Plains GP (NYSE:PAGP) Raised to “Strong-Buy” at Truist Financial

Plains GP (NYSE:PAGP) was upgraded by analysts at Truist Financial to a “strong-buy” rating in a research note issued to investors on Monday,Zacks.com reports.

A number of other equities research analysts also recently weighed in on PAGP. Zacks Research downgraded Plains GP from a “hold” rating to a “strong sell” rating in a research report on Thursday, March 12th. Barclays raised their price objective on Plains GP from $17.00 to $18.00 and gave the stock an “underweight” rating in a research report on Monday, February 9th. Citigroup lifted their price objective on Plains GP from $17.00 to $20.00 and gave the stock a “neutral” rating in a report on Tuesday, February 10th. Stifel Nicolaus upped their target price on Plains GP from $23.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, March 6th. Finally, Bank of America cut Plains GP from a “neutral” rating to an “underperform” rating and set a $19.00 target price for the company. in a research report on Wednesday, January 28th. Two analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, Plains GP currently has an average rating of “Hold” and an average price target of $21.60.

Plains GP Stock Performance

NYSE:PAGP opened at $24.14 on Monday. The firm’s 50-day moving average is $21.90 and its 200-day moving average is $19.56. The company has a market cap of $4.78 billion, a price-to-earnings ratio of 45.55 and a beta of 0.56. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.92 and a current ratio of 1.01. Plains GP has a 52-week low of $16.60 and a 52-week high of $24.34.

Hedge Funds Weigh In On Plains GP

Institutional investors have recently bought and sold shares of the business. Hsbc Holdings PLC grew its holdings in Plains GP by 3.7% during the 4th quarter. Hsbc Holdings PLC now owns 2,764,847 shares of the pipeline company’s stock worth $52,919,000 after acquiring an additional 99,655 shares during the last quarter. Rockefeller Capital Management L.P. raised its stake in shares of Plains GP by 70.2% in the fourth quarter. Rockefeller Capital Management L.P. now owns 19,661 shares of the pipeline company’s stock worth $376,000 after acquiring an additional 8,111 shares during the last quarter. Corient Private Wealth LLC lifted its position in Plains GP by 1.6% during the 4th quarter. Corient Private Wealth LLC now owns 247,162 shares of the pipeline company’s stock valued at $4,731,000 after purchasing an additional 3,890 shares during the period. Mackenzie Financial Corp lifted its stake in shares of Plains GP by 22.1% in the 4th quarter. Mackenzie Financial Corp now owns 874,671 shares of the pipeline company’s stock valued at $16,630,000 after purchasing an additional 158,368 shares during the period. Finally, NewEdge Advisors LLC raised its position in shares of Plains GP by 17.3% in the 4th quarter. NewEdge Advisors LLC now owns 106,620 shares of the pipeline company’s stock valued at $2,041,000 after acquiring an additional 15,718 shares during the period. Institutional investors own 88.30% of the company’s stock.

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.