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NEW YORK ( TheStreet) -- Plains Exploration & Production Company (NYSE: PXP) hit a new 52-week high Monday as it is currently trading at $46.91, above its previous 52-week high of $46.75 with 118,104 shares traded as of 9:45 a.m. ET. Average volume has been 2.8 million shares over the past 30 days. Plains Exploration & Production has a market cap of $5.25 billion and is part of the basic materials sector and energy industry. Shares are up 26.1% year to date as of the close of trading on Friday. Plains Exploration & Production Company, an independent oil and gas company, primarily engages in acquiring, developing, exploring, and producing oil and gas properties in the United States. The company has a P/E ratio of 31.2, below the average energy industry P/E ratio of 62.1 and above the S&P 500 P/E ratio of 17.7.