Plains GP (NYSE:PAGP) Stock Gets Price Target Boost from Barclays

Plains GP (NYSE:PAGP) had its price objective hoisted by Barclays from $24.00 to $25.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has an “underweight” rating on the pipeline company’s stock. Barclays‘s target price suggests a potential downside of 3.61% from the stock’s previous close.

Several other brokerages also recently commented on PAGP. Citigroup boosted their target price on Plains GP from $23.00 to $27.00 and gave the stock a “neutral” rating in a research note on Thursday, September 17th. Zacks Research downgraded shares of Plains GP from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 19th. Truist Financial raised their price target on shares of Plains GP from $23.00 to $25.00 and gave the company a “buy” rating in a research note on Wednesday, July 15th. UBS Group lifted their price target on shares of Plains GP from $26.00 to $30.00 and gave the company a “buy” rating in a report on Friday, October 9th. Finally, Raymond James Financial reiterated a “strong-buy” rating and set a $30.00 price objective on shares of Plains GP in a research report on Monday, October 19th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $26.25.

Plains GP Price Performance

NYSE:PAGP traded up $0.43 during trading hours on Wednesday, hitting $25.94. The company’s stock had a trading volume of 148,476 shares, compared to its average volume of 1,831,008. The stock has a fifty day simple moving average of $27.26 and a 200-day simple moving average of $24.85. The company has a market capitalization of $5.13 billion, a P/E ratio of 48.90 and a beta of 0.54. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.92. Plains GP has a twelve month low of $17.42 and a twelve month high of $28.96.

Hedge Funds Weigh In On Plains GP

Several large investors have recently modified their holdings of PAGP. Energy Income Partners LLC raised its position in shares of Plains GP by 1.4% during the first quarter. Energy Income Partners LLC now owns 8,974,776 shares of the pipeline company’s stock worth $217,908,000 after acquiring an additional 120,765 shares during the last quarter. Artemis Investment Management LLP lifted its stake in shares of Plains GP by 18.1% in the third quarter. Artemis Investment Management LLP now owns 6,231,288 shares of the pipeline company’s stock worth $161,390,000 after acquiring an additional 955,231 shares during the period. Bank of America Corp DE boosted its holdings in Plains GP by 3.0% in the second quarter. Bank of America Corp DE now owns 3,865,600 shares of the pipeline company’s stock valued at $93,818,000 after acquiring an additional 112,893 shares during the last quarter. Hsbc Holdings PLC boosted its holdings in Plains GP by 5.5% in the second quarter. Hsbc Holdings PLC now owns 2,854,795 shares of the pipeline company’s stock valued at $69,291,000 after acquiring an additional 147,603 shares during the last quarter. Finally, Bahl & Gaynor LLC boosted its holdings in Plains GP by 49.9% in the third quarter. Bahl & Gaynor LLC now owns 1,819,283 shares of the pipeline company’s stock valued at $47,119,000 after acquiring an additional 605,701 shares during the last quarter. Institutional investors own 88.30% of the company’s stock.

About Plains GP

Plains GP Holdings is a publicly traded holding company whose primary business is its ownership interest in Plains All American Pipeline. Through that relationship, it is tied to a midstream energy business focused on transporting, storing, gathering and marketing crude oil and natural gas liquids. Plains All American Pipeline operates pipelines, storage facilities and other logistics infrastructure that connect energy producers with refineries and other customers. Its operations span the United States and Canada, serving key crude oil and natural gas liquids markets.