Plains GP (NYSE:PAGP) Reaches New 52-Week High – Here’s Why

Shares of Plains GP Holdings, L.P. (NYSE:PAGP) hit a new 52-week high on Wednesday . The company traded as high as $26.68 and last traded at $26.5950, with a volume of 207443 shares trading hands. The stock had previously closed at $26.27.

Wall Street Analyst Weigh In

Several research firms have issued reports on PAGP. US Capital Advisors lowered Plains GP from a “strong-buy” rating to a “moderate buy” rating in a research note on Friday, May 29th. Morgan Stanley increased their price target on shares of Plains GP from $24.00 to $26.00 and gave the company an “equal weight” rating in a research report on Wednesday, May 20th. Barclays raised their price target on shares of Plains GP from $21.00 to $23.00 and gave the company an “underweight” rating in a report on Thursday, July 16th. Citigroup lifted their price objective on shares of Plains GP from $20.00 to $23.00 and gave the stock a “neutral” rating in a research report on Thursday, May 14th. Finally, Mizuho boosted their price objective on shares of Plains GP from $25.00 to $27.00 and gave the stock an “outperform” rating in a research note on Monday, June 8th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $23.36.

Plains GP Trading Up 1.3%

The company has a 50 day moving average of $24.77 and a two-hundred day moving average of $23.35. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.92 and a current ratio of 1.01. The stock has a market capitalization of $5.27 billion, a PE ratio of 50.18 and a beta of 0.45.

Plains GP Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be issued a $0.4175 dividend. This represents a $1.67 annualized dividend and a yield of 6.3%. The ex-dividend date of this dividend is Friday, July 31st. Plains GP’s dividend payout ratio (DPR) is currently 172.16%.

Hedge Funds Weigh In On Plains GP

Several hedge funds have recently modified their holdings of the stock. Larson Financial Group LLC purchased a new position in shares of Plains GP in the 3rd quarter valued at approximately $46,000. North Star Investment Management Corp. acquired a new stake in Plains GP in the 1st quarter worth approximately $56,000. Lazard Asset Management LLC grew its position in Plains GP by 36.5% during the 2nd quarter. Lazard Asset Management LLC now owns 3,030 shares of the pipeline company’s stock worth $58,000 after purchasing an additional 811 shares during the last quarter. O Domhnaill Enterprises Inc. purchased a new stake in Plains GP during the 1st quarter worth approximately $66,000. Finally, Virtus Advisers LLC increased its stake in Plains GP by 46.5% during the 4th quarter. Virtus Advisers LLC now owns 5,859 shares of the pipeline company’s stock valued at $112,000 after purchasing an additional 1,859 shares in the last quarter. Institutional investors and hedge funds 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.