Plains GP (NYSE:PAGP) Price Target Raised to $23.00

Plains GP (NYSE:PAGP) had its target price boosted by equities researchers at Morgan Stanley from $19.00 to $23.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has an “equal weight” rating on the pipeline company’s stock. Morgan Stanley’s target price suggests a potential upside of 7.18% from the stock’s current price.

A number of other research analysts have also recently commented on PAGP. Barclays upped their price objective on Plains GP from $18.00 to $19.00 and gave the company an “underweight” rating in a report on Thursday, January 16th. Wolfe Research raised Plains GP from a “peer perform” rating to an “outperform” rating and set a $22.00 target price for the company in a research note on Friday, January 10th. StockNews.com cut Plains GP from a “buy” rating to a “hold” rating in a research note on Monday, February 10th. Wells Fargo & Company cut 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 $20.00 in a report on Wednesday, December 18th. Finally, Raymond James lifted their price objective on shares of Plains GP from $23.00 to $24.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, January 28th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $21.00.

Plains GP Price Performance

Shares of NYSE PAGP opened at $21.46 on Tuesday. The stock has a market capitalization of $4.24 billion, a price-to-earnings ratio of 40.49 and a beta of 1.55. Plains GP has a 52 week low of $17.17 and a 52 week high of $22.31. The firm has a 50-day simple moving average of $21.26 and a 200-day simple moving average of $19.59. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.49.

Hedge Funds Weigh In On Plains GP

Institutional investors and hedge funds have recently modified their holdings of the company. Algert Global LLC raised its stake in Plains GP by 128.6% during the third quarter. Algert Global LLC now owns 87,659 shares of the pipeline company’s stock worth $1,622,000 after purchasing an additional 49,320 shares during the period. Larson Financial Group LLC purchased a new stake in Plains GP during the 3rd quarter worth $353,000. BNP Paribas Financial Markets grew its stake in Plains GP by 8.5% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,313,974 shares of the pipeline company’s stock valued at $24,309,000 after purchasing an additional 103,353 shares in the last quarter. Townsquare Capital LLC raised its holdings in Plains GP by 1.2% in the third quarter. Townsquare Capital LLC now owns 59,998 shares of the pipeline company’s stock valued at $1,110,000 after acquiring an additional 729 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Plains GP in the 3rd quarter worth approximately $4,013,000. Hedge funds and other institutional investors own 88.30% of the company’s stock.

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.