Plains GP (NYSE:PAGP) Price Target Cut to $20.00 by Analysts at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. has reduced its price target for Plains GP from $21.00 to $20.00, maintaining a "neutral" rating on the stock.
• The current consensus rating for Plains GP's stock is "Hold," with a consensus target price of $20.50.
• Shares of Plains GP have traded down to $18.59, nearing their 52-week low of $16.60, indicating a challenging market environment.

Plains GP (NYSE:PAGP - Get Free Report) had its price objective lowered by JPMorgan Chase & Co. from $21.00 to $20.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a "neutral" rating on the pipeline company's stock. JPMorgan Chase & Co.'s target price indicates a potential upside of 10.16% from the company's previous close.

PAGP has been the topic of a number of other research reports. Mizuho lifted their price objective on Plains GP from $20.00 to $22.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 18th. Wolfe Research reaffirmed a "peer perform" rating on shares of Plains GP in a research report on Friday, July 25th. Zacks Research downgraded Plains GP from a "strong-buy" rating to a "hold" rating in a report on Monday, September 15th. Finally, Morgan Stanley reduced their price objective on Plains GP from $22.00 to $20.00 and set an "equal weight" rating for the company in a research note on Tuesday, August 26th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $20.50.

Plains GP Stock Performance

Shares of PAGP stock traded down $0.13 during trading hours on Thursday, reaching $18.16. 466,977 shares of the company traded hands, compared to its average volume of 1,628,193. Plains GP has a 12-month low of $16.60 and a 12-month high of $22.31. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.92. The company has a market cap of $3.59 billion, a P/E ratio of 34.20 and a beta of 0.76. The firm has a 50-day moving average price of $19.12 and a 200 day moving average price of $19.15.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Northern Trust Corp raised its position in shares of Plains GP by 27.2% during the 4th quarter. Northern Trust Corp now owns 80,964 shares of the pipeline company's stock valued at $1,488,000 after acquiring an additional 17,333 shares during the last quarter. Snowden Capital Advisors LLC acquired a new stake in shares of Plains GP during the 4th quarter worth approximately $300,000. Vident Advisory LLC acquired a new stake in Plains GP in the fourth quarter valued at approximately $1,751,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Plains GP by 0.5% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 424,072 shares of the pipeline company's stock worth $7,794,000 after buying an additional 1,997 shares during the last quarter. Finally, Aegis Wealth Management LLC bought a new stake in Plains GP in the fourth quarter valued at $310,000. 88.30% of the stock is owned by institutional investors and hedge funds.

About Plains GP

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.