Raymond James Forecasts Strong Price Appreciation for Plains GP (NYSE:PAGP) Stock

Plains GP (NYSE:PAGP) had its target price boosted by stock analysts at Raymond James from $23.00 to $24.00 in a report released on Tuesday,Benzinga reports. The firm currently has a “strong-buy” rating on the pipeline company’s stock. Raymond James’ target price indicates a potential upside of 11.03% from the stock’s current price.

Other equities analysts have also issued reports about the stock. Barclays raised their price target on shares of Plains GP from $18.00 to $19.00 and gave the stock an “underweight” rating in a research report on Thursday, January 16th. Wells Fargo & Company cut shares of Plains GP from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $22.00 to $20.00 in a research note on Wednesday, December 18th. Wolfe Research raised shares of Plains GP from a “peer perform” rating to an “outperform” rating and set a $22.00 price objective on the stock in a research note on Friday, January 10th. Morgan Stanley cut shares of Plains GP from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $22.00 to $19.00 in a research note on Friday, October 25th. Finally, StockNews.com raised shares of Plains GP from a “hold” rating to a “buy” rating in a research note on Friday, November 8th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $20.60.

Plains GP Stock Up 0.7 %

Plains GP stock traded up $0.16 during midday trading on Tuesday, hitting $21.62. 291,118 shares of the company’s stock were exchanged, compared to its average volume of 2,003,372. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.92 and a current ratio of 1.01. Plains GP has a 12 month low of $15.78 and a 12 month high of $22.31. The firm has a 50-day moving average of $19.45 and a two-hundred day moving average of $18.95. The company has a market cap of $4.27 billion, a PE ratio of 25.48 and a beta of 1.58.

Plains GP (NYSE:PAGP) last released its quarterly earnings results on Friday, November 8th. The pipeline company reported $0.17 EPS for the quarter, missing the consensus estimate of $0.38 by ($0.21). The firm had revenue of $12.74 billion for the quarter, compared to analysts’ expectations of $13.17 billion. Plains GP had a net margin of 0.33% and a return on equity of 1.12%. During the same period in the previous year, the company posted $0.15 earnings per share. As a group, analysts expect that Plains GP will post 0.83 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Plains GP

A number of institutional investors and hedge funds have recently made changes to their positions in PAGP. Sei Investments Co. acquired a new position in Plains GP in the second quarter valued at approximately $2,494,000. Algert Global LLC purchased a new stake in Plains GP in the second quarter valued at approximately $722,000. NewEdge Advisors LLC lifted its stake in Plains GP by 0.9% in the second quarter. NewEdge Advisors LLC now owns 74,783 shares of the pipeline company’s stock valued at $1,407,000 after buying an additional 681 shares during the last quarter. Cetera Investment Advisers lifted its stake in Plains GP by 9.5% in the second quarter. Cetera Investment Advisers now owns 169,748 shares of the pipeline company’s stock valued at $3,195,000 after buying an additional 14,787 shares during the last quarter. Finally, Walnut Private Equity Partners LLC lifted its stake in Plains GP by 11.1% in the third quarter. Walnut Private Equity Partners LLC now owns 50,000 shares of the pipeline company’s stock valued at $925,000 after buying an additional 5,000 shares during the last quarter. 88.30% of the stock is owned by institutional investors and hedge funds.

Plains GP Company Profile

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.