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

Key Points

• Plains GP has been downgraded by Zacks Research from a "strong-buy" rating to a "hold" rating, indicating a shift in analysts' confidence.
• Despite the downgrade, Mizuho raised its target price for Plains GP from $20.00 to $22.00, reflecting differing opinions among analysts.
• Institutional investors own about 88.30% of Plains GP's stock, suggesting strong institutional interest in the company.

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

Several other research firms also recently weighed in on PAGP. JPMorgan Chase & Co. lifted their price target on shares of Plains GP from $19.00 to $20.00 and gave the company a "neutral" rating in a research note on Wednesday, June 18th. Wolfe Research reaffirmed a "peer perform" rating on shares of Plains GP in a research note on Friday, July 25th. Morgan Stanley dropped their target price on shares of Plains GP from $22.00 to $20.00 and set an "equal weight" rating for the company in a research report on Tuesday, August 26th. Finally, Mizuho raised their price objective on shares of Plains GP from $20.00 to $22.00 and gave the company an "outperform" rating in a research note on Wednesday, June 18th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $20.50.

Plains GP Stock Performance

Plains GP stock traded down $0.29 during trading hours on Monday, hitting $18.28. The company had a trading volume of 969,814 shares, compared to its average volume of 1,634,893. The firm has a market cap of $3.61 billion, a PE ratio of 34.49 and a beta of 0.76. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.92. Plains GP has a one year low of $16.60 and a one year high of $22.31. The firm has a 50-day moving average of $19.12 and a 200 day moving average of $19.16.

Institutional Trading of Plains GP

Several institutional investors and hedge funds have recently bought and sold shares of PAGP. Energy Income Partners LLC boosted its stake in Plains GP by 2.0% during the 1st quarter. Energy Income Partners LLC now owns 10,177,085 shares of the pipeline company's stock valued at $217,383,000 after purchasing an additional 203,638 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in shares of Plains GP by 2.5% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 10,117,959 shares of the pipeline company's stock valued at $196,592,000 after purchasing an additional 247,365 shares in the last quarter. Chickasaw Capital Management LLC lifted its stake in shares of Plains GP by 2.0% in the 2nd quarter. Chickasaw Capital Management LLC now owns 8,338,521 shares of the pipeline company's stock valued at $162,017,000 after acquiring an additional 167,061 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of Plains GP by 0.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,220,898 shares of the pipeline company's stock worth $111,518,000 after acquiring an additional 29,911 shares in the last quarter. Finally, Invesco Ltd. grew its stake in shares of Plains GP by 3.1% in the 2nd quarter. Invesco Ltd. now owns 4,319,604 shares of the pipeline company's stock valued at $83,930,000 after buying an additional 128,994 shares during the period. Institutional investors and hedge funds own 88.30% of the company's stock.

Plains GP Company Profile

Plains GP Holdings, L.P., through its subsidiary, Plains All American Pipeline, L.P., owns and operates midstream infrastructure systems in the United States and Canada. It operates in two segments, Crude Oil and Natural Gas Liquids (NGLs). The company engages in the gathering and transporting crude oil and NGLs using pipelines, gathering systems, and trucks.