Plains GP (NYSE:PAGP) Hits New 1-Year High – What’s Next?

Plains GP Holdings, L.P. (NYSE:PAGP)’s share price hit a new 52-week high during mid-day trading on Thursday. The company traded as high as $28.96 and last traded at $28.8590, with a volume of 45,223 shares traded. The stock had previously closed at $28.58.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Truist Financial raised their target price on shares of Plains GP from $23.00 to $25.00 and gave the company a “buy” rating in a research note on Wednesday, July 15th. Raymond James Financial reiterated a “strong-buy” rating and set a $30.00 price objective on shares of Plains GP in a report on Monday, October 19th. Barclays boosted their target price on Plains GP from $23.00 to $24.00 and gave the stock an “underweight” rating in a research note on Monday, September 21st. Mizuho raised their price target on Plains GP from $27.00 to $30.00 and gave the stock an “outperform” rating in a report on Monday, September 21st. Finally, JPMorgan Chase & Co. increased their price objective on shares of Plains GP from $24.00 to $27.00 and gave the company a “neutral” rating in a research report on Thursday, September 3rd. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $26.00.

Plains GP Price Performance

The stock has a market cap of $5.62 billion, a price-to-earnings ratio of 53.57 and a beta of 0.54. The stock’s 50 day moving average price is $27.43 and its two-hundred day moving average price is $24.63. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.49.

Plains GP Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Friday, October 30th will be paid a dividend of $0.4175 per share. The ex-dividend date is Friday, October 30th. This represents a $1.67 dividend on an annualized basis and a dividend yield of 5.9%. Plains GP’s dividend payout ratio (DPR) is presently 59.86%.

Hedge Funds Weigh In On Plains GP

Several institutional investors and hedge funds have recently modified their holdings of the stock. Energy Income Partners LLC raised its position in shares of Plains GP by 1.4% during the 1st quarter. Energy Income Partners LLC now owns 8,974,776 shares of the pipeline company’s stock valued at $217,908,000 after buying an additional 120,765 shares during the period. Artemis Investment Management LLP grew its position in Plains GP by 18.1% in the third quarter. Artemis Investment Management LLP now owns 6,231,288 shares of the pipeline company’s stock worth $161,390,000 after acquiring an additional 955,231 shares during the period. Bank of America Corp DE grew its position in Plains GP by 3.0% in the second quarter. Bank of America Corp DE now owns 3,865,600 shares of the pipeline company’s stock worth $93,818,000 after acquiring an additional 112,893 shares during the period. Hsbc Holdings PLC grew its position in Plains GP by 5.5% in the second quarter. Hsbc Holdings PLC now owns 2,854,795 shares of the pipeline company’s stock worth $69,291,000 after acquiring an additional 147,603 shares during the period. Finally, Goodman Financial Corp increased its stake in Plains GP by 1.2% during the first quarter. Goodman Financial Corp now owns 818,027 shares of the pipeline company’s stock worth $19,862,000 after acquiring an additional 9,348 shares during the last quarter. Institutional investors and hedge funds own 88.30% of the company’s stock.

About Plains GP

Plains GP Holdings, L.P. (NYSE:PAGP) is a publicly traded holding company that owns and controls the general partner of Plains All American Pipeline, L.P. Through this ownership interest, Plains GP Holdings is linked to the operations of one of North America’s major midstream energy companies.

Plains All American Pipeline provides transportation, storage, terminalling, gathering, and other logistics services for crude oil and natural gas liquids. Its infrastructure includes pipelines, storage facilities, gathering systems, rail and truck terminals, and other assets used to move energy commodities from producing regions to refineries, processing facilities, and other markets.

The company’s operations primarily serve customers in the United States and Canada, with activity concentrated in key oil- and liquids-producing regions and connected transportation corridors.