If you are eyeing Plains GP Holdings and trying to size up your next move, you are in good company. The stock closed recently at $17.63, and its journey has been anything but dull. After a slip of 6.9% over the past month, Plains found a bit of pep with a 4.4% move up just this week. Look a little further back and the story gets even more compelling. Over the long haul, Plains is up nearly 74% in three years and an eye-catching 290% in the last five. So, what is driving the action?

Much of the recent momentum appears tied to industry updates around pipeline expansion projects and favorable policy developments, which have fueled a broad sense that midstream companies are on a steadier footing than they were during the last cycle….