Plains GP (NYSE:PAGP) Sets New 12-Month High – Here’s Why

Plains GP Holdings, L.P. (NYSE:PAGP)’s stock price reached a new 52-week high on Monday . The stock traded as high as $22.93 and last traded at $22.8460, with a volume of 199074 shares trading hands. The stock had previously closed at $22.54.

Wall Street Analyst Weigh In

PAGP has been the topic of several recent research reports. Bank of America downgraded shares of Plains GP from a “neutral” rating to an “underperform” rating and set a $19.00 price target on the stock. in a report on Wednesday, January 28th. Wells Fargo & Company upped their target price on Plains GP from $20.00 to $21.00 and gave the company an “equal weight” rating in a research note on Monday, February 9th. Zacks Research cut Plains GP from a “strong-buy” rating to a “hold” rating in a report on Friday, January 23rd. Barclays boosted their price target on Plains GP from $17.00 to $18.00 and gave the stock an “underweight” rating in a report on Monday, February 9th. Finally, Citigroup upped their price objective on Plains GP from $17.00 to $20.00 and gave the company a “neutral” rating in a research report on Tuesday, February 10th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $20.63.

Plains GP Price Performance

The company’s 50 day simple moving average is $20.65 and its 200 day simple moving average is $19.08. 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 stock has a market capitalization of $4.57 billion, a PE ratio of 43.55 and a beta of 0.57.

Plains GP Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, January 30th were paid a dividend of $0.4175 per share. The ex-dividend date of this dividend was Friday, January 30th. This represents a $1.67 dividend on an annualized basis and a dividend yield of 7.2%. Plains GP’s dividend payout ratio is currently 129.46%.

Institutional Investors Weigh In On Plains GP

Several hedge funds have recently modified their holdings of PAGP. Corient Private Wealth LLC increased its position in Plains GP by 1.6% during the fourth quarter. Corient Private Wealth LLC now owns 247,162 shares of the pipeline company’s stock worth $4,731,000 after purchasing an additional 3,890 shares during the last quarter. Mackenzie Financial Corp grew its stake in shares of Plains GP by 22.1% during the 4th quarter. Mackenzie Financial Corp now owns 874,671 shares of the pipeline company’s stock valued at $16,630,000 after buying an additional 158,368 shares during the period. NewEdge Advisors LLC increased its holdings in shares of Plains GP by 17.3% during the 4th quarter. NewEdge Advisors LLC now owns 106,620 shares of the pipeline company’s stock worth $2,041,000 after buying an additional 15,718 shares during the last quarter. XTX Topco Ltd purchased a new position in shares of Plains GP in the 4th quarter worth $1,213,000. Finally, Occudo Quantitative Strategies LP raised its position in shares of Plains GP by 2.3% in the 4th quarter. Occudo Quantitative Strategies LP now owns 56,615 shares of the pipeline company’s stock worth $1,084,000 after buying an additional 1,265 shares during the period. 88.30% of the stock is owned by institutional investors and hedge funds.

About Plains GP

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.