Barclays Issues Positive Forecast for Plains GP (NYSE:PAGP) Stock Price

Key Points

• Barclays raised its Plains GP price target from $24 to $25 but maintained an “underweight” rating, implying 3.61% downside from the share price at the time of the report.
• Analyst views are mixed: the consensus rating is “Hold,” with an average price target of $26.25; several firms rate the stock Buy or Strong Buy, while others are neutral or bearish.
• Institutional investors own 88.3% of Plains GP shares, and several reported increasing their positions.

Plains GP (NYSE:PAGP - Get Free Report) had its price target increased by Barclays from $24.00 to $25.00 in a report issued on Wednesday, Benzinga reports. The firm presently has an "underweight" rating on the pipeline company's stock. Barclays's price objective would suggest a potential downside of 3.61% from the company's current price.

Several other brokerages have also recently weighed in on PAGP. Truist Financial lifted their price objective on shares of Plains GP from $23.00 to $25.00 and gave the stock a "buy" rating in a research note on Wednesday, July 15th. JPMorgan Chase & Co. increased their target price on shares of Plains GP from $24.00 to $27.00 and gave the stock a "neutral" rating in a research report on Thursday, September 3rd. Raymond James Financial reaffirmed a "strong-buy" rating and set a $30.00 target price on shares of Plains GP in a report on Monday, October 19th. UBS Group raised their target price on shares of Plains GP from $26.00 to $30.00 and gave the stock a "buy" rating in a report on Friday, October 9th. Finally, Mizuho lifted their price target on shares of Plains GP from $27.00 to $30.00 and gave the company an "outperform" rating in a research report on Monday, September 21st. One 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 an average rating of "Hold" and a consensus price target of $26.25.

Plains GP Stock Performance

Shares of Plains GP stock traded up $0.43 during trading on Wednesday, reaching $25.94. The company's stock had a trading volume of 148,476 shares, compared to its average volume of 1,831,008. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.49. The business's 50-day moving average price is $27.26 and its 200-day moving average price is $24.85. Plains GP has a 52 week low of $17.42 and a 52 week high of $28.96. The firm has a market cap of $5.13 billion, a PE ratio of 48.90 and a beta of 0.54.

Hedge Funds Weigh In On Plains GP

Several hedge funds have recently bought and sold shares of PAGP. Energy Income Partners LLC boosted its position in shares of Plains GP by 1.4% during the 1st 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 in the last quarter. Artemis Investment Management LLP increased its stake in 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 valued at $161,390,000 after acquiring an additional 955,231 shares during the last quarter. Bank of America Corp DE raised its position in Plains GP by 3.0% during 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 purchasing an additional 112,893 shares in the last quarter. Hsbc Holdings PLC raised its position in Plains GP by 5.5% during the second quarter. Hsbc Holdings PLC now owns 2,854,795 shares of the pipeline company's stock valued at $69,291,000 after purchasing an additional 147,603 shares in the last quarter. Finally, Bahl & Gaynor LLC raised its position in Plains GP by 49.9% during the third quarter. Bahl & Gaynor LLC now owns 1,819,283 shares of the pipeline company's stock valued at $47,119,000 after purchasing an additional 605,701 shares in the last quarter. 88.30% of the stock is owned by institutional investors.

Plains GP Company Profile

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.

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