Plains GP (NYSE:PAGP) Sets New 1-Year High - Still a Buy?

Key Points

• Plains GP hit a new 52-week high of $28.96, trading about 0.9% higher, while its 50-day and 200-day moving averages stood at $27.34 and $24.54, respectively.
• Analysts remain mixed: the stock has an overall “Hold” rating and an average price target of $26.00, below its current price, despite several firms maintaining “Buy” or “Strong Buy” recommendations.
• Plains GP announced a quarterly dividend of $0.4175 per share, equal to $1.67 annually and a 5.8% yield; institutional investors own approximately 88.3% of the company.

Plains GP Holdings, L.P. (NYSE:PAGP - Get Free Report) hit a new 52-week high during mid-day trading on Thursday. The company traded as high as $28.96 and last traded at $28.8590, with a volume of 45,223 shares traded. The stock had previously closed at $28.58.

Analysts Set New Price Targets

A number of research analysts have issued reports on PAGP shares. Raymond James Financial reiterated a "strong-buy" rating and set a $30.00 price target on shares of Plains GP in a research report on Monday, October 19th. Truist Financial boosted their target price on Plains GP from $23.00 to $25.00 and gave the stock a "buy" rating in a report on Wednesday, July 15th. UBS Group increased their price target on Plains GP from $26.00 to $30.00 and gave the company a "buy" rating in a research note on Friday, October 9th. Morgan Stanley lifted their price target on Plains GP from $26.00 to $28.00 and gave the company an "equal weight" rating in a research report on Tuesday, August 18th. Finally, Barclays boosted their price objective on Plains GP from $23.00 to $24.00 and gave the stock an "underweight" rating in a research note on Monday, September 21st. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, six have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Plains GP presently has an average rating of "Hold" and an average target price of $26.00.

Plains GP Stock Up 0.9%

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 company has a market cap of $5.71 billion, a price-to-earnings ratio of 54.45 and a beta of 0.54. The business has a 50-day simple moving average of $27.34 and a two-hundred day simple moving average of $24.54.

Plains GP Dividend Announcement

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

Institutional Trading of Plains GP

Several large investors have recently added to or reduced their stakes in PAGP. Nisa Investment Advisors LLC raised its stake in shares of Plains GP by 44.2% in the 3rd quarter. Nisa Investment Advisors LLC now owns 1,905 shares of the pipeline company's stock valued at $49,000 after purchasing an additional 584 shares during the period. Diesslin Group Inc. grew its position in shares of Plains GP by 0.8% in the 2nd quarter. Diesslin Group Inc. now owns 82,841 shares of the pipeline company's stock valued at $2,011,000 after acquiring an additional 664 shares during the period. McIlrath & Eck LLC lifted its stake in Plains GP by 5.9% in the 1st quarter. McIlrath & Eck LLC now owns 12,133 shares of the pipeline company's stock valued at $295,000 after purchasing an additional 677 shares during the last quarter. Quantinno Capital Management LP increased its position 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 buying an additional 698 shares during the last quarter. Finally, NewEdge Advisors LLC raised its stake in Plains GP by 0.8% in the first quarter. NewEdge Advisors LLC now owns 107,504 shares of the pipeline company's stock valued at $2,610,000 after buying an additional 884 shares during the period. 88.30% of the stock is owned by institutional investors.

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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