now owns 1,232,115 shares of the pipeline company’s stock worth $19,653,000 after buying an additional 391,773 shares in the last quarter. Stifel Financial Corp raised its holdings in shares of Plains GP by 2.2% during the 4th quarter. Stifel Financial Corp now owns 375,280 shares of the pipeline company’s stock worth $5,986,000 after acquiring an additional 7,923 shares in the last quarter. Morningstar Investment Services LLC boosted its position in shares of Plains GP by 97.8% during the 4th quarter. Morningstar Investment Services LLC now owns 1,452,776 shares of the pipeline company’s stock valued at $23,114,000 after acquiring an additional 718,465 shares during the last quarter. Waterloo Capital L.P. purchased a new position in shares of Plains GP in the fourth quarter valued at $240,000. Finally, Westwood Holdings Group Inc. increased its position in Plains GP by 58.9% in the fourth quarter. Westwood Holdings Group Inc. now owns 4,645,531 shares of the pipeline company’s stock worth $74,096,000 after purchasing an additional 1,721,120 shares during the last quarter. Institutional investors own 88.30% of the company’s stock.

Analyst Upgrades and Downgrades

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

Plains GP Stock Up 0.8 %

Shares of NYSE PAGP opened at $18.61 on Friday. Plains GP Holdings, L.P. has a 1 year low of $14.71 and a 1 year high of $20.10. The firm has a 50-day simple moving average of $18.84 and a two-hundred day simple moving average of $18.58. The company has a market cap of $3.67 billion, a P/E ratio of 21.15 and a beta of 1.53. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.00 and a quick ratio of 0.90.

Plains GP (NYSE:PAGP) last issued its quarterly earnings results 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 business had revenue of $12.93 billion for the quarter, compared to the consensus estimate of $13.70 billion. Plains GP had a return on equity of 1.09% and a net margin of 0.33%. During the same period in the prior year, the business posted $0.25 earnings per share. Research analysts anticipate that Plains GP Holdings, L.P. will post 1.24 earnings per share for the current year.

Plains GP Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Wednesday, July 31st were paid a dividend of $0.3175 per share. This represents a $1.27 dividend on an annualized basis and a dividend yield of 6.82%. The ex-dividend date was Wednesday, July 31st. Plains GP’s dividend payout ratio is currently 144.32%.

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.