Plains GP (NYSE:PAGP) Reaches New 1-Year High - Should You Buy?

Key Points

• Plains GP shares reached a new 52-week high, trading as high as $28.33 and last changing hands at $28.22.
• Analyst sentiment remains mixed, with an overall “Hold” rating and an average price target of $23.55, below the current share price.
• The company pays a quarterly dividend of $0.4175 per share, equivalent to an annualized 5.9% yield; institutional investors own approximately 88.3% of its stock.

Plains GP Holdings, L.P. (NYSE:PAGP - Get Free Report)'s share price reached a new 52-week high during trading on Tuesday . The company traded as high as $28.33 and last traded at $28.22, with a volume of 1953670 shares. The stock had previously closed at $27.97.

Wall Street Analyst Weigh In

PAGP has been the topic of a number of research analyst reports. The Goldman Sachs Group raised shares of Plains GP from a "sell" rating to a "neutral" rating and upped their price target for the company from $18.00 to $24.00 in a research report on Wednesday, June 3rd. Morgan Stanley lifted their price objective on Plains GP from $26.00 to $28.00 and gave the stock an "equal weight" rating in a research report on Tuesday, August 18th. Truist Financial boosted their price objective on Plains GP from $23.00 to $25.00 and gave the company a "buy" rating in a research note on Wednesday, July 15th. US Capital Advisors lowered Plains GP from a "strong-buy" rating to a "moderate buy" rating in a research report on Friday, May 29th. Finally, Citigroup raised their target price on Plains GP from $20.00 to $23.00 and gave the stock a "neutral" rating in a research note on Thursday, May 14th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $23.55.

Plains GP Trading Up 0.9%

The business has a 50 day moving average of $25.62 and a two-hundred day moving average of $24.34. The firm has a market capitalization of $5.58 billion, a price-to-earnings ratio of 53.25 and a beta of 0.46. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.92 and a current ratio of 1.01.

Plains GP Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were given a dividend of $0.4175 per share. This represents a $1.67 dividend on an annualized basis and a dividend yield of 5.9%. The ex-dividend date of this dividend was Friday, July 31st. Plains GP's dividend payout ratio is presently 59.86%.

Institutional Trading of Plains GP

Several hedge funds have recently bought and sold shares of the business. Miller Howard Investments Inc. NY grew its holdings in shares of Plains GP by 25.8% during the first quarter. Miller Howard Investments Inc. NY now owns 1,421,518 shares of the pipeline company's stock valued at $34,514,000 after buying an additional 291,397 shares during the last quarter. UBS Group AG lifted its position in Plains GP by 1.7% in the 4th quarter. UBS Group AG now owns 3,407,809 shares of the pipeline company's stock valued at $65,225,000 after acquiring an additional 58,003 shares in the last quarter. Bank of America Corp DE lifted its position in Plains GP by 86.3% in the 1st quarter. Bank of America Corp DE now owns 3,752,707 shares of the pipeline company's stock valued at $91,116,000 after acquiring an additional 1,738,351 shares in the last quarter. Energy Income Partners LLC lifted its position in Plains GP by 1.4% in the 1st quarter. Energy Income Partners LLC now owns 8,974,776 shares of the pipeline company's stock valued at $217,908,000 after acquiring an additional 120,765 shares in the last quarter. Finally, Summit Securities Group LLC acquired a new position in Plains GP during the 1st quarter valued at about $1,144,000. 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.

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