Plains GP (NYSE:PAGP) Price Target Raised to $25.00

Key Points

• Wells Fargo raised its price target on Plains GP from $23 to $25 but maintained an “equal weight” rating; the new target implies 2.14% downside from the current share price.
• Analyst views are mixed: Plains GP has an average “Hold” rating and a consensus price target of $26.17, with ratings ranging from strong buy to sell.
• Shares opened at $25.55, within a 52-week range of $17.42 to $28.96; institutional investors and hedge funds own 88.3% of the stock.

Plains GP (NYSE:PAGP - Get Free Report) had its target price raised by investment analysts at Wells Fargo & Company from $23.00 to $25.00 in a report issued on Wednesday, Benzinga reports. The firm presently has an "equal weight" rating on the pipeline company's stock. Wells Fargo & Company's target price would suggest a potential downside of 2.14% from the stock's current price.

Other analysts also recently issued research reports about the stock. Raymond James Financial reiterated a "strong-buy" rating and issued a $30.00 price objective on shares of Plains GP in a report on Monday, October 19th. UBS Group boosted their target price on Plains GP from $26.00 to $30.00 and gave the stock a "buy" rating in a report on Friday, October 9th. Mizuho upped their price target on Plains GP from $27.00 to $30.00 and gave the company an "outperform" rating in a research report on Monday, September 21st. Truist Financial increased their target price on shares of Plains GP from $23.00 to $25.00 and gave the stock a "buy" rating in a report on Wednesday, July 15th. Finally, Zacks Research cut shares of Plains GP from a "strong-buy" rating to a "hold" rating in a research report on Monday, October 19th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, Plains GP currently has an average rating of "Hold" and an average price target of $26.17.

Plains GP Stock Performance

Shares of PAGP stock opened at $25.55 on Wednesday. Plains GP has a 52-week low of $17.42 and a 52-week high of $28.96. 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 stock has a market cap of $5.06 billion, a PE ratio of 48.17 and a beta of 0.54. The business has a 50-day simple moving average of $27.26 and a 200-day simple moving average of $24.85.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of PAGP. Cowa LLC boosted its position in shares of Plains GP by 1.7% in the third quarter. Cowa LLC now owns 34,429 shares of the pipeline company's stock worth $892,000 after buying an additional 559 shares during the period. Nisa Investment Advisors LLC lifted its position in Plains GP by 44.2% during the 3rd quarter. Nisa Investment Advisors LLC now owns 1,905 shares of the pipeline company's stock worth $49,000 after acquiring an additional 584 shares in the last quarter. Cibc World Market Inc. lifted its position in Plains GP by 2.5% during the 3rd quarter. Cibc World Market Inc. now owns 24,855 shares of the pipeline company's stock worth $644,000 after acquiring an additional 602 shares in the last quarter. Diesslin Group Inc. lifted its position in Plains GP by 0.8% during the 2nd quarter. Diesslin Group Inc. now owns 82,841 shares of the pipeline company's stock worth $2,011,000 after acquiring an additional 664 shares in the last quarter. Finally, McIlrath & Eck LLC boosted its holdings in Plains GP by 5.9% in the 1st quarter. McIlrath & Eck LLC now owns 12,133 shares of the pipeline company's stock worth $295,000 after acquiring an additional 677 shares during the period. 88.30% of the stock is currently owned by institutional investors and hedge funds.

About Plains GP

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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