Plains GP (NYSE:PAGP) Upgraded to “Strong-Buy” at Truist Financial

Plains GP (NYSE:PAGP) was upgraded by research analysts at Truist Financial to a “strong-buy” rating in a note issued to investors on Monday,Zacks.com reports.

Several other brokerages have also recently weighed in on PAGP. Zacks Research cut Plains GP from a “hold” rating to a “strong sell” rating in a research report on Thursday, March 12th. Bank of America cut Plains GP from a “neutral” rating to an “underperform” rating and set a $19.00 price objective on the stock. in a report on Wednesday, January 28th. Stifel Nicolaus raised their target price on Plains GP from $23.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, March 6th. Barclays lifted their target price on Plains GP from $17.00 to $18.00 and gave the company an “underweight” rating in a report on Monday, February 9th. Finally, Wells Fargo & Company increased their price target on shares of Plains GP from $21.00 to $22.00 and gave the stock an “equal weight” rating in a report on Friday, March 13th. Two analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, Plains GP currently has a consensus rating of “Hold” and an average target price of $21.60.

Plains GP Trading Up 1.6%

Shares of PAGP stock opened at $24.14 on Monday. The stock has a market capitalization of $4.78 billion, a price-to-earnings ratio of 45.55 and a beta of 0.56. The company’s fifty day simple moving average is $21.90 and its two-hundred day simple moving average is $19.56. Plains GP has a 1 year low of $16.60 and a 1 year high of $24.34. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.92.

Hedge Funds Weigh In On Plains GP

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Royal Bank of Canada grew its position in Plains GP by 6.1% in the first quarter. Royal Bank of Canada now owns 468,314 shares of the pipeline company’s stock worth $10,003,000 after acquiring an additional 26,952 shares in the last quarter. Legal & General Group Plc increased its stake in Plains GP by 1.5% in the second quarter. Legal & General Group Plc now owns 207,126 shares of the pipeline company’s stock valued at $4,024,000 after acquiring an additional 3,106 shares during the last quarter. XTX Topco Ltd raised its position in Plains GP by 180.5% during the second quarter. XTX Topco Ltd now owns 148,531 shares of the pipeline company’s stock valued at $2,886,000 after purchasing an additional 95,583 shares in the last quarter. Hsbc Holdings PLC lifted its stake in Plains GP by 3.4% during the second quarter. Hsbc Holdings PLC now owns 2,649,726 shares of the pipeline company’s stock worth $51,483,000 after purchasing an additional 86,695 shares during the last quarter. Finally, JRM Investment Counsel LLC lifted its stake in Plains GP by 33.5% during the second quarter. JRM Investment Counsel LLC now owns 219,000 shares of the pipeline company’s stock worth $4,255,000 after purchasing an additional 55,000 shares during the last quarter. 88.30% of the stock is currently owned by hedge funds and other institutional investors.

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.