Plains GP (NYSE:PAGP) Sets New 52-Week High – What’s Next?

Plains GP Holdings, L.P. (NYSE:PAGP) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $24.36 and last traded at $24.3240, with a volume of 322400 shares changing hands. The stock had previously closed at $24.07.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on PAGP. Citigroup upped their target price on shares of Plains GP from $17.00 to $20.00 and gave the stock a “neutral” rating in a report on Tuesday, February 10th. Zacks Research lowered shares of Plains GP from a “hold” rating to a “strong sell” rating in a research report on Thursday, March 12th. Stifel Nicolaus upped their price objective on shares of Plains GP from $23.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, March 6th. Mizuho set a $23.00 price objective on shares of Plains GP in a report on Friday, January 23rd. Finally, Morgan Stanley lifted their target price on shares of Plains GP from $22.00 to $24.00 and gave the company an “equal weight” rating in a research note on Wednesday, March 18th. Two investment analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, Plains GP presently has an average rating of “Hold” and a consensus price target of $21.60.

Plains GP Price Performance

The stock has a fifty day moving average of $21.98 and a 200-day moving average of $19.59. The firm has a market capitalization of $4.83 billion, a P/E ratio of 46.01 and a beta of 0.56. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.49.

Plains GP Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, January 30th were given a dividend of $0.4175 per share. This represents a $1.67 dividend on an annualized basis and a dividend yield of 6.8%. The ex-dividend date was Friday, January 30th. Plains GP’s dividend payout ratio is presently 129.46%.

Institutional Trading of Plains GP

A number of hedge funds and other institutional investors have recently modified their holdings of PAGP. Whittier Trust Co. of Nevada Inc. lifted its holdings in Plains GP by 56.8% during the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 1,781 shares of the pipeline company’s stock worth $32,000 after buying an additional 645 shares in the last quarter. Larson Financial Group LLC acquired a new stake in shares of Plains GP in the 3rd quarter valued at $46,000. Lazard Asset Management LLC increased its stake in shares of Plains GP by 36.5% in the 2nd quarter. Lazard Asset Management LLC now owns 3,030 shares of the pipeline company’s stock valued at $58,000 after buying an additional 811 shares during the period. Asset Dedication LLC bought a new stake in shares of Plains GP during the second quarter worth $83,000. Finally, Virtus Advisers LLC lifted its stake in shares of Plains GP by 46.5% during the fourth quarter. Virtus Advisers LLC now owns 5,859 shares of the pipeline company’s stock valued at $112,000 after acquiring an additional 1,859 shares during the period. Institutional investors and hedge funds own 88.30% of the company’s stock.

About Plains GP

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.