Plains GP (NYSE:PAGP) Reaches New 52-Week High at $14.09

Posted by Defense World Staff on Mar 5th, 2023

Shares of Plains GP Holdings, L.P. (NYSE:PAGP – Get Rating) hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $14.09 and last traded at $14.06, with a volume of 222427 shares. The stock had previously closed at $14.05.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Mizuho lifted their price target on Plains GP from $15.00 to $17.00 and gave the stock a “buy” rating in a research note on Wednesday, February 1st. Raymond James lifted their price target on Plains GP from $13.00 to $16.00 and gave the stock an “outperform” rating in a research note on Thursday, February 9th. Citigroup initiated coverage on Plains GP in a research note on Thursday, December 8th. They set a “buy” rating and a $14.00 price target for the company. UBS Group lifted their price objective on Plains GP from $19.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, February 23rd. Finally, JPMorgan Chase & Co. downgraded Plains GP from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $15.00 to $14.00 in a report on Monday, November 21st. Five analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, Plains GP has an average rating of “Moderate Buy” and an average target price of $15.17.

Plains GP Stock Up 0.2 %

The company has a quick ratio of 0.93, a current ratio of 1.05 and a debt-to-equity ratio of 0.57. The company has a fifty day simple moving average of $13.11 and a 200 day simple moving average of $12.60. The firm has a market capitalization of $2.74 billion, a P/E ratio of 16.37 and a beta of 1.63.

Plains GP (NYSE:PAGP – Get Rating) last released its earnings results on Wednesday, February 8th. The pipeline company reported $0.23 EPS for the quarter, missing the consensus estimate of $0.31 by ($0.08). Plains GP had a return on equity of 1.19% and a net margin of 0.29%. The company had revenue of $12.95 billion during the quarter, compared to the consensus estimate of $14.40 billion. On average, equities analysts expect that Plains GP Holdings, L.P. will post 1.09 EPS for the current fiscal year.

Plains GP Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, February 14th. Stockholders of record on Tuesday, January 31st were issued a dividend of $0.2675 per share. This is an increase from Plains GP’s previous quarterly dividend of $0.22. This represents a $1.07 dividend on an annualized basis and a dividend yield of 7.60%. The ex-dividend date of this dividend was Monday, January 30th. Plains GP’s dividend payout ratio is presently 124.42%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Geneos Wealth Management Inc. lifted its holdings in shares of Plains GP by 60.6% during the first quarter. Geneos Wealth Management Inc. now owns 3,445 shares of the pipeline company’s stock valued at $39,000 after purchasing an additional 1,300 shares in the last quarter. Private Trust Co. NA bought a new position in Plains GP in the fourth quarter valued at about $56,000. Atlas Capital Advisors LLC lifted its holdings in Plains GP by 407.9% in the second quarter. Atlas Capital Advisors LLC now owns 7,619 shares of the pipeline company’s stock valued at $79,000 after acquiring an additional 6,119 shares during the period. Tower Research Capital LLC TRC lifted its holdings in Plains GP by 1,011.5% in the third quarter. Tower Research Capital LLC TRC now owns 8,670 shares of the pipeline company’s stock valued at $94,000 after acquiring an additional 7,890 shares during the period. Finally, Great West Life Assurance Co. Can bought a new position in Plains GP in the third quarter valued at about $98,000. 83.68% of the stock is owned by institutional investors.

About Plains GP

(Get Rating)

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.