Plains GP (NYSE:PAGP) Stock Price Expected to Rise, Mizuho Analyst Says

Key Points

• Mizuho raised Plains GP’s price target from $27 to $30 and maintained an “outperform” rating, implying approximately 8.4% upside from the stock’s current price.
• Analyst sentiment remains mixed: Plains GP has an average “Hold” rating and a consensus price target of $24.91, despite recent target increases from Morgan Stanley and Citigroup.
• PAGP opened at $27.67, near its 52-week high of $28.70, with institutional investors owning a substantial 88.3% of outstanding shares.

Plains GP (NYSE:PAGP - Get Free Report) had its price objective hoisted by equities research analysts at Mizuho from $27.00 to $30.00 in a report released on Monday, MarketBeat Ratings reports. The brokerage currently has an "outperform" rating on the pipeline company's stock. Mizuho's price objective would indicate a potential upside of 8.42% from the stock's current price.

Several other equities analysts have also weighed in on PAGP. Barclays restated an "underweight" rating and set a $24.00 price target on shares of Plains GP in a research report on Monday. Morgan Stanley lifted their price objective on shares of Plains GP from $26.00 to $28.00 and gave the stock an "equal weight" rating in a research report on Tuesday, August 18th. US Capital Advisors cut shares of Plains GP from a "strong-buy" rating to a "moderate buy" rating in a research note on Friday, May 29th. Citigroup increased their target price on shares of Plains GP from $23.00 to $27.00 and gave the company a "neutral" rating in a research report on Thursday. Finally, Zacks Research upgraded shares of Plains GP from a "strong sell" rating to a "hold" rating in a research note on Wednesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, Plains GP currently has an average rating of "Hold" and a consensus target price of $24.91.

Plains GP Price Performance

PAGP stock opened at $27.67 on Monday. The stock's fifty day simple moving average is $26.66 and its two-hundred day simple moving average is $24.92. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49. Plains GP has a 1-year low of $16.68 and a 1-year high of $28.70. The stock has a market cap of $5.48 billion, a P/E ratio of 52.21 and a beta of 0.48.

Institutional Investors Weigh In On Plains GP

Several institutional investors have recently added to or reduced their stakes in PAGP. Diesslin Group Inc. grew its position in shares of Plains GP by 0.8% in the 2nd quarter. Diesslin Group Inc. now owns 82,841 shares of the pipeline company's stock worth $2,011,000 after buying an additional 664 shares during the last quarter. McIlrath & Eck LLC raised its holdings in shares of Plains GP by 5.9% during the first quarter. McIlrath & Eck LLC now owns 12,133 shares of the pipeline company's stock valued at $295,000 after acquiring an additional 677 shares in the last quarter. Quantinno Capital Management LP raised its holdings in shares of Plains GP by 1.8% during the first quarter. Quantinno Capital Management LP now owns 40,208 shares of the pipeline company's stock valued at $976,000 after acquiring an additional 698 shares in the last quarter. IVC Wealth Advisors LLC lifted its stake in Plains GP by 4.7% in the first quarter. IVC Wealth Advisors LLC now owns 16,105 shares of the pipeline company's stock worth $391,000 after acquiring an additional 722 shares during the period. Finally, NewEdge Advisors LLC boosted its holdings in Plains GP by 0.8% in the first quarter. NewEdge Advisors LLC now owns 107,504 shares of the pipeline company's stock valued at $2,610,000 after acquiring an additional 884 shares in the last quarter. 88.30% of the stock is owned by hedge funds and other institutional investors.

About Plains GP

Plains GP Holdings, L.P. NYSE: PAGP is a publicly traded holding company that owns interests in Plains All American Pipeline, L.P. (PAA), an energy infrastructure partnership. Plains GP Holdings generally conducts its activities through its ownership and governance interests in PAA rather than through a separate operating business.

Through PAA, the company is involved in the transportation, storage, gathering, terminaling and logistics of crude oil and natural gas liquids. Its infrastructure includes pipelines, storage facilities, gathering systems, rail and truck facilities, and export and terminal assets that support the movement of energy commodities from production areas to refineries, processing facilities and other markets.

Plains' operations primarily serve the United States and Canada, with significant infrastructure in major North American crude oil and NGL producing and consuming regions.

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