Plains GP (NYSE:PAGP) Now Covered by Analysts at Truist Financial

Key Points

• Truist Financial initiated coverage of Plains GP (NYSE:PAGP) with a "buy" rating and a $23.00 price target, which implies roughly a 5.3% downside from the stock's prior close.
• Analysts remain mixed overall — the consensus rating is "Hold" with an average target of $21.60 after recent upgrades and downgrades from firms including Bank of America, Stifel, Barclays, Mizuho and Citigroup.
• PAGP shares traded up to $24.30 (about 2.3%), near its 52‑week high, the company has a market cap of roughly $4.8B and about 88.3% of the stock is held by institutional investors.

Equities researchers at Truist Financial began coverage on shares of Plains GP (NYSE:PAGP - Get Free Report) in a research report issued on Tuesday,Benzinga reports. The firm set a "buy" rating and a $23.00 price target on the pipeline company's stock. Truist Financial's price target indicates a potential downside of 5.33% from the company's previous close.

Several other equities analysts also recently weighed in on PAGP. Bank of America lowered Plains GP from a "neutral" rating to an "underperform" rating and set a $19.00 price target for the company. in a research report on Wednesday, January 28th. Stifel Nicolaus increased their price objective on shares of Plains GP from $23.00 to $25.00 and gave the company a "buy" rating in a research report on Friday, March 6th. Barclays lifted their target price on shares of Plains GP from $17.00 to $18.00 and gave the stock an "underweight" rating in a report on Monday, February 9th. Mizuho set a $23.00 target price on shares of Plains GP in a research note on Friday, January 23rd. Finally, Citigroup increased their price target on shares of Plains GP from $17.00 to $20.00 and gave the company a "neutral" rating in a report on Tuesday, February 10th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $21.60.

Plains GP Stock Up 2.3%

PAGP stock traded up $0.55 on Tuesday, reaching $24.30. 938,228 shares of the company traded hands, compared to its average volume of 2,044,102. The firm has a fifty day simple moving average of $21.82 and a 200-day simple moving average of $19.52. The company has a market cap of $4.81 billion, a P/E ratio of 45.86 and a beta of 0.56. Plains GP has a one year low of $16.60 and a one year high of $24.33. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.92.

Institutional Investors Weigh In On Plains GP

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Energy Income Partners LLC boosted its stake in shares of Plains GP by 1.0% in the 3rd quarter. Energy Income Partners LLC now owns 10,196,673 shares of the pipeline company's stock worth $185,987,000 after buying an additional 102,916 shares during the last quarter. Chickasaw Capital Management LLC lifted its holdings in Plains GP by 5.9% in the third quarter. Chickasaw Capital Management LLC now owns 8,832,780 shares of the pipeline company's stock valued at $161,110,000 after acquiring an additional 494,259 shares during the period. Invesco Ltd. boosted its position in Plains GP by 1.5% in the third quarter. Invesco Ltd. now owns 4,386,299 shares of the pipeline company's stock worth $80,006,000 after purchasing an additional 66,695 shares during the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its position in Plains GP by 3.9% in the fourth quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 3,725,000 shares of the pipeline company's stock worth $71,296,000 after purchasing an additional 140,000 shares during the last quarter. Finally, UBS Group AG grew its stake in shares of Plains GP by 1.7% during the 4th quarter. UBS Group AG now owns 3,407,809 shares of the pipeline company's stock valued at $65,225,000 after purchasing an additional 58,003 shares during the period. Hedge funds and other institutional investors own 88.30% of the company's stock.

Plains GP Company Profile

Plains GP Holdings, L.P. NYSE: PAGP serves as the general partner of Plains All American Pipeline, L.P., one of North America's leading energy infrastructure companies. Through its ownership of a 2% general partner interest and incentive distribution rights (IDRs), Plains GP Holdings participates in the governance and cash distribution structure of a diversified portfolio of crude oil and natural gas liquids gathering, transportation, storage, and terminaling assets.

The company's primary business activities include overseeing the strategic direction and capital allocation decisions for its affiliated midstream operations.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.