NEW YORK ( TheStreet) -- Plains Exploration & Production Company (NYSE: PXP) hit a new 52-week high Tuesday as it traded at $40.06 compared with its previous 52-Week high of $39.15. Plains Exploration & Production is changing hands at $39.68 with 478,565 shares traded as of 10:32 a.m. ET. Average volume has been 2.2 million shares over the past 30 days. Plains Exploration & Production has a market cap of $5.5 billion and is part of the basic materials sector and energy industry. Shares are up 21.4% year to date as of the close of trading on Friday. Plains Exploration & Production Company engages in the acquisition, development, exploration, and production of oil and gas properties primarily in the United States. The company has a P/E ratio of 31.7, below the average energy industry P/E ratio of 32 and above the S&P 500 P/E ratio of 23.2. TheStreet Ratings rates Plains Exploration & Production as a hold. The company's strengths can be seen in multiple areas, such as its robust revenue growth, good cash flow from operations and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income and generally poor debt management. You can view the full Plains Exploration & Production Ratings Report. See all 52-week high stocks or get investment ideas from our investment research center.