Plains GP (NYSE:PAGP) Stock Price Up 5.2% Following Dividend Announcement

Plains GP Holdings, L.P. (NYSE:PAGP) rose 5.2% on Wednesday following a dividend announcement from the company. The stock traded as high as $19.80 and last traded at $19.75. Approximately 262,299 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 1,155,670 shares. The stock had previously closed at $18.78.

The newly announced dividend which will be paid on Friday, February 14th. Stockholders of record on Friday, January 31st will be paid a $0.38 dividend. This is a boost from Plains GP’s previous quarterly dividend of $0.32. This represents a $1.52 annualized dividend and a dividend yield of 7.60%. The ex-dividend date is Friday, January 31st. Plains GP’s dividend payout ratio (DPR) is 149.41%.

Analyst Ratings Changes

PAGP has been the subject of several research reports. Morgan Stanley cut Plains GP from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $22.00 to $19.00 in a research note on Friday, October 25th. Wolfe Research raised Plains GP from a “peer perform” rating to an “outperform” rating and set a $22.00 target price for the company in a research note on Friday. Wells Fargo & Company cut Plains GP from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $22.00 to $20.00 in a research note on Wednesday, December 18th. Finally, StockNews.com raised Plains GP from a “hold” rating to a “buy” rating in a research note on Friday, November 8th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $20.11.

Plains GP Stock Up 0.4 %

The firm has a market capitalization of $3.95 billion, a price-to-earnings ratio of 23.54 and a beta of 1.58. The stock has a fifty day moving average of $18.77 and a two-hundred day moving average of $18.80. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.92.

Institutional Trading of Plains GP

A number of large investors have recently bought and sold shares of the business. Chickasaw Capital Management LLC grew its stake in shares of 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 valued at $151,047,000 after buying an additional 1,629,008 shares during the period. Thompson Siegel & Walmsley LLC acquired a new stake in shares of Plains GP in the 3rd quarter valued at about $13,848,000. Yaupon Capital Management LP acquired a new stake in shares of Plains GP in the 3rd quarter valued at about $9,772,000. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Plains GP in the 2nd quarter valued at about $5,734,000. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Plains GP in the 3rd quarter valued at about $4,013,000. 88.30% of the stock is currently owned by institutional investors and hedge funds.

Plains GP Company Profile

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.