Plains GP (NYSE:PAGP) Hits New 52-Week High - Here's Why

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

Analyst Upgrades and Downgrades

A number of analysts have issued reports on PAGP shares. StockNews.com raised Plains GP from a "hold" rating to a "buy" rating in a research note on Friday, November 8th. Morgan Stanley downgraded shares of Plains GP from an "overweight" rating to an "equal weight" rating and reduced their target price for the stock from $22.00 to $19.00 in a research note on Friday, October 25th. Wells Fargo & Company downgraded shares of Plains GP from an "overweight" rating to an "equal weight" rating and cut their price target for the stock from $22.00 to $20.00 in a report on Wednesday, December 18th. Finally, Wolfe Research raised 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 report on Friday. Two analysts have rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $20.11.

Plains GP Price Performance

The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49. The company's fifty day moving average is $18.82 and its two-hundred day moving average is $18.81. The stock has a market cap of $3.95 billion, a price-to-earnings ratio of 23.54 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. Investors 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 7.60%. This is a boost from Plains GP's previous quarterly dividend of $0.32. The ex-dividend date of this dividend is Friday, January 31st. Plains GP's dividend payout ratio (DPR) is 149.41%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Chickasaw Capital Management LLC boosted its position in Plains GP by 24.7% in the 4th quarter. Chickasaw Capital Management LLC now owns 8,218,030 shares of the pipeline company's stock valued at $151,047,000 after buying an additional 1,629,008 shares during the period. Thompson Siegel & Walmsley LLC purchased a new position in Plains GP in the third quarter valued at $13,848,000. Yaupon Capital Management LP acquired a new position in Plains GP during the 3rd quarter worth $9,772,000. Susquehanna Fundamental Investments LLC purchased a new stake in Plains GP during the 2nd quarter worth about $5,734,000. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Plains GP in the 3rd quarter valued at about $4,013,000. Institutional investors and hedge funds own 88.30% of the company's stock.

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.