Truist Financial Initiates Coverage on Plains GP (NYSE:PAGP)

Research analysts at Truist Financial began coverage on shares of Plains GP (NYSE:PAGP) in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm set a “buy” rating and a $23.00 price target on the pipeline company’s stock. Truist Financial’s price objective indicates a potential downside of 5.33% from the company’s previous close.

Other equities analysts also recently issued reports about the company. Morgan Stanley lifted their target price on Plains GP from $22.00 to $24.00 and gave the company an “equal weight” rating in a research report on Wednesday, March 18th. Wells Fargo & Company lifted their price objective on Plains GP from $21.00 to $22.00 and gave the company an “equal weight” rating in a research report on Friday, March 13th. Zacks Research downgraded Plains GP from a “hold” rating to a “strong sell” rating in a research note on Thursday, March 12th. Barclays increased their target price on shares of Plains GP from $17.00 to $18.00 and gave the stock an “underweight” rating in a report on Monday, February 9th. Finally, Mizuho set a $23.00 price target on shares of Plains GP in a report on Friday, January 23rd. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, five have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $21.60.

Plains GP Stock Performance

Shares of Plains GP stock traded up $0.55 on Tuesday, hitting $24.30. 938,228 shares of the company’s stock were exchanged, compared to its average volume of 2,044,102. Plains GP has a 1 year low of $16.60 and a 1 year high of $24.33. The company has a 50-day simple moving average of $21.82 and a 200-day simple moving average of $19.52. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.92 and a current ratio of 1.01. The stock has a market capitalization of $4.81 billion, a PE ratio of 45.86 and a beta of 0.56.

Hedge Funds Weigh In On Plains GP

Several institutional investors have recently bought and sold shares of PAGP. Energy Income Partners LLC increased its holdings in Plains GP by 1.0% in the 3rd quarter. Energy Income Partners LLC now owns 10,196,673 shares of the pipeline company’s stock valued at $185,987,000 after acquiring an additional 102,916 shares during the last quarter. Chickasaw Capital Management LLC grew its position in shares of Plains GP by 5.9% during the third quarter. Chickasaw Capital Management LLC now owns 8,832,780 shares of the pipeline company’s stock valued at $161,110,000 after purchasing an additional 494,259 shares in the last quarter. Invesco Ltd. grew its position in shares of Plains GP by 1.5% during the third quarter. Invesco Ltd. now owns 4,386,299 shares of the pipeline company’s stock valued at $80,006,000 after purchasing an additional 66,695 shares in the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its holdings in shares of Plains GP by 3.9% in the fourth quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 3,725,000 shares of the pipeline company’s stock worth $71,296,000 after purchasing an additional 140,000 shares during the last quarter. Finally, UBS Group AG lifted its position in shares of Plains GP by 1.7% in the fourth quarter. UBS Group AG now owns 3,407,809 shares of the pipeline company’s stock worth $65,225,000 after buying an additional 58,003 shares in the last quarter. 88.30% of the stock is owned by hedge funds and other institutional investors.

Plains GP Company Profile

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.