Eastern Bank Buys New Shares in Plains GP Holdings, L.P. (NYSE:PAGP)

Eastern Bank bought a new stake in Plains GP Holdings, L.P. (NYSE:PAGP) in the third quarter, HoldingsChannel.com reports. The firm bought 4,084 shares of the pipeline company’s stock, valued at approximately $76,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. ORG Partners LLC purchased a new position in Plains GP in the second quarter valued at $44,000. CWM LLC lifted its holdings in Plains GP by 61.0% during the 2nd 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 last quarter. Hexagon Capital Partners LLC lifted its holdings in Plains GP by 35.9% during the 1st quarter. Hexagon Capital Partners LLC now owns 3,791 shares of the pipeline company’s stock worth $69,000 after buying an additional 1,001 shares during the last quarter. Unique Wealth Strategies LLC purchased a new stake in Plains GP during the 2nd quarter worth about $70,000. Finally, Wealth Alliance Advisory Group LLC purchased a new stake in Plains GP during the 3rd quarter worth about $202,000. 88.30% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Morgan Stanley downgraded Plains GP from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $22.00 to $19.00 in a report on Friday. Wolfe Research raised Plains GP to a “hold” rating in a report on Wednesday, September 18th. Finally, StockNews.com downgraded Plains GP from a “buy” rating to a “hold” rating in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Plains GP has a consensus rating of “Hold” and a consensus target price of $20.00.

Plains GP Stock Down 1.5 %

Plains GP stock opened at $17.92 on Friday. Plains GP Holdings, L.P. has a fifty-two week low of $14.93 and a fifty-two 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 company has a market capitalization of $3.53 billion, a P/E ratio of 21.59 and a beta of 1.53. The stock has a 50-day simple moving average of $18.73 and a 200-day simple moving average of $18.65.

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 the consensus estimate of $0.31 by ($0.11). The company had revenue of $12.93 billion during the quarter, compared to analyst estimates 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 last year, the firm earned $0.25 EPS. Equities research analysts expect that Plains GP Holdings, L.P. will post 1.19 earnings per share for the current year.

Plains GP Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Thursday, October 31st will be given a $0.3175 dividend. This represents a $1.27 annualized dividend and a yield of 7.09%. The ex-dividend date of this dividend is Thursday, October 31st. Plains GP’s dividend payout ratio (DPR) is presently 153.01%.

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.