Plains GP (NYSE:PAGP) Hits New 52-Week High – Here’s What Happened

Plains GP Holdings, L.P. (NYSE:PAGP)’s stock price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $22.09 and last traded at $21.9760, with a volume of 118770 shares changing hands. The stock had previously closed at $21.82.

Analyst Ratings Changes

A number of research firms recently weighed in on PAGP. Raymond James Financial lowered their target price on shares of Plains GP from $24.00 to $22.00 and set a “strong-buy” rating on the stock in a research note on Friday, October 24th. Bank of America cut Plains GP from a “neutral” rating to an “underperform” rating and set a $19.00 target price for the company. in a research report on Wednesday, January 28th. Wells Fargo & Company lifted their price target on shares of Plains GP from $20.00 to $21.00 and gave the company an “equal weight” rating in a report on Monday, February 9th. Mizuho set a $23.00 price objective on Plains GP in a report on Friday, January 23rd. Finally, Zacks Research downgraded shares of Plains GP from a “strong-buy” rating to a “hold” rating in a report on Friday, January 23rd. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, Plains GP currently has a consensus rating of “Hold” and a consensus price target of $20.63.

Plains GP Stock Up 0.6%

The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49. The company has a 50-day simple moving average of $19.95 and a 200 day simple moving average of $18.85. The company has a market cap of $4.34 billion, a P/E ratio of 41.43 and a beta of 0.57.

Plains GP Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Friday, January 30th were paid a $0.4175 dividend. This represents a $1.67 annualized dividend and a yield of 7.6%. The ex-dividend date of this dividend was Friday, January 30th. Plains GP’s dividend payout ratio (DPR) is currently 129.46%.

Institutional Trading of Plains GP

Institutional investors and hedge funds have recently modified their holdings of the stock. Engineers Gate Manager LP grew its stake in Plains GP by 510.6% in the fourth quarter. Engineers Gate Manager LP now owns 519,600 shares of the pipeline company’s stock worth $9,945,000 after purchasing an additional 434,499 shares in the last quarter. Schonfeld Strategic Advisors LLC grew its position in shares of Plains GP by 3.2% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 182,496 shares of the pipeline company’s stock worth $3,493,000 after buying an additional 5,654 shares in the last quarter. Cetera Investment Advisers raised its holdings in shares of Plains GP by 0.8% in the fourth quarter. Cetera Investment Advisers now owns 243,184 shares of the pipeline company’s stock valued at $4,655,000 after acquiring an additional 1,895 shares in the last quarter. Maryland State Retirement & Pension System lifted its stake in Plains GP by 1.2% in the fourth quarter. Maryland State Retirement & Pension System now owns 185,561 shares of the pipeline company’s stock worth $3,552,000 after acquiring an additional 2,258 shares during the period. Finally, State of Wisconsin Investment Board grew its holdings in Plains GP by 2.2% during the 4th quarter. State of Wisconsin Investment Board now owns 333,574 shares of the pipeline company’s stock worth $6,385,000 after acquiring an additional 7,086 shares in the last quarter. Institutional investors own 88.30% of the company’s stock.

Plains GP Company Profile

Plains GP Holdings, L.P. (NYSE: PAGP) serves as the general partner of Plains All American Pipeline, L.P., one of North America’s leading energy infrastructure companies. Through its ownership of a 2% general partner interest and incentive distribution rights (IDRs), Plains GP Holdings participates in the governance and cash distribution structure of a diversified portfolio of crude oil and natural gas liquids gathering, transportation, storage, and terminaling assets.

The company’s primary business activities include overseeing the strategic direction and capital allocation decisions for its affiliated midstream operations.