Plains GP (NYSE:PAGP) Rating Increased to Outperform at Wolfe Research

Plains GP (NYSE:PAGP) was upgraded by analysts at Wolfe Research from a “peer perform” rating to an “outperform” rating in a report issued on Friday, Marketbeat.com reports. The firm currently has a $22.00 price objective on the pipeline company’s stock. Wolfe Research’s target price suggests a potential upside of 9.95% from the company’s previous close.

Several other equities research analysts also recently commented on PAGP. Morgan Stanley downgraded shares of Plains GP from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $22.00 to $19.00 in a research note on Friday, October 25th. StockNews.com upgraded shares of Plains GP from a “hold” rating to a “buy” rating in a research note on Friday, November 8th. Finally, Wells Fargo & Company cut Plains GP from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $22.00 to $20.00 in a report on Wednesday, December 18th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $20.11.

Plains GP Stock Up 0.4 %

Shares of NYSE:PAGP opened at $20.01 on Friday. Plains GP has a 52 week low of $15.78 and a 52 week high of $20.63. 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 company’s fifty day moving average is $18.82 and its 200-day moving average is $18.81. The company has a market capitalization of $3.95 billion, a PE ratio of 23.54 and a beta of 1.58.

Institutional Trading of Plains GP

Several institutional investors and hedge funds have recently added to or reduced their stakes in PAGP. Bank of New York Mellon Corp bought a new stake in shares of Plains GP in the 2nd quarter valued at about $566,000. Arizona State Retirement System increased its stake in shares of Plains GP by 2.2% in the 2nd quarter. Arizona State Retirement System now owns 55,184 shares of the pipeline company’s stock valued at $1,039,000 after acquiring an additional 1,204 shares during the last quarter. Private Advisor Group LLC increased its stake in shares of Plains GP by 44.8% in the 2nd quarter. Private Advisor Group LLC now owns 40,758 shares of the pipeline company’s stock valued at $767,000 after acquiring an additional 12,609 shares during the last quarter. PFG Investments LLC bought a new stake in shares of Plains GP in the 2nd quarter valued at about $449,000. Finally, Plato Investment Management Ltd increased its stake in shares of Plains GP by 130.6% in the 2nd quarter. Plato Investment Management Ltd now owns 28,328 shares of the pipeline company’s stock valued at $533,000 after acquiring an additional 16,044 shares during the last quarter. 88.30% of the stock is owned by institutional investors.

About Plains GP

Plains GP Holdings, L.P., through its subsidiary, Plains All American Pipeline, L.P., owns and operates midstream infrastructure systems in the United States and Canada. It operates in two segments, Crude Oil and Natural Gas Liquids (NGLs). The company engages in the gathering and transporting crude oil and NGLs using pipelines, gathering systems, and trucks.