Plains GP (NYSE:PAGP) Cut to “Hold” at Zacks Research

Plains GP (NYSE:PAGP) was downgraded by research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Monday, Zacks reports.

Other equities analysts have also issued reports about the company. Citigroup boosted their price target on Plains GP from $23.00 to $27.00 and gave the stock a “neutral” rating in a research report on Thursday, September 17th. Raymond James Financial restated a “strong-buy” rating and issued a $30.00 target price on shares of Plains GP in a research note on Monday. Morgan Stanley raised their price objective on Plains GP from $26.00 to $28.00 and gave the stock an “equal weight” rating in a research note on Tuesday, August 18th. Truist Financial raised their target price on shares of Plains GP from $23.00 to $25.00 and gave the stock a “buy” rating in a report on Wednesday, July 15th. Finally, Barclays boosted their price target on shares of Plains GP from $23.00 to $24.00 and gave the company an “underweight” rating in a report on Monday, September 21st. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $26.00.

Plains GP Trading Up 0.7%

NYSE PAGP opened at $27.51 on Monday. The company’s 50 day moving average price is $27.06 and its 200 day moving average price is $25.39. Plains GP has a one year low of $16.89 and a one year high of $28.70. 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 firm has a market capitalization of $5.44 billion, a price-to-earnings ratio of 51.91 and a beta of 0.54.

Hedge Funds Weigh In On Plains GP

A number of institutional investors have recently bought and sold shares of PAGP. Nisa Investment Advisors LLC increased its position in shares of Plains GP by 44.2% in the third quarter. Nisa Investment Advisors LLC now owns 1,905 shares of the pipeline company’s stock worth $49,000 after acquiring an additional 584 shares in the last quarter. CWA Asset Management Group LLC increased its stake in shares of Plains GP by 5.3% in the third quarter. CWA Asset Management Group LLC now owns 175,929 shares of the pipeline company’s stock worth $4,557,000 after acquiring an additional 8,880 shares during the last quarter. Ellsworth Advisors LLC increased its position in Plains GP by 4.2% in the 3rd quarter. Ellsworth Advisors LLC now owns 85,996 shares of the pipeline company’s stock worth $2,227,000 after purchasing an additional 3,445 shares during the last quarter. HF Advisory Group LLC increased its holdings in Plains GP by 3.3% in the third quarter. HF Advisory Group LLC now owns 218,815 shares of the pipeline company’s stock worth $5,667,000 after buying an additional 6,943 shares during the last quarter. Finally, Avaii Wealth Management LLC acquired a new position in shares of Plains GP during the 3rd quarter worth $330,000. Hedge funds and other institutional investors own 88.30% of the company’s stock.

Plains GP Company Profile

Plains GP Holdings, L.P. (NYSE:PAGP) is a publicly traded holding company that owns and controls the general partner of Plains All American Pipeline, L.P. Through this ownership interest, Plains GP Holdings is linked to the operations of one of North America’s major midstream energy companies.

Plains All American Pipeline provides transportation, storage, terminalling, gathering, and other logistics services for crude oil and natural gas liquids. Its infrastructure includes pipelines, storage facilities, gathering systems, rail and truck terminals, and other assets used to move energy commodities from producing regions to refineries, processing facilities, and other markets.

The company’s operations primarily serve customers in the United States and Canada, with activity concentrated in key oil- and liquids-producing regions and connected transportation corridors.