Plains GP (NYSE:PAGP) Reaches New 52-Week High – Here’s What Happened
by Sarita Garza · The Markets DailyPlains GP Holdings, L.P. (NYSE:PAGP – Get Free Report)’s stock price reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $24.01 and last traded at $23.9940, with a volume of 350949 shares traded. The stock had previously closed at $23.71.
Analysts Set New Price Targets
Several equities research analysts have recently commented on PAGP shares. Mizuho set a $23.00 target price on Plains GP in a research note on Friday, January 23rd. Bank of America cut 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. Barclays lifted their price objective on Plains GP from $17.00 to $18.00 and gave the stock an “underweight” rating in a research report on Monday, February 9th. Zacks Research downgraded shares of Plains GP from a “hold” rating to a “strong sell” rating in a research report on Thursday, March 12th. Finally, Citigroup raised their target price on shares of Plains GP from $17.00 to $20.00 and gave the company a “neutral” rating in a research note on Tuesday, February 10th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $21.44.
View Our Latest Report on Plains GP
Plains GP Stock Performance
The stock has a market cap of $4.73 billion, a P/E ratio of 45.12 and a beta of 0.56. The stock has a fifty day simple moving average of $21.67 and a 200-day simple moving average of $19.45. 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 Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Friday, January 30th were issued a dividend of $0.4175 per share. The ex-dividend date was Friday, January 30th. This represents a $1.67 dividend on an annualized basis and a yield of 7.0%. Plains GP’s payout ratio is currently 129.46%.
Institutional Investors Weigh In On Plains GP
Several hedge funds have recently bought and sold shares of the company. Whittier Trust Co. of Nevada Inc. grew its holdings in shares of Plains GP by 56.8% in the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 1,781 shares of the pipeline company’s stock valued at $32,000 after buying an additional 645 shares during the period. Larson Financial Group LLC bought a new position in Plains GP during the third quarter worth about $46,000. Lazard Asset Management LLC grew its stake in Plains GP by 36.5% in the second quarter. Lazard Asset Management LLC now owns 3,030 shares of the pipeline company’s stock valued at $58,000 after acquiring an additional 811 shares during the period. Allworth Financial LP increased its holdings in shares of Plains GP by 43.2% in the second quarter. Allworth Financial LP now owns 3,484 shares of the pipeline company’s stock worth $68,000 after acquiring an additional 1,051 shares in the last quarter. Finally, Asset Dedication LLC bought a new stake in shares of Plains GP in the second quarter worth about $83,000. 88.30% of the stock is currently 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.