Plains GP (NYSE:PAGP) Price Target Raised to $21.00

Key Points

• Barclays raised its price target on Plains GP from $18 to $21 but maintained an underweight rating, with the $21 target implying about an 11.3% downside from the stock's current ~$23.67 price.
• Analysts are mixed—MarketBeat shows a consensus rating of "Hold" and an average target of $21.90, with individual targets ranging roughly from $17 to $24 and recent upgrades and downgrades from firms including Morgan Stanley, Bank of America, Wells Fargo, Mizuho and Citigroup.
• Shares traded at $23.67 with a market cap of $4.68 billion and high institutional ownership (~88.3%), and several large investors (e.g., HSBC, Mackenzie) increased their stakes in the fourth quarter.

Plains GP (NYSE:PAGP - Get Free Report) had its price target increased by analysts at Barclays from $18.00 to $21.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has an "underweight" rating on the pipeline company's stock. Barclays's target price suggests a potential downside of 11.29% from the stock's current price.

Several other equities research analysts also recently commented on PAGP. Morgan Stanley upped their price target on shares of Plains GP from $22.00 to $24.00 and gave the company an "equal weight" rating in a research report on Wednesday, March 18th. Bank of America downgraded shares of 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. Wells Fargo & Company upped their price target on shares of Plains GP from $21.00 to $22.00 and gave the company an "equal weight" rating in a research report on Friday, March 13th. Mizuho set a $23.00 price target on shares of Plains GP in a research report on Friday, January 23rd. Finally, Citigroup upped their price target on shares of Plains GP from $17.00 to $20.00 and gave the company a "neutral" rating in a research report on Tuesday, February 10th. Two investment analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat, Plains GP presently has a consensus rating of "Hold" and an average target price of $21.90.

Plains GP Price Performance

Shares of NYSE PAGP traded up $0.06 during midday trading on Friday, reaching $23.67. The company's stock had a trading volume of 358,851 shares, compared to its average volume of 2,037,763. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49. The company has a 50 day moving average price of $22.76 and a 200 day moving average price of $20.00. Plains GP has a one year low of $16.68 and a one year high of $24.75. The company has a market cap of $4.68 billion, a price-to-earnings ratio of 44.68 and a beta of 0.50.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in PAGP. Hsbc Holdings PLC increased its stake in shares of Plains GP by 3.7% during the 4th quarter. Hsbc Holdings PLC now owns 2,764,847 shares of the pipeline company's stock worth $52,919,000 after purchasing an additional 99,655 shares during the last quarter. Rockefeller Capital Management L.P. increased its stake in shares of Plains GP by 70.2% during the 4th quarter. Rockefeller Capital Management L.P. now owns 19,661 shares of the pipeline company's stock worth $376,000 after purchasing an additional 8,111 shares during the last quarter. Corient Private Wealth LLC increased its stake in shares of Plains GP by 1.6% during the 4th quarter. Corient Private Wealth LLC now owns 247,162 shares of the pipeline company's stock worth $4,731,000 after purchasing an additional 3,890 shares during the last quarter. Mackenzie Financial Corp increased its stake in shares of Plains GP by 22.1% during the 4th quarter. Mackenzie Financial Corp now owns 874,671 shares of the pipeline company's stock worth $16,630,000 after purchasing an additional 158,368 shares during the last quarter. Finally, NewEdge Advisors LLC increased its stake in shares of Plains GP by 17.3% during the 4th quarter. NewEdge Advisors LLC now owns 106,620 shares of the pipeline company's stock worth $2,041,000 after purchasing an additional 15,718 shares during the last quarter. Institutional investors and hedge funds 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.

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