Plains GP (NYSE:PAGP) Hits New 12-Month High - Here's What Happened

Key Points

• Plains GP shares hit a new 52-week high on Tuesday, reaching $26.21 intraday before closing near $25.91.
• Analyst sentiment remains mixed: the stock has recently seen downgrades from Zacks Research and US Capital Advisors, while others lifted price targets; the consensus rating is still Hold with an average target price of $23.36.
• The company announced a quarterly dividend of $0.4175 per share, payable August 14 to shareholders of record on July 31, implying a 6.5% annualized yield.

Plains GP Holdings, L.P. (NYSE:PAGP - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $26.21 and last traded at $25.91, with a volume of 82482 shares traded. The stock had previously closed at $25.93.

Analyst Ratings Changes

Several analysts recently commented on the company. Zacks Research cut Plains GP from a "hold" rating to a "strong sell" rating in a research report on Monday, June 22nd. US Capital Advisors cut shares of Plains GP from a "strong-buy" rating to a "moderate buy" rating in a research note on Friday, May 29th. Morgan Stanley upped their target price on shares of Plains GP from $24.00 to $26.00 and gave the stock an "equal weight" rating in a report on Wednesday, May 20th. Mizuho increased their target price on shares of Plains GP from $25.00 to $27.00 and gave the company an "outperform" rating in a research report on Monday, June 8th. Finally, Citigroup increased their target price on shares of Plains GP from $20.00 to $23.00 and gave the company a "neutral" rating in a research report on Thursday, May 14th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, six have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, Plains GP currently has a consensus rating of "Hold" and an average target price of $23.36.

Plains GP Stock Performance

The stock has a market cap of $5.12 billion, a price-to-earnings ratio of 48.77 and a beta of 0.45. 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 firm has a fifty day moving average of $24.53 and a 200 day moving average of $23.06.

Plains GP Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be paid a $0.4175 dividend. The ex-dividend date of this dividend is Friday, July 31st. This represents a $1.67 dividend on an annualized basis and a dividend yield of 6.5%. Plains GP's dividend payout ratio (DPR) is 172.16%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. CWM LLC lifted its stake in shares of Plains GP by 8.5% in the 4th quarter. CWM LLC now owns 8,113 shares of the pipeline company's stock worth $155,000 after acquiring an additional 636 shares during the period. Diesslin Group Inc. increased its stake in shares of Plains GP by 0.8% during the second quarter. Diesslin Group Inc. now owns 82,841 shares of the pipeline company's stock worth $2,011,000 after acquiring an additional 664 shares during the period. McIlrath & Eck LLC increased its stake in shares of Plains GP by 5.9% during the first quarter. McIlrath & Eck LLC now owns 12,133 shares of the pipeline company's stock worth $295,000 after acquiring an additional 677 shares during the period. Quantinno Capital Management LP raised its holdings in Plains GP by 1.8% during the first quarter. Quantinno Capital Management LP now owns 40,208 shares of the pipeline company's stock worth $976,000 after purchasing an additional 698 shares in the last quarter. Finally, IVC Wealth Advisors LLC raised its holdings in Plains GP by 4.7% during the first quarter. IVC Wealth Advisors LLC now owns 16,105 shares of the pipeline company's stock worth $391,000 after purchasing an additional 722 shares in the last quarter. Hedge funds and other 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.

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