Plains GP (NYSE:PAGP) Price Target Raised to $22.00

Plains GP (NYSE:PAGP) had its price objective lifted by analysts at Wells Fargo & Company from $21.00 to $22.00 in a report released on Friday,Benzinga reports. The brokerage presently has an “equal weight” rating on the pipeline company’s stock. Wells Fargo & Company‘s price objective suggests a potential downside of 4.35% from the stock’s current price.

Other research analysts have also recently issued reports about the stock. Barclays increased their price target on shares of Plains GP from $17.00 to $18.00 and gave the company an “underweight” rating in a research report on Monday, February 9th. Bank of America cut shares of Plains GP from a “neutral” rating to an “underperform” rating and set a $19.00 target price on the stock. in a research report on Wednesday, January 28th. Stifel Nicolaus raised their price objective on Plains GP from $23.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, March 6th. Zacks Research downgraded Plains GP from a “strong-buy” rating to a “hold” rating in a report on Friday, January 23rd. Finally, Morgan Stanley increased their target price on Plains GP from $20.00 to $22.00 and gave the company an “equal weight” rating in a report on Tuesday, November 25th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $21.22.

Plains GP Price Performance

Shares of Plains GP stock traded down $0.04 during trading on Friday, hitting $23.00. 333,950 shares of the stock traded hands, compared to its average volume of 2,050,026. The stock has a market cap of $4.55 billion, a price-to-earnings ratio of 43.39 and a beta of 0.56. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.49. Plains GP has a 52 week low of $16.60 and a 52 week high of $24.00. The firm’s fifty day moving average is $21.28 and its 200-day moving average is $19.30.

Hedge Funds Weigh In On Plains GP

Hedge funds and other institutional investors have recently modified their holdings of the company. Royal Bank of Canada increased its holdings in Plains GP by 6.1% during the 1st quarter. Royal Bank of Canada now owns 468,314 shares of the pipeline company’s stock valued at $10,003,000 after purchasing an additional 26,952 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Plains GP in the 2nd quarter worth approximately $2,647,000. ProShare Advisors LLC grew its position in shares of Plains GP by 13.9% in the 2nd quarter. ProShare Advisors LLC now owns 15,037 shares of the pipeline company’s stock worth $292,000 after buying an additional 1,834 shares during the last quarter. Allworth Financial LP increased its stake in shares of Plains GP by 43.2% during the second quarter. Allworth Financial LP now owns 3,484 shares of the pipeline company’s stock valued at $68,000 after buying an additional 1,051 shares during the period. Finally, Vise Technologies Inc. bought a new position in shares of Plains GP during the second quarter valued at approximately $643,000. 88.30% of the stock is owned by institutional investors.

About Plains GP

Plains GP Holdings, L.P. (NYSE: PAGP) serves as the general partner of Plains All American Pipeline, L.P., one of North America’s leading energy infrastructure companies. Through its ownership of a 2% general partner interest and incentive distribution rights (IDRs), Plains GP Holdings participates in the governance and cash distribution structure of a diversified portfolio of crude oil and natural gas liquids gathering, transportation, storage, and terminaling assets.

The company’s primary business activities include overseeing the strategic direction and capital allocation decisions for its affiliated midstream operations.