Plains GP (NYSE:PAGP) Rating Lowered to Underperform at Bank of America

Plains GP (NYSE:PAGP) was downgraded by equities research analysts at Bank of America from a “neutral” rating to an “underperform” rating in a research note issued to investors on Wednesday,Finviz reports. They presently have a $19.00 price objective on the pipeline company’s stock. Bank of America‘s price objective indicates a potential downside of 8.26% from the stock’s current price.

PAGP has been the topic of several other research reports. Barclays decreased their price target on Plains GP from $18.00 to $17.00 and set an “underweight” rating on the stock in a research note on Tuesday, October 7th. Mizuho set a $23.00 target price on Plains GP in a research report on Friday. Raymond James Financial dropped their target price on shares of Plains GP from $24.00 to $22.00 and set a “strong-buy” rating for the company in a report on Friday, October 24th. Zacks Research downgraded shares of Plains GP from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 23rd. Finally, Morgan Stanley lifted their price target on shares of Plains GP from $20.00 to $22.00 and gave the company an “equal weight” rating in a report on Tuesday, November 25th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, five have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $20.14.

Plains GP Trading Up 1.4%

PAGP stock opened at $20.71 on Wednesday. Plains GP has a one year low of $16.60 and a one year high of $22.17. The stock has a market cap of $4.10 billion, a price-to-earnings ratio of 39.08 and a beta of 0.56. The company has a fifty day moving average price of $19.17 and a two-hundred day moving average price of $18.71. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.92.

Institutional Investors Weigh In On Plains GP

Several hedge funds have recently added to or reduced their stakes in PAGP. Royal Bank of Canada raised its stake in shares of Plains GP by 6.1% during the first quarter. Royal Bank of Canada now owns 468,314 shares of the pipeline company’s stock valued at $10,003,000 after acquiring an additional 26,952 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Plains GP by 8.9% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 48,891 shares of the pipeline company’s stock valued at $955,000 after purchasing an additional 4,012 shares during the period. Farther Finance Advisors LLC boosted its position in shares of Plains GP by 358.3% during the 2nd quarter. Farther Finance Advisors LLC now owns 12,300 shares of the pipeline company’s stock worth $239,000 after purchasing an additional 9,616 shares in the last quarter. PFG Investments LLC grew its stake in shares of Plains GP by 13.9% in the 2nd quarter. PFG Investments LLC now owns 42,850 shares of the pipeline company’s stock valued at $833,000 after buying an additional 5,213 shares during the period. Finally, Founders Capital Management increased its position in Plains GP by 1.2% in the 2nd quarter. Founders Capital Management now owns 67,202 shares of the pipeline company’s stock valued at $1,306,000 after buying an additional 797 shares in the last quarter. 88.30% of the stock is currently owned by institutional investors and hedge funds.

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.