Plains GP Holdings, L.P. (NYSE:PAGP) was the target of a significant growth in short interest during the month of October. As of October 30th, there was short interest totalling 4,550,000 shares, a growth of 14.9% from the October 15th total of 3,960,000 shares. Based on an average daily trading volume, of 3,230,000 shares, the short-interest ratio is presently 1.4 days.
Shares of PAGP opened at $7.99 on Friday. The company has a current ratio of 0.87, a quick ratio of 0.69 and a debt-to-equity ratio of 0.83. The firm's 50-day moving average is $6.90 and its two-hundred day moving average is $8.08. Plains GP has a twelve month low of $3.04 and a twelve month high of $19.79. The firm has a market capitalization of $1.50 billion, a P/E ratio of -3.30 and a beta of 2.16.
Plains GP (NYSE:PAGP) last released its quarterly earnings results on Monday, November 2nd. The pipeline company reported $0.09 EPS for the quarter, missing the consensus estimate of $0.16 by ($0.07). Plains GP had a negative net margin of 1.57% and a positive return on equity of 12.00%. Analysts predict that Plains GP will post 8.22 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, November 13th. Shareholders of record on Friday, October 30th were paid a dividend of $0.18 per share. The ex-dividend date was Thursday, October 29th. This represents a $0.72 annualized dividend and a yield of 9.01%. Plains GP's dividend payout ratio is presently 36.73%.
A number of equities research analysts have recently commented on the stock. Raymond James reduced their target price on shares of Plains GP from $11.00 to $9.00 and set an "outperform" rating for the company in a report on Tuesday, October 20th. ValuEngine cut shares of Plains GP from a "sell" rating to a "strong sell" rating in a report on Monday, August 3rd. Zacks Investment Research cut shares of Plains GP from a "hold" rating to a "strong sell" rating in a report on Wednesday, September 16th. Finally, Morgan Stanley upgraded shares of Plains GP from an "underweight" rating to an "overweight" rating in a research note on Friday, September 25th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company's stock. Plains GP has a consensus rating of "Hold" and an average target price of $11.05.
A number of large investors have recently made changes to their positions in PAGP. State Street Corp boosted its holdings in Plains GP by 6.8% in the first quarter. State Street Corp now owns 454,053 shares of the pipeline company's stock valued at $2,547,000 after purchasing an additional 28,819 shares during the last quarter. Swiss National Bank lifted its holdings in Plains GP by 16.6% during the 2nd quarter. Swiss National Bank now owns 390,834 shares of the pipeline company's stock worth $3,478,000 after buying an additional 55,500 shares during the last quarter. Bessemer Group Inc. bought a new position in Plains GP during the 2nd quarter worth approximately $1,104,000. Bank of New York Mellon Corp lifted its holdings in Plains GP by 11.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 184,980 shares of the pipeline company's stock worth $1,646,000 after buying an additional 19,717 shares during the last quarter. Finally, Envestnet Asset Management Inc. lifted its holdings in Plains GP by 11.9% during the 3rd quarter. Envestnet Asset Management Inc. now owns 97,258 shares of the pipeline company's stock worth $592,000 after buying an additional 10,312 shares during the last quarter. Institutional investors own 80.84% of the company's stock.
About Plains GP
Plains GP Holdings, L.P. owns and operates midstream energy infrastructure in the United States and Canada. It operates through three segments: Transportation, Facilities, and Supply and Logistics. The Transportation segment engages in the transportation of crude oil and natural gas liquids (NGLs) on pipelines, gathering systems, trucks, and barges.
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