Plains GP (NYSE:PAGP) Reaches New 12-Month High - Should You Buy?

Key Points

• Plains GP reached a new 52-week high of $28.73, with shares last trading at $28.66 and a market capitalization of approximately $5.68 billion.
• Analyst sentiment remains mixed: the consensus rating is “Hold” across 14 analysts, with a $26.00 average price target—below the current share price. Recent targets range from $25 to $30.
• Plains GP declared a quarterly dividend of $0.4175 per share, or $1.67 annually, representing a 5.8% yield; institutional investors own 88.3% of the company’s stock.

Shares of Plains GP Holdings, L.P. (NYSE:PAGP - Get Free Report) reached a new 52-week high on Friday. The company traded as high as $28.73 and last traded at $28.66, with a volume of 692,875 shares trading hands. The stock had previously closed at $27.93.

Analyst Ratings Changes

A number of equities research analysts have recently commented on PAGP shares. JPMorgan Chase & Co. increased their target price on Plains GP from $24.00 to $27.00 and gave the stock a "neutral" rating in a research note on Thursday, September 3rd. Truist Financial increased their price objective on shares of Plains GP from $23.00 to $25.00 and gave the company a "buy" rating in a research report on Wednesday, July 15th. Zacks Research cut shares of Plains GP from a "strong-buy" rating to a "hold" rating in a report on Monday. Mizuho upped their target price on shares of Plains GP from $27.00 to $30.00 and gave the stock an "outperform" rating in a research note on Monday, September 21st. Finally, Morgan Stanley raised their price target on shares of Plains GP from $26.00 to $28.00 and gave the company an "equal weight" rating in a research report on Tuesday, August 18th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $26.00.

Plains GP Stock 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 business's fifty day moving average is $27.17 and its two-hundred day moving average is $25.45. The stock has a market capitalization of $5.68 billion, a PE ratio of 54.10 and a beta of 0.54.

Plains GP Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Friday, October 30th will be issued a dividend of $0.4175 per share. This represents a $1.67 annualized dividend and a yield of 5.8%. The ex-dividend date is Friday, October 30th. Plains GP's dividend payout ratio is presently 59.86%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Evergreen Capital Management LLC lifted its holdings in Plains GP by 0.9% during the 3rd quarter. Evergreen Capital Management LLC now owns 610,341 shares of the pipeline company's stock valued at $15,808,000 after buying an additional 5,223 shares in the last quarter. Dudley Capital Management LLC bought a new position in Plains GP in the 3rd quarter worth about $207,000. Nisa Investment Advisors LLC grew its stake in Plains GP by 44.2% in the 3rd quarter. Nisa Investment Advisors LLC now owns 1,905 shares of the pipeline company's stock worth $49,000 after acquiring an additional 584 shares in the last quarter. CWA Asset Management Group LLC increased its position in shares of Plains GP by 5.3% during the third quarter. CWA Asset Management Group LLC now owns 175,929 shares of the pipeline company's stock worth $4,557,000 after acquiring an additional 8,880 shares during the period. Finally, Ellsworth Advisors LLC increased its position in shares of Plains GP by 4.2% during the third quarter. Ellsworth Advisors LLC now owns 85,996 shares of the pipeline company's stock worth $2,227,000 after acquiring an additional 3,445 shares during the period. Institutional investors own 88.30% of the company's stock.

Plains GP Company Profile

Plains GP Holdings, L.P. NYSE: PAGP is a publicly traded holding company that owns and controls the general partner of Plains All American Pipeline, L.P. Through this ownership interest, Plains GP Holdings is linked to the operations of one of North America's major midstream energy companies.

Plains All American Pipeline provides transportation, storage, terminalling, gathering, and other logistics services for crude oil and natural gas liquids. Its infrastructure includes pipelines, storage facilities, gathering systems, rail and truck terminals, and other assets used to move energy commodities from producing regions to refineries, processing facilities, and other markets.

The company's operations primarily serve customers in the United States and Canada, with activity concentrated in key oil- and liquids-producing regions and connected transportation corridors.

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