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

Plains GP Holdings, L.P. (NYSE:PAGP)’s stock price hit a new 52-week high during mid-day trading on Friday. The stock traded as high as $28.73 and last traded at $28.66, with a volume of 692,875 shares changing hands. The stock had previously closed at $27.93.

Analyst Upgrades and Downgrades

PAGP has been the subject of a number of recent research reports. Raymond James Financial reiterated a “strong-buy” rating and set a $30.00 price objective on shares of Plains GP in a research report on Monday, October 19th. Barclays boosted their target price on shares of Plains GP from $23.00 to $24.00 and gave the company an “underweight” rating in a research note on Monday, September 21st. Mizuho upped their target price on shares of Plains GP from $27.00 to $30.00 and gave the company an “outperform” rating in a report on Monday, September 21st. UBS Group raised their price objective on Plains GP from $26.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, October 9th. Finally, Citigroup boosted their target price on shares of Plains GP from $23.00 to $27.00 and gave the company a “neutral” rating in a report on Thursday, September 17th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Plains GP currently has an average rating of “Hold” and a consensus price target of $26.00.

Plains GP Stock Performance

The company has a debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.92. The stock has a 50-day moving average price of $27.22 and a 200-day moving average price of $25.47. The firm has a market capitalization of $5.66 billion, a PE ratio of 53.96 and a beta of 0.54.

Plains GP Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Friday, October 30th will be given a dividend of $0.4175 per share. The ex-dividend date of this dividend is Friday, October 30th. This represents a $1.67 dividend on an annualized basis and a dividend yield of 5.8%. Plains GP’s dividend payout ratio (DPR) is presently 59.86%.

Institutional Trading of Plains GP

Several institutional investors have recently added to or reduced their stakes in PAGP. First Bancorp Inc ME acquired a new stake in shares of Plains GP in the 2nd quarter valued at about $30,000. Nisa Investment Advisors LLC boosted its holdings in Plains GP by 44.2% in the third quarter. Nisa Investment Advisors LLC now owns 1,905 shares of the pipeline company’s stock worth $49,000 after purchasing an additional 584 shares during the period. North Star Investment Management Corp. acquired a new position in Plains GP in the first quarter worth $56,000. Continuum Advisory LLC bought a new stake in Plains GP during the second quarter valued at $61,000. Finally, Ameritas Advisory Services LLC bought a new stake in Plains GP during the second quarter valued at $64,000. 88.30% of the stock is owned by institutional investors and hedge funds.

Plains GP Company Profile

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.