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

Plains GP Holdings, L.P. (NYSE:PAGP)’s stock price hit a new 52-week high during trading on Tuesday . The stock traded as high as $28.33 and last traded at $28.22, with a volume of 1953670 shares. The stock had previously closed at $27.97.

Wall Street Analyst Weigh In

PAGP has been the subject of a number of recent research reports. Zacks Research raised shares of Plains GP from a “strong sell” rating to a “hold” rating in a research note on Wednesday, July 22nd. Truist Financial raised their price objective 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. Citigroup lifted their target price on shares of Plains GP from $20.00 to $23.00 and gave the stock a “neutral” rating in a report on Thursday, May 14th. The Goldman Sachs Group raised shares of Plains GP from a “sell” rating to a “neutral” rating and lifted their target price for the stock from $18.00 to $24.00 in a report on Wednesday, June 3rd. Finally, Wells Fargo & Company upped their target price on shares of Plains GP from $22.00 to $23.00 and gave the company an “equal weight” rating in a research report on Tuesday, May 12th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Plains GP currently has an average rating of “Hold” and a consensus target price of $23.55.

Plains GP Trading Down 0.4%

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 company has a market capitalization of $5.61 billion, a P/E ratio of 53.49 and a beta of 0.46. The business has a 50 day moving average price of $25.81 and a 200 day moving average price of $24.44.

Plains GP Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were given a dividend of $0.4175 per share. This represents a $1.67 dividend on an annualized basis and a dividend yield of 5.9%. The ex-dividend date of this dividend was Friday, July 31st. Plains GP’s dividend payout ratio (DPR) is currently 59.86%.

Institutional Trading of Plains GP

Large investors have recently made changes to their positions in the company. First Bancorp Inc ME bought a new position in Plains GP during the second quarter worth about $30,000. North Star Investment Management Corp. bought a new stake in shares of Plains GP in the first quarter worth about $56,000. Continuum Advisory LLC bought a new stake in shares of Plains GP in the second quarter worth about $61,000. Larson Financial Group LLC bought a new stake in shares of Plains GP in the third quarter worth about $46,000. Finally, Ameritas Advisory Services LLC acquired a new stake in shares of Plains GP during the second quarter worth about $64,000. Institutional investors own 88.30% of the company’s stock.

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.