Plains GP (NYSE:PAGP) Price Target Raised to $24.00

Plains GP (NYSE:PAGP) had its price target lifted by equities research analysts at Morgan Stanley from $22.00 to $24.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has an “equal weight” rating on the pipeline company’s stock. Morgan Stanley’s price target suggests a potential upside of 3.11% from the company’s current price.

Several other research analysts also recently weighed in on PAGP. Zacks Research downgraded shares of Plains GP from a “hold” rating to a “strong sell” rating in a research note on Thursday, March 12th. Bank of America cut shares of Plains GP from a “neutral” rating to an “underperform” rating and set a $19.00 price target on the stock. in a research note on Wednesday, January 28th. Barclays boosted their price objective 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. Mizuho set a $23.00 price objective on shares of Plains GP in a research note on Friday, January 23rd. Finally, Wells Fargo & Company raised their target price on shares of Plains GP from $21.00 to $22.00 and gave the stock an “equal weight” rating in a research report on Friday, March 13th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $21.44.

Plains GP Price Performance

Shares of NYSE PAGP traded down $0.13 during trading on Wednesday, reaching $23.28. The company had a trading volume of 577,317 shares, compared to its average volume of 2,048,031. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49. Plains GP has a twelve month low of $16.60 and a twelve month high of $24.00. The stock has a 50-day moving average price of $21.50 and a two-hundred day moving average price of $19.39. The stock has a market capitalization of $4.61 billion, a PE ratio of 43.92 and a beta of 0.56.

Institutional Investors Weigh In On Plains GP

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Whittier Trust Co. of Nevada Inc. lifted its stake in shares of Plains GP by 56.8% in the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 1,781 shares of the pipeline company’s stock valued at $32,000 after purchasing an additional 645 shares in the last quarter. Larson Financial Group LLC purchased a new position in Plains GP in the third quarter valued at approximately $46,000. Lazard Asset Management LLC raised its holdings in Plains GP by 36.5% in the second quarter. Lazard Asset Management LLC now owns 3,030 shares of the pipeline company’s stock valued at $58,000 after buying an additional 811 shares during the period. Allworth Financial LP lifted its position in 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 in the last quarter. Finally, Asset Dedication LLC purchased a new stake in Plains GP during the second quarter worth approximately $83,000. 88.30% of the stock is currently owned by institutional investors and hedge funds.

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.