Plains GP (NYSE:PAGP) Sets New 52-Week High - Time to Buy?

Key Points

• Plains GP reached a new 52-week high, trading as high as $28.95 before last trading at $27.55. Its market capitalization is approximately $5.49 billion.
• Analyst sentiment remains mixed: the stock has an overall consensus rating of “Hold”, with an average price target of $24.55—below its recent trading level.
• Plains GP pays a quarterly dividend of $0.4175, equivalent to $1.67 annually and a 6.0% yield. Institutional investors own approximately 88.3% of the company’s shares.

Plains GP Holdings, L.P. (NYSE:PAGP - Get Free Report)'s share price reached a new 52-week high during trading on Thursday . The stock traded as high as $28.95 and last traded at $27.55, with a volume of 1341 shares. The stock had previously closed at $27.68.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on PAGP shares. JPMorgan Chase & Co. upped their target price on Plains GP from $24.00 to $27.00 and gave the company a "neutral" rating in a report on Thursday, September 3rd. Barclays lifted their price target on Plains GP from $21.00 to $23.00 and gave the stock an "underweight" rating in a report on Thursday, July 16th. Morgan Stanley boosted 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. Citigroup restated a "neutral" rating and issued a $27.00 price objective (up from $23.00) on shares of Plains GP in a research note on Thursday. Finally, US Capital Advisors lowered Plains GP from a "strong-buy" rating to a "moderate buy" rating in a research report on Friday, May 29th. One research analyst has rated the stock with a Strong Buy rating, four have assigned 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 an average rating of "Hold" and a consensus price target of $24.55.

Plains GP Stock Up 0.1%

The stock's 50-day moving average price is $26.54 and its two-hundred day moving average price is $24.85. The stock has a market capitalization of $5.49 billion, a P/E ratio of 52.39 and a beta of 0.48. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49.

Plains GP Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were paid a $0.4175 dividend. The ex-dividend date was Friday, July 31st. This represents a $1.67 annualized dividend and a yield of 6.0%. Plains GP's dividend payout ratio is presently 59.86%.

Institutional Trading of Plains GP

A number of large investors have recently bought and sold shares of PAGP. Tidal Investments LLC raised its stake in shares of Plains GP by 156.5% in the second quarter. Tidal Investments LLC now owns 49,043 shares of the pipeline company's stock valued at $1,190,000 after buying an additional 29,925 shares during the period. Engineers Gate Manager LP raised its stake in Plains GP by 16.6% in the 2nd quarter. Engineers Gate Manager LP now owns 395,551 shares of the pipeline company's stock valued at $9,600,000 after acquiring an additional 56,213 shares during the period. Integrated Wealth Concepts LLC purchased a new stake in Plains GP during the second quarter valued at about $81,000. Allianz Asset Management GmbH lifted its holdings in Plains GP by 1.8% during the second quarter. Allianz Asset Management GmbH now owns 87,393 shares of the pipeline company's stock valued at $2,121,000 after purchasing an additional 1,567 shares during the last quarter. Finally, Amundi boosted its position in Plains GP by 46.9% during the second quarter. Amundi now owns 44,385 shares of the pipeline company's stock worth $1,077,000 after purchasing an additional 14,166 shares during the period. 88.30% of the stock is owned by hedge funds and other institutional investors.

About Plains GP

Plains GP Holdings, L.P. NYSE: PAGP is a publicly traded holding company that owns interests in Plains All American Pipeline, L.P. (PAA), an energy infrastructure partnership. Plains GP Holdings generally conducts its activities through its ownership and governance interests in PAA rather than through a separate operating business.

Through PAA, the company is involved in the transportation, storage, gathering, terminaling and logistics of crude oil and natural gas liquids. Its infrastructure includes pipelines, storage facilities, gathering systems, rail and truck facilities, and export and terminal assets that support the movement of energy commodities from production areas to refineries, processing facilities and other markets.

Plains' operations primarily serve the United States and Canada, with significant infrastructure in major North American crude oil and NGL producing and consuming regions.

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