Plains GP Holdings, L.P. (NYSE:PAGP – Get Free Report) saw some unusual options trading activity on Thursday. Traders acquired 176,203 call options on the company. This represents an increase of 3,884% compared to the typical daily volume of 4,423 call options.
Plains GP Stock Performance
PAGP stock traded up $0.24 during trading on Thursday, reaching $28.82. The stock had a trading volume of 2,086,951 shares, compared to its average volume of 1,796,486. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49. Plains GP has a 52 week low of $16.89 and a 52 week high of $28.96. The firm has a market cap of $5.70 billion, a PE ratio of 54.38 and a beta of 0.54. The stock’s 50 day moving average is $27.34 and its two-hundred day moving average is $24.54.
Plains GP Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Friday, October 30th will be given a $0.4175 dividend. The ex-dividend date is Friday, October 30th. This represents a $1.67 dividend on an annualized basis and a yield of 5.8%. Plains GP’s dividend payout ratio is presently 59.86%.
Hedge Funds Weigh In On Plains GP
Hedge funds and other institutional investors have recently modified their holdings of the stock. Choreo LLC bought a new stake in Plains GP in the 3rd quarter worth approximately $242,000. Angeles Wealth Management LLC lifted its holdings in Plains GP by 8.7% during the 3rd quarter. Angeles Wealth Management LLC now owns 92,056 shares of the pipeline company’s stock valued at $2,384,000 after buying an additional 7,400 shares in the last quarter. Evergreen Capital Management LLC grew its stake in Plains GP by 0.9% in the third quarter. Evergreen Capital Management LLC now owns 610,341 shares of the pipeline company’s stock worth $15,808,000 after purchasing an additional 5,223 shares in the last quarter. Dudley Capital Management LLC bought a new position in Plains GP during the 3rd quarter worth about $207,000. Finally, Nisa Investment Advisors LLC raised its position in shares of Plains GP by 44.2% in the 3rd quarter. Nisa Investment Advisors LLC now owns 1,905 shares of the pipeline company’s stock worth $49,000 after acquiring an additional 584 shares in the last quarter. Institutional investors own 88.30% of the company’s stock.
Wall Street Analyst Weigh In
A number of analysts have weighed in on the stock. Morgan Stanley increased their target price on shares of Plains GP from $26.00 to $28.00 and gave the company an “equal weight” rating in a research report on Tuesday, August 18th. UBS Group increased their price objective on shares of Plains GP from $26.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, October 9th. Zacks Research cut Plains GP from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 19th. Citigroup upped their price target on shares of Plains GP from $23.00 to $27.00 and gave the stock a “neutral” rating in a report on Thursday, September 17th. Finally, Truist Financial increased their target price on Plains GP from $23.00 to $25.00 and gave the company a “buy” rating in a research note on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, Plains GP currently has an average rating of “Hold” and a consensus target price of $26.00.
Get Our Latest Stock Report on Plains GP
About Plains GP
Plains GP Holdings, L.P. (NYSE:PAGP) is a publicly traded holding company that owns and controls the general partner of Plains All American Pipeline, L.P. Through this ownership interest, Plains GP Holdings is linked to the operations of one of North America’s major midstream energy companies.
Plains All American Pipeline provides transportation, storage, terminalling, gathering, and other logistics services for crude oil and natural gas liquids. Its infrastructure includes pipelines, storage facilities, gathering systems, rail and truck terminals, and other assets used to move energy commodities from producing regions to refineries, processing facilities, and other markets.
The company’s operations primarily serve customers in the United States and Canada, with activity concentrated in key oil- and liquids-producing regions and connected transportation corridors.
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