Plains GP (NYSE:PAGP) Sets New 1-Year High – Still a Buy?

Shares of Plains GP Holdings, L.P. (NYSE:PAGP) hit a new 52-week high during trading on Friday . The stock traded as high as $20.63 and last traded at $20.46, with a volume of 433436 shares. The stock had previously closed at $19.93.

Wall Street Analyst Weigh In

Several analysts recently weighed in on PAGP shares. Wells Fargo & Company downgraded shares of Plains GP from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $22.00 to $20.00 in a report on Wednesday, December 18th. Morgan Stanley downgraded Plains GP from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $22.00 to $19.00 in a report on Friday, October 25th. StockNews.com upgraded Plains GP from a “hold” rating to a “buy” rating in a report on Friday, November 8th. Finally, Wolfe Research upgraded shares of Plains GP from a “peer perform” rating to an “outperform” rating and set a $22.00 price target on the stock in a research note on Friday. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $20.11.

Plains GP Stock Performance

The stock has a 50-day moving average price of $18.77 and a 200 day moving average price of $18.80. 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 firm has a market capitalization of $4.00 billion, a price-to-earnings ratio of 23.85 and a beta of 1.58.

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 issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 7.50%. 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 payout ratio is 149.41%.

Institutional Investors Weigh In On Plains GP

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

About Plains GP

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.