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

Plains GP Holdings, L.P. (NYSE:PAGP) shares reached a new 52-week high during mid-day trading on Friday . The company traded as high as $20.63 and last traded at $20.46, with a volume of 433436 shares traded. The stock had previously closed at $19.93.

Wall Street Analyst Weigh In

Several brokerages have issued reports on PAGP. Morgan Stanley cut shares of Plains GP from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $22.00 to $19.00 in a report on Friday, October 25th. Wolfe Research upgraded Plains GP from a “peer perform” rating to an “outperform” rating and set a $22.00 price target on the stock in a research note on Friday. StockNews.com raised Plains GP from a “hold” rating to a “buy” rating in a research report on Friday, November 8th. Finally, Wells Fargo & Company lowered shares of Plains GP from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $22.00 to $20.00 in a research note on Wednesday, December 18th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $20.11.

Plains GP Stock Up 1.7 %

The stock has a market cap of $4.00 billion, a price-to-earnings ratio of 23.85 and a beta of 1.58. The business’s 50 day moving average is $18.77 and its 200-day moving average is $18.80. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.92 and a current ratio of 1.01.

Plains GP Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, January 31st will be paid a dividend of $0.38 per share. The ex-dividend date of this dividend is Friday, January 31st. This represents a $1.52 dividend on an annualized basis and a dividend yield of 7.50%. This is a boost from Plains GP’s previous quarterly dividend of $0.32. Plains GP’s payout ratio is currently 149.41%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Chickasaw Capital Management LLC lifted its stake in Plains GP by 24.7% in the 4th quarter. Chickasaw Capital Management LLC now owns 8,218,030 shares of the pipeline company’s stock worth $151,047,000 after purchasing an additional 1,629,008 shares in the last quarter. Thompson Siegel & Walmsley LLC acquired a new stake in shares of Plains GP in the third quarter valued at approximately $13,848,000. Yaupon Capital Management LP purchased a new position in Plains GP during the third quarter worth approximately $9,772,000. Susquehanna Fundamental Investments LLC acquired a new position in Plains GP during the second quarter worth $5,734,000. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Plains GP in the 3rd quarter valued at $4,013,000. 88.30% of the stock is owned by hedge funds and other institutional investors.

About Plains GP

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.