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 cut by JPMorgan Chase & Co. from $21.00 to $20.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a "neutral" rating on the pipeline company's stock. JPMorgan Chase & Co.'s price target would suggest a potential upside of 7.60% from the stock's previous close.

A number of other equities research analysts have also recently weighed in on PAGP. Mizuho lifted their price objective on Plains GP from $20.00 to $22.00 and gave the company an "outperform" rating in a research note on Wednesday, June 18th. Morgan Stanley decreased their target price on Plains GP from $22.00 to $20.00 and set an "equal weight" rating for the company in a report on Tuesday, August 26th. Zacks Research lowered Plains GP from a "strong-buy" rating to a "hold" rating in a report on Monday. Finally, Wolfe Research reiterated a "peer perform" rating on shares of Plains GP in a report on Friday, July 25th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $20.50.

Plains GP Trading Down 0.4%

Shares of NYSE PAGP traded down $0.07 during trading on Thursday, reaching $18.59. The stock had a trading volume of 87,885 shares, compared to its average volume of 1,634,947. Plains GP has a fifty-two week low of $16.60 and a fifty-two week high of $22.31. 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 business's 50-day moving average price is $19.17 and its 200-day moving average price is $19.21. The company has a market cap of $3.68 billion, a P/E ratio of 35.07 and a beta of 0.76.

Hedge Funds Weigh In On Plains GP

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Huntington National Bank acquired a new position in Plains GP during the 2nd quarter worth approximately $31,000. Caitong International Asset Management Co. Ltd increased its position in Plains GP by 378.9% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 1,997 shares of the pipeline company's stock worth $39,000 after purchasing an additional 1,580 shares during the period. Ameritas Advisory Services LLC acquired a new position in Plains GP during the 2nd quarter worth approximately $51,000. CWM LLC increased its position in Plains GP by 394.5% during the 2nd quarter. CWM LLC now owns 2,883 shares of the pipeline company's stock worth $56,000 after purchasing an additional 2,300 shares during the period. Finally, Lazard Asset Management LLC increased its position in Plains GP by 36.5% during the 2nd quarter. Lazard Asset Management LLC now owns 3,030 shares of the pipeline company's stock worth $58,000 after purchasing an additional 811 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.

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