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 equities research analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a research report issued on Monday,Zacks.com reports.

Several other equities analysts also recently weighed in on the company. Wolfe Research reissued a "peer perform" rating on shares of Plains GP in a research report on Friday, July 25th. JPMorgan Chase & Co. boosted their price objective on Plains GP from $19.00 to $20.00 and gave the stock a "neutral" rating in a research note on Wednesday, June 18th. Morgan Stanley dropped their target price on Plains GP from $22.00 to $20.00 and set an "equal weight" rating on the stock in a research report on Tuesday, August 26th. Finally, Mizuho boosted their price objective on Plains GP from $20.00 to $22.00 and gave the company an "outperform" rating in a report 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 given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $20.50.

Plains GP Stock Performance

Plains GP stock traded down $0.29 during mid-day trading on Monday, reaching $18.28. 969,814 shares of the company were exchanged, compared to its average volume of 1,634,893. Plains GP has a twelve month low of $16.60 and a twelve month high of $22.31. The firm's 50-day simple moving average is $19.12 and its two-hundred day simple moving average is $19.17. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.92 and a current ratio of 1.01. The firm has a market cap of $3.61 billion, a PE ratio of 34.49 and a beta of 0.76.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Catalyst Capital Advisors LLC grew its position in shares of Plains GP by 18.0% during the 1st quarter. Catalyst Capital Advisors LLC now owns 885,873 shares of the pipeline company's stock worth $18,922,000 after purchasing an additional 134,943 shares in the last quarter. Envestnet Asset Management Inc. boosted its position in Plains GP by 15.8% in the first quarter. Envestnet Asset Management Inc. now owns 329,813 shares of the pipeline company's stock valued at $7,045,000 after buying an additional 44,948 shares in the last quarter. Cetera Investment Advisers lifted its holdings in shares of Plains GP by 7.4% during the first quarter. Cetera Investment Advisers now owns 194,723 shares of the pipeline company's stock worth $4,159,000 after purchasing an additional 13,424 shares during the period. Janney Montgomery Scott LLC lifted its holdings in shares of Plains GP by 434.4% during the first quarter. Janney Montgomery Scott LLC now owns 196,584 shares of the pipeline company's stock worth $4,199,000 after purchasing an additional 159,795 shares during the period. Finally, Cambridge Investment Research Advisors Inc. raised its stake in Plains GP by 70.2% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 110,504 shares of the pipeline company's stock worth $2,360,000 after buying an additional 45,577 shares during the last quarter. 88.30% of the stock is currently owned by institutional investors and hedge funds.

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.