Plains GP (NYSE:PAGP) Stock Price Expected to Rise, Truist Financial Analyst Says

Key Points

• Truist Financial raised its price target on Plains GP from $23 to $25 while keeping a buy rating on the stock. The new target still implies only a modest downside from the previous close.
• Other analysts have been mixed on PAGP, with recent ratings ranging from underweight to buy. The broader consensus remains Hold, with a consensus price target of $23.18.
• The stock was trading at $25.31, near its 1-year high of $26.15, with a market cap of $5.01 billion and relatively low beta of 0.45. Institutional ownership is high, with hedge funds and other investors holding about 88.3% of the company.

Plains GP (NYSE:PAGP - Get Free Report) had its price objective hoisted by equities researchers at Truist Financial from $23.00 to $25.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the pipeline company's stock. Truist Financial's target price would suggest a potential downside of 1.22% from the company's previous close.

PAGP has been the subject of several other research reports. Wells Fargo & Company increased their price objective on shares of Plains GP from $22.00 to $23.00 and gave the company an "equal weight" rating in a research report on Tuesday, May 12th. Citigroup upped their target price on shares of Plains GP from $20.00 to $23.00 and gave the company a "neutral" rating in a research note on Thursday, May 14th. The Goldman Sachs Group raised shares of Plains GP from a "sell" rating to a "neutral" rating and raised their price target for the company from $18.00 to $24.00 in a report on Wednesday, June 3rd. Barclays lifted their price target on shares of Plains GP from $18.00 to $21.00 and gave the stock an "underweight" rating in a research note on Friday, April 10th. Finally, US Capital Advisors lowered shares of Plains GP from a "strong-buy" rating to a "moderate buy" rating in a report on Friday, May 29th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, six have issued a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $23.18.

Plains GP Price Performance

PAGP stock opened at $25.31 on Wednesday. The firm has a market cap of $5.01 billion, a P/E ratio of 47.76 and a beta of 0.45. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.92 and a current ratio of 1.01. Plains GP has a 1 year low of $16.68 and a 1 year high of $26.15. The stock has a 50-day simple moving average of $24.37 and a 200-day simple moving average of $22.87.

Hedge Funds Weigh In On Plains GP

A number of hedge funds have recently added to or reduced their stakes in the business. CWM LLC increased its stake in Plains GP by 8.5% during the fourth quarter. CWM LLC now owns 8,113 shares of the pipeline company's stock valued at $155,000 after acquiring an additional 636 shares during the period. Diesslin Group Inc. raised its position in Plains GP by 0.8% in the 2nd quarter. Diesslin Group Inc. now owns 82,841 shares of the pipeline company's stock valued at $2,011,000 after purchasing an additional 664 shares during the last quarter. McIlrath & Eck LLC lifted its position in Plains GP by 5.9% during the 1st quarter. McIlrath & Eck LLC now owns 12,133 shares of the pipeline company's stock worth $295,000 after buying an additional 677 shares in the last quarter. Quantinno Capital Management LP lifted its position in shares of Plains GP by 1.8% during the first quarter. Quantinno Capital Management LP now owns 40,208 shares of the pipeline company's stock worth $976,000 after purchasing an additional 698 shares in the last quarter. Finally, IVC Wealth Advisors LLC lifted its holdings in Plains GP by 4.7% during the 1st quarter. IVC Wealth Advisors LLC now owns 16,105 shares of the pipeline company's stock worth $391,000 after buying an additional 722 shares in the last quarter. Institutional investors and hedge funds own 88.30% of the company's stock.

About Plains GP

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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