Plains GP (NYSE:PAGP) Hits New 52-Week High at $14.29

Plains GP Holdings, L.P. (NYSE:PAGP – Get Rating)’s share price hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $14.29 and last traded at $14.29, with a volume of 712573 shares. The stock had previously closed at $14.16.

Analyst Ratings Changes

A number of research firms have recently weighed in on PAGP. Barclays raised their price target on shares of Plains GP from $13.00 to $15.00 in a report on Tuesday, April 18th. UBS Group lifted their price target on Plains GP from $19.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, February 23rd. JPMorgan Chase & Co. upped their price objective on shares of Plains GP from $14.00 to $15.00 and gave the company a “neutral” rating in a report on Thursday, March 9th. Raymond James raised Plains GP from an “outperform” rating to a “strong-buy” rating and raised their target price for the stock from $16.00 to $17.00 in a report on Friday, April 21st. Finally, Morgan Stanley increased their price target on shares of Plains GP from $16.00 to $17.00 in a report on Tuesday, April 25th. Five research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $15.73.

Plains GP Price Performance

The company has a quick ratio of 0.87, a current ratio of 0.95 and a debt-to-equity ratio of 0.49. The stock has a fifty day moving average of $13.38 and a 200-day moving average of $13.10. The stock has a market capitalization of $2.78 billion, a price-to-earnings ratio of 12.90 and a beta of 1.63.

Plains GP Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, May 15th. Investors of record on Monday, May 1st were paid a dividend of $0.2675 per share. The ex-dividend date of this dividend was Friday, April 28th. This represents a $1.07 annualized dividend and a yield of 7.48%. Plains GP’s dividend payout ratio is currently 97.27%.

Insider Buying and Selling at Plains GP

In other Plains GP news, CEO Willie Cw Chiang bought 75,000 shares of the stock in a transaction dated Monday, May 8th. The shares were acquired at an average cost of $13.25 per share, for a total transaction of $993,750.00. Following the completion of the transaction, the chief executive officer now owns 256,704 shares in the company, valued at approximately $3,401,328. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 9.77% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Plains GP

Several large investors have recently modified their holdings of the stock. Massachusetts Financial Services Co. MA boosted its holdings in Plains GP by 1.2% during the third quarter. Massachusetts Financial Services Co. MA now owns 12,386,175 shares of the pipeline company’s stock worth $135,133,000 after buying an additional 142,530 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Plains GP by 41.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 11,333,168 shares of the pipeline company’s stock worth $130,898,000 after acquiring an additional 3,318,007 shares during the period. Energy Income Partners LLC increased its stake in Plains GP by 21.4% in the 4th quarter. Energy Income Partners LLC now owns 10,874,422 shares of the pipeline company’s stock valued at $135,278,000 after purchasing an additional 1,916,462 shares in the last quarter. Clearbridge Investments LLC boosted its position in Plains GP by 2.1% during the first quarter. Clearbridge Investments LLC now owns 8,379,915 shares of the pipeline company’s stock worth $109,944,000 after purchasing an additional 168,521 shares in the last quarter. Finally, Two Sigma Investments LP grew its holdings in Plains GP by 17.7% in the fourth quarter. Two Sigma Investments LP now owns 3,459,041 shares of the pipeline company’s stock valued at $43,030,000 after purchasing an additional 519,051 shares during the last quarter. Hedge funds and other institutional investors own 83.68% of the company’s stock.

About Plains GP

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Plains GP Holdings LP owns and operates midstream energy infrastructure and provides logistics services primarily for crude oil, natural gas liquids and natural gas through its indirect investment in Plains All American Pipeline, L.P. The firm operates through the following segments: Transportation, Facilities and Supply and Logistics.