JPMorgan Chase & Co. Issues Positive Forecast for Plains GP (NYSE:PAGP) Stock Price

Key Points

• JPMorgan raised Plains GP’s price target from $24 to $27 while maintaining a “neutral” rating, implying approximately 2.46% downside from the stock’s $27.68 price.
• Analyst sentiment remains mixed but centers on “Hold”: Plains GP has a consensus target price of $24.18, with one Strong Buy, four Buy, six Hold, and two Sell ratings.
• Plains GP shares have traded between $16.68 and $28.70 over the past year, while institutional investors own a substantial 88.3% of the company’s stock.

Plains GP (NYSE:PAGP - Get Free Report) had its target price hoisted by analysts at JPMorgan Chase & Co. from $24.00 to $27.00 in a research note issued on Thursday, Benzinga reports. The firm currently has a "neutral" rating on the pipeline company's stock. JPMorgan Chase & Co.'s target price would indicate a potential downside of 2.46% from the stock's current price.

Several other research firms also recently issued reports on PAGP. Citigroup increased their target price on Plains GP from $20.00 to $23.00 and gave the stock a "neutral" rating in a research report on Thursday, May 14th. Truist Financial boosted their price objective on Plains GP from $23.00 to $25.00 and gave the company a "buy" rating in a research note on Wednesday, July 15th. Mizuho increased their price objective on Plains GP from $25.00 to $27.00 and gave the stock an "outperform" rating in a report on Monday, June 8th. The Goldman Sachs Group upgraded Plains GP from a "sell" rating to a "neutral" rating and raised their target price for the stock from $18.00 to $24.00 in a research note on Wednesday, June 3rd. Finally, Barclays lifted their target price on Plains GP from $21.00 to $23.00 and gave the company an "underweight" rating in a report on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $24.18.

Plains GP Stock Performance

NYSE:PAGP traded down $0.67 during trading on Thursday, reaching $27.68. The company's stock had a trading volume of 2,906,528 shares, compared to its average volume of 1,787,292. Plains GP has a 12 month low of $16.68 and a 12 month high of $28.70. The firm has a market cap of $5.48 billion, a price-to-earnings ratio of 52.23 and a beta of 0.48. The firm has a 50 day moving average of $25.81 and a 200-day moving average of $24.44. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.92 and a current ratio of 1.01.

Institutional Trading of Plains GP

A number of hedge funds have recently made changes to their positions in the stock. Energy Income Partners LLC increased its stake in Plains GP by 1.0% in the 3rd quarter. Energy Income Partners LLC now owns 10,196,673 shares of the pipeline company's stock worth $185,987,000 after purchasing an additional 102,916 shares during the period. California State Teachers Retirement System boosted its stake in shares of Plains GP by 2,156.2% during the second quarter. California State Teachers Retirement System now owns 5,259,139 shares of the pipeline company's stock valued at $127,639,000 after purchasing an additional 5,026,037 shares during the period. Invesco Ltd. grew its holdings in shares of Plains GP by 1.5% in the third quarter. Invesco Ltd. now owns 4,386,299 shares of the pipeline company's stock worth $80,006,000 after purchasing an additional 66,695 shares during the last quarter. Bank of America Corp DE grew its holdings in shares of 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 worth $93,818,000 after purchasing an additional 112,893 shares during the last quarter. Finally, Hsbc Holdings PLC increased its stake in shares of Plains GP by 5.5% in the second quarter. Hsbc Holdings PLC now owns 2,854,795 shares of the pipeline company's stock worth $69,291,000 after buying an additional 147,603 shares during the period. 88.30% of the stock is owned by institutional investors.

Plains GP Company Profile

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.

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