Exchange Traded Concepts LLC Increases Stake in Plains GP Holdings, L.P. by 91,686.0%
October 2, 2023
Exchange Traded Concepts LLC, a prominent investment company, has significantly raised its ownership of Plains GP Holdings, L.P. (NYSE:PAGP) during the second quarter of the fiscal year. According to the firm’s recent 13F filing with the Securities & Exchange Commission (SEC), it acquired an additional 183,372 shares of the pipeline company’s stock, reflecting a staggering increase of 91,686.0%. As a result, Exchange Traded Concepts LLC now possesses a total of 183,572 shares in Plains GP Holdings.
The market value of this stake amounted to $2,722,000 as of the most recent SEC filing made by Exchange Traded Concepts LLC. Although this represents only about 0.09% of the total worth of Plains GP Holdings, it underlines the confidence that Exchange Traded Concepts LLC has placed in the company’s potential for growth and profitability.
Plains GP Holdings recently released its earnings results for the quarter ending on August 4th to positive reception from investors and analysts alike. During this period, the pipeline company reported earnings per share (EPS) of $0.25, surpassing consensus estimates by $0.11 per share. This unexpected beat highlights Plains GP Holding’s ability to outperform market expectations and signifies potential growth opportunities within the industry.
With a return on equity (ROE) reaching 1.59% and a net margin standing at 0.45%, Plains GP Holding demonstrates its financial stability amid challenging market conditions at present. However, despite these promising figures, it is notable that their quarterly revenue stood at $11.60 billion; being notably lower than analyst predictions which estimated revenue to be approximately $16.84 billion.
In light of these developments and considering the muted expectations for the remainder of the fiscal year, equities research analysts forecast Plains GP Holdings to post EPS of 1.24 within the current financial year.
It is important to note that these predictions are speculative and subject to change in response to market fluctuations and additional factors that emerge. Nonetheless, through their heightened investment activity in Plains GP Holdings, Exchange Traded Concepts LLC demonstrates its confidence in the company’s potential for growth and success moving forward.
Investors and industry observers will undoubtedly keep a close eye on Plains GP Holdings as it continues to navigate an ever-evolving marketplace. By consistently monitoring the company’s financial performance and strategic decision-making processes, stakeholders can better understand its trajectory and make informed investment decisions accordingly.
Disclaimer: The information provided in this article is based solely on publicly available data as of October 2nd, 2023. It should not be regarded as financial advice or a recommendation to invest in Plains GP Holdings, L.P. Individuals are encouraged to conduct thorough research and exercise due diligence before making any investment decisions.
Institutional Investors and Hedge Funds Show Growing Interest in Plains GP Holdings, L.P. Shares
Plains GP Holdings, L.P. has recently caught the attention of institutional investors and hedge funds, causing them to modify their holdings of the stock. One such example is Advisor Group Holdings Inc., which saw a 14.2% increase in its holdings during the first quarter. The company now owns 34,820 shares of Plains GP worth $401,000 after purchasing an additional 4,328 shares.
JPMorgan Chase & Co. also experienced a significant growth in holdings during the first quarter, with a 17.7% increase. They now own 694,183 shares worth $8,018,000 after purchasing an additional 104,402 shares.
Raymond James & Associates followed suit and recorded a 25.3% growth in their holdings of Plains GP stock during the same period. They now own 122,270 shares worth $1,412,000 after purchasing an additional 24,705 shares.
Furthermore, Raymond James Financial Services Advisors Inc. witnessed a modest increase of 2.4% in their holdings during the first quarter. They now possess 144,458 shares worth $1,668,000 after acquiring an additional 3,414 shares.
Finally, American Century Companies Inc. experienced a staggering growth rate of 278%, bringing their total number of shares to 56,806 with a value of $656,000 after purchasing an additional 41,777 shares.
It is worth noting that approximately 84.45% of the stock is owned by institutional investors and hedge funds.
Equities analysts have also weighed in on Plains GP recently. Morgan Stanley increased their price target from $17.00 to $18.00 and rated the stock as “overweight” in July this year.
StockNews.com initiated coverage on Plains GP giving it a “hold” rating in August this year.
Raymond James raised their target price from $17.00 to $18.00 and rated the stock as “strong-buy” in a report published on July 21st.
On the other hand, Mizuho raised their target price from $17.00 to $19.00 in a report released on July 12th this year.
Lastly, Barclays gave Plains GP an “underweight” rating and set a target price of $15.00 for the company in a report released on September 25th this year.
Overall, Bloomberg.com reports that Plains GP currently has a consensus rating of “Moderate Buy” with an average target price of $16.72.
In other news, CEO Willie Cw Chiang recently made headlines with his purchase of 62,000 shares of the company’s stock on September 28th. The shares were bought at an average price of $16.24 per share, amounting to a total value of $1,006,880. Following this transaction, Chiang now directly owns 318,704 shares valued at approximately $5,175,752.96.
These insider transactions were disclosed through a legal filing with the Securities & Exchange Commission and can be accessed using the provided link. It should be noted that corporate insiders currently own approximately 9.62% of Plains GP’s stock.
On Monday, NYSE PAGP opened trading at $16.12 per share. The company boasts a debt-to-equity ratio of 0.49 and has both quick and current ratios above one (0.92 and 1 respectively). Its fifty-two week range spans from its low point at $10.77 to its high point at $16.70.
With a market capitalization of $3.17 billion and a PE ratio of 13.55, Plains GP Holdings appears to be an intriguing investment opportunity for institutional investors and hedge funds alike.