Plains GP (NYSE:PAGP) Stock Rating Upgraded by Zacks Research

Key Points

• Zacks Research upgraded Plains GP from “hold” to “strong buy,” while the broader analyst consensus remains “hold” with an average price target of $24.91.
• Several firms recently raised their price targets, including Mizuho to $30, Morgan Stanley to $28, and JPMorgan and Citigroup to $27, reflecting generally higher valuation expectations.
• Plains GP shares opened at $26.21, near the upper end of their 52-week range of $16.68 to $28.70; institutional investors own a substantial 88.3% of the stock.

Plains GP (NYSE:PAGP - Get Free Report) was upgraded by analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued on Tuesday, Zacks reports.

Several other research analysts have also commented on the company. Mizuho lifted their price target on Plains GP from $27.00 to $30.00 and gave the stock an "outperform" rating in a report on Monday, September 21st. JPMorgan Chase & Co. upped their price objective on shares of Plains GP from $24.00 to $27.00 and gave the company a "neutral" rating in a report on Thursday, September 3rd. Truist Financial raised their price objective on shares of Plains GP from $23.00 to $25.00 and gave the stock a "buy" rating in a research report on Wednesday, July 15th. Citigroup lifted their target price on shares of Plains GP from $23.00 to $27.00 and gave the stock a "neutral" rating in a research note on Thursday, September 17th. Finally, Morgan Stanley increased their price target on shares of Plains GP from $26.00 to $28.00 and gave the company an "equal weight" rating in a research note on Tuesday, August 18th. Two research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $24.91.

Plains GP Stock Performance

NYSE PAGP opened at $26.21 on Tuesday. The stock's fifty day moving average is $26.79 and its two-hundred day moving average is $25.20. The firm has a market capitalization of $5.19 billion, a P/E ratio of 49.45 and a beta of 0.54. 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 fifty-two week low of $16.68 and a fifty-two week high of $28.70.

Institutional Trading of Plains GP

Hedge funds and other institutional investors have recently modified their holdings of the business. Bank of America Corp DE increased its position in shares of Plains GP by 86.3% in the 1st quarter. Bank of America Corp DE now owns 3,752,707 shares of the pipeline company's stock valued at $91,116,000 after purchasing an additional 1,738,351 shares during the last quarter. Miller Howard Investments Inc. NY raised its holdings in shares of Plains GP by 25.8% in the 1st quarter. Miller Howard Investments Inc. NY now owns 1,421,518 shares of the pipeline company's stock valued at $34,514,000 after purchasing an additional 291,397 shares in the last quarter. Jefferies Financial Group Inc. purchased a new stake in shares of Plains GP during the 2nd quarter worth $6,251,000. Pinnacle Holdings LLC acquired a new position in shares of Plains GP during the second quarter worth $3,927,000. Finally, Hsbc Holdings PLC increased its holdings in Plains GP by 5.5% in the second quarter. Hsbc Holdings PLC now owns 2,854,795 shares of the pipeline company's stock valued at $69,291,000 after buying an additional 147,603 shares during the last quarter. 88.30% of the stock is owned by institutional investors and hedge funds.

About Plains GP

Plains GP Holdings, L.P. is a publicly traded holding company that owns interests in Plains All American Pipeline, L.P. Its business exposure is primarily derived from Plains All American, which operates energy infrastructure used to transport, store, gather and handle crude oil and natural gas liquids.

Through its ownership interests in Plains All American and its general partner structure, Plains GP Holdings provides investors with an indirect interest in the operations of one of North America's major midstream energy companies.

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