Plains GP (NYSE:PAGP) Reaches New 52-Week High – Here’s What Happened

Plains GP Holdings, L.P. (NYSE:PAGP)’s share price reached a new 52-week high during trading on Wednesday . The company traded as high as $22.16 and last traded at $21.95, with a volume of 2456208 shares. The stock had previously closed at $21.43.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on PAGP shares. Wolfe Research upgraded shares of Plains GP from a “peer perform” rating to an “outperform” rating and set a $22.00 price objective for the company in a research report on Friday, January 10th. Barclays increased their price objective on Plains GP from $18.00 to $19.00 and gave the stock an “underweight” rating in a research note on Thursday, January 16th. Morgan Stanley downgraded shares of Plains GP from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $22.00 to $19.00 in a research report on Friday, October 25th. StockNews.com raised shares of Plains GP from a “hold” rating to a “buy” rating in a research report on Friday, November 8th. Finally, Wells Fargo & Company downgraded shares of Plains GP from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $22.00 to $20.00 in a report on Wednesday, December 18th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Plains GP has an average rating of “Hold” and a consensus target price of $20.22.

Plains GP Stock Performance

The company’s 50-day moving average is $19.30 and its two-hundred day moving average is $18.93. The company has a market capitalization of $4.32 billion, a P/E ratio of 25.74 and a beta of 1.58. 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 (NYSE:PAGP) last issued its quarterly earnings results on Friday, November 8th. The pipeline company reported $0.17 EPS for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.21). Plains GP had a return on equity of 1.12% and a net margin of 0.33%. The company had revenue of $12.74 billion during the quarter, compared to the consensus estimate of $13.17 billion. During the same period in the previous year, the company earned $0.15 EPS. Equities analysts anticipate that Plains GP Holdings, L.P. will post 0.83 earnings per share for the current fiscal year.

Plains GP Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, January 31st will be paid a dividend of $0.38 per share. The ex-dividend date is Friday, January 31st. This represents a $1.52 annualized dividend and a yield of 6.95%. This is a positive change from Plains GP’s previous quarterly dividend of $0.32. Plains GP’s payout ratio is 149.41%.

Hedge Funds Weigh In On Plains GP

Several institutional investors have recently modified their holdings of PAGP. Custom Index Systems LLC purchased a new stake in Plains GP in the fourth quarter worth approximately $265,000. Patriot Financial Group Insurance Agency LLC boosted its stake in shares of Plains GP by 10.3% in the 4th quarter. Patriot Financial Group Insurance Agency LLC now owns 11,925 shares of the pipeline company’s stock valued at $219,000 after purchasing an additional 1,112 shares in the last quarter. Pacer Advisors Inc. grew its holdings in shares of Plains GP by 27.0% during the 4th quarter. Pacer Advisors Inc. now owns 99,510 shares of the pipeline company’s stock valued at $1,829,000 after purchasing an additional 21,184 shares during the last quarter. Janney Montgomery Scott LLC purchased a new position in Plains GP in the 4th quarter worth $676,000. Finally, SG Americas Securities LLC bought a new stake in Plains GP in the fourth quarter worth $308,000. 88.30% of the stock is currently owned by institutional investors.

Plains GP Company Profile

Plains GP Holdings, L.P., through its subsidiary, Plains All American Pipeline, L.P., owns and operates midstream infrastructure systems in the United States and Canada. It operates in two segments, Crude Oil and Natural Gas Liquids (NGLs). The company engages in the gathering and transporting crude oil and NGLs using pipelines, gathering systems, and trucks.