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

Key Points

• Plains GP reached a new 52-week high, trading as high as $26.85 before closing near $26.80, up from its prior close of $26.09.
• Analyst sentiment remains mixed, with a consensus rating of “Hold” and an average price target of $23.55, despite recent target increases from Mizuho and Morgan Stanley.
• The company pays a quarterly dividend of $0.4175, or $1.67 annually, representing a 6.2% yield; institutional investors own approximately 88.3% of its shares.

Plains GP Holdings, L.P. (NYSE:PAGP - Get Free Report)'s stock price reached a new 52-week high during trading on Thursday . The company traded as high as $26.85 and last traded at $26.80, with a volume of 1387811 shares traded. The stock had previously closed at $26.09.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Mizuho lifted their price objective on Plains GP from $25.00 to $27.00 and gave the stock an "outperform" rating in a research note on Monday, June 8th. Morgan Stanley boosted their target price on shares of Plains GP from $26.00 to $28.00 and gave the stock an "equal weight" rating in a report on Tuesday. US Capital Advisors downgraded Plains GP from a "strong-buy" rating to a "moderate buy" rating in a research report on Friday, May 29th. Citigroup boosted their price objective 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. Finally, Zacks Research raised Plains GP from a "strong sell" rating to a "hold" rating in a research report on Wednesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $23.55.

Plains GP Price Performance

The firm has a market cap of $5.30 billion, a PE ratio of 50.57 and a beta of 0.46. 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 stock has a 50 day moving average price of $25.00 and a two-hundred day moving average price of $23.96.

Plains GP Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, July 31st were issued a $0.4175 dividend. The ex-dividend date of this dividend was Friday, July 31st. This represents a $1.67 dividend on an annualized basis and a dividend yield of 6.2%. Plains GP's dividend payout ratio (DPR) is currently 59.86%.

Hedge Funds Weigh In On Plains GP

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. First Bancorp Inc ME purchased a new position in shares of Plains GP in the second quarter worth about $30,000. Larson Financial Group LLC purchased a new position in Plains GP during the 3rd quarter worth approximately $46,000. North Star Investment Management Corp. acquired a new stake in Plains GP during the 1st quarter valued at approximately $56,000. Lazard Asset Management LLC lifted its stake in Plains GP by 36.5% during the 2nd 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. Finally, O Domhnaill Enterprises Inc. purchased a new stake in shares of Plains GP in the 1st quarter valued at $66,000. Hedge funds and other institutional investors own 88.30% of the company's stock.

Plains GP Company Profile

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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