Plains GP (NYSE:PAGP) Sets New 1-Year High Following Analyst Upgrade

Shares of Plains GP Holdings, L.P. (NYSE:PAGP) hit a new 52-week high during mid-day trading on Thursday after Barclays raised their price target on the stock from $18.00 to $19.00. Barclays currently has an underweight rating on the stock. Plains GP traded as high as $20.95 and last traded at $20.67, with a volume of 1867379 shares trading hands. The stock had previously closed at $20.64.

PAGP has been the subject of a number of other research reports. StockNews.com upgraded shares of Plains GP from a “hold” rating to a “buy” rating in a research note on Friday, November 8th. Wells Fargo & Company lowered shares of Plains GP from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $22.00 to $20.00 in a research note on Wednesday, December 18th. Wolfe Research raised shares of Plains GP from a “peer perform” rating to an “outperform” rating and set a $22.00 price target for the company in a research note on Friday, January 10th. Finally, Morgan Stanley lowered shares of Plains GP from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $22.00 to $19.00 in a report on Friday, October 25th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $20.22.

Hedge Funds Weigh In On Plains GP

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Hara Capital LLC bought a new position in Plains GP during the third quarter worth about $57,000. Eastern Bank bought a new stake in Plains GP during the 3rd quarter worth approximately $76,000. Continuum Advisory LLC raised its holdings in Plains GP by 10.0% during the 3rd quarter. Continuum Advisory LLC now owns 6,990 shares of the pipeline company’s stock worth $127,000 after buying an additional 637 shares during the period. Insigneo Advisory Services LLC bought a new position in Plains GP in the third quarter valued at approximately $188,000. Finally, Patriot Financial Group Insurance Agency LLC acquired a new position in shares of Plains GP in the third quarter valued at approximately $200,000. 88.30% of the stock is owned by institutional investors.

Plains GP Price Performance

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’s fifty day moving average price is $19.08 and its two-hundred day moving average price is $18.89. The company has a market cap of $4.23 billion, a price-to-earnings ratio of 25.21 and a beta of 1.58.

Plains GP Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, January 31st will be issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 7.09%. The ex-dividend date of this dividend is Friday, January 31st. This is a boost from Plains GP’s previous quarterly dividend of $0.32. Plains GP’s dividend payout ratio is 149.41%.

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.