Plains GP (NYSE:PAGP) Hits New 12-Month High – Still a Buy?
by Danessa Lincoln · The Markets DailyPlains GP Holdings, L.P. (NYSE:PAGP – Get Free Report)’s stock price reached a new 52-week high during trading on Wednesday . The stock traded as high as $22.09 and last traded at $21.9760, with a volume of 118770 shares changing hands. The stock had previously closed at $21.82.
Analyst Ratings Changes
Several brokerages have recently issued reports on PAGP. Zacks Research cut Plains GP from a “strong-buy” rating to a “hold” rating in a report on Friday, January 23rd. Bank of America downgraded Plains GP from a “neutral” rating to an “underperform” rating and set a $19.00 price target for the company. in a report on Wednesday, January 28th. Citigroup raised their price objective on shares of Plains GP from $17.00 to $20.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 10th. Morgan Stanley boosted their target price on shares of Plains GP from $20.00 to $22.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 25th. Finally, Barclays raised their price target on shares of Plains GP from $17.00 to $18.00 and gave the company an “underweight” rating in a research report on Monday, February 9th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $20.63.
Check Out Our Latest Analysis on Plains GP
Plains GP Price Performance
The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.49. The company has a market capitalization of $4.41 billion, a price-to-earnings ratio of 42.02 and a beta of 0.57. The stock’s 50-day simple moving average is $20.15 and its two-hundred day simple moving average is $18.92.
Plains GP Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, January 30th were paid a dividend of $0.4175 per share. This represents a $1.67 annualized dividend and a yield of 7.5%. The ex-dividend date was Friday, January 30th. Plains GP’s payout ratio is 129.46%.
Institutional Trading of Plains GP
Institutional investors have recently made changes to their positions in the company. Energy Income Partners LLC lifted its holdings in Plains GP by 1.0% in the 3rd quarter. Energy Income Partners LLC now owns 10,196,673 shares of the pipeline company’s stock valued at $185,987,000 after purchasing an additional 102,916 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its stake in shares of Plains GP by 2.5% in the second quarter. Massachusetts Financial Services Co. MA now owns 10,117,959 shares of the pipeline company’s stock worth $196,592,000 after buying an additional 247,365 shares in the last quarter. Chickasaw Capital Management LLC boosted its position in Plains GP by 5.9% during the third quarter. Chickasaw Capital Management LLC now owns 8,832,780 shares of the pipeline company’s stock worth $161,110,000 after acquiring an additional 494,259 shares during the last quarter. Invesco Ltd. grew its stake in Plains GP by 1.5% during the 3rd quarter. Invesco Ltd. now owns 4,386,299 shares of the pipeline company’s stock valued at $80,006,000 after acquiring an additional 66,695 shares in the last quarter. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its holdings in Plains GP by 3.9% in the 4th quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 3,725,000 shares of the pipeline company’s stock valued at $71,296,000 after acquiring an additional 140,000 shares during the last quarter. 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.