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

Key Points

• Plains GP shares reached a new 52-week high, trading as high as $27.48 before closing near $27.16. The stock is up from its 50-day and 200-day moving averages of $25.24 and $24.13, respectively.
• Analyst sentiment remains mixed but has improved, with recent price-target increases from Morgan Stanley, Goldman Sachs, and Mizuho. Despite this, the consensus rating is “Hold”, with an average target price of $23.55.
• Plains GP maintains an attractive income profile, recently paying a quarterly dividend of $0.4175 per share, equivalent to an annualized 6.1% yield. Institutional investors own approximately 88.3% of the company’s outstanding stock.

Plains GP Holdings, L.P. (NYSE:PAGP - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $27.48 and last traded at $27.16, with a volume of 1246853 shares traded. The stock had previously closed at $27.27.

Analyst Ratings Changes

PAGP has been the subject of a number of research analyst reports. Morgan Stanley upped their price objective on shares of Plains GP from $26.00 to $28.00 and gave the company an "equal weight" rating in a research note on Tuesday, August 18th. The Goldman Sachs Group raised shares of Plains GP from a "sell" rating to a "neutral" rating and raised their target price for the stock from $18.00 to $24.00 in a research report on Wednesday, June 3rd. Mizuho boosted their target price on shares of Plains GP from $25.00 to $27.00 and gave the company an "outperform" rating in a report on Monday, June 8th. Wells Fargo & Company upped their price target on shares of Plains GP from $22.00 to $23.00 and gave the stock an "equal weight" rating in a research report on Tuesday, May 12th. Finally, Zacks Research raised shares of Plains GP from a "strong sell" rating to a "hold" rating in a research note on Wednesday, July 22nd. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $23.55.

Plains GP Stock Down 0.4%

The firm's 50-day moving average price is $25.24 and its 200-day moving average price is $24.13. 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 company has a market cap of $5.38 billion, a price-to-earnings ratio of 51.25 and a beta of 0.46.

Plains GP Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, July 31st were paid a dividend of $0.4175 per share. This represents a $1.67 dividend on an annualized basis and a dividend yield of 6.1%. The ex-dividend date was Friday, July 31st. Plains GP's payout ratio is currently 59.86%.

Institutional Investors Weigh In On Plains GP

A number of large investors have recently modified their holdings of the stock. CWM LLC raised its position 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 in the last quarter. Diesslin Group Inc. boosted its position in shares of Plains GP by 0.8% during the 2nd quarter. Diesslin Group Inc. now owns 82,841 shares of the pipeline company's stock valued at $2,011,000 after purchasing an additional 664 shares in the last quarter. McIlrath & Eck LLC grew its stake in 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 purchasing an additional 677 shares during the period. Quantinno Capital Management LP grew its stake 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 during the period. Finally, IVC Wealth Advisors LLC increased its holdings in Plains GP by 4.7% in 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. Institutional investors and hedge funds 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source