Plains GP (NYSE:PAGP) Stock Rating Upgraded by Zacks Research

Key Points

• Zacks Research upgraded Plains GP from a “strong sell” to a “hold” rating, adding to a mixed analyst outlook on the stock.
• Other firms recently adjusted their views and price targets, with Truist raising its target to $25 and assigning a buy rating, while the consensus rating remains Hold with an average price target of $23.36.
• Plains GP shares were up 1.1% to $26.51, trading near their 52-week high, while institutional ownership remains high at 88.3%.

Plains GP (NYSE:PAGP - Get Free Report) was upgraded by research analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research note issued to investors on Wednesday,Zacks.com reports.

Several other research firms have also recently issued reports on PAGP. Truist Financial raised their price objective on Plains GP from $23.00 to $25.00 and gave the stock a "buy" rating in a report on Wednesday, July 15th. Wells Fargo & Company upped their target price on Plains GP from $22.00 to $23.00 and gave the company an "equal weight" rating in a research note on Tuesday, May 12th. Citigroup increased their target price on Plains GP from $20.00 to $23.00 and gave the stock a "neutral" rating in a research report on Thursday, May 14th. Barclays raised their price target on Plains GP from $21.00 to $23.00 and gave the stock an "underweight" rating in a research note on Thursday, July 16th. Finally, US Capital Advisors cut Plains GP from a "strong-buy" rating to a "moderate buy" rating in a report on Friday, May 29th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, Plains GP presently has a consensus rating of "Hold" and a consensus price target of $23.36.

Plains GP Stock Up 1.1%

Shares of NYSE PAGP opened at $26.51 on Wednesday. The firm has a market cap of $5.25 billion, a P/E ratio of 50.02 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 $26.54. The firm's 50 day moving average price is $24.68 and its 200 day moving average price is $23.20.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Energy Income Partners LLC grew its position in Plains GP by 1.0% during the third quarter. Energy Income Partners LLC now owns 10,196,673 shares of the pipeline company's stock valued at $185,987,000 after acquiring an additional 102,916 shares during the period. Invesco Ltd. raised its holdings in shares of Plains GP by 1.5% in the 3rd 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 period. Bank of America Corp DE lifted its stake in shares of Plains GP by 86.3% in the 1st quarter. Bank of America Corp DE now owns 3,752,707 shares of the pipeline company's stock valued at $91,116,000 after purchasing an additional 1,738,351 shares in the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its stake in shares of Plains GP by 3.9% in the 4th quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 3,725,000 shares of the pipeline company's stock valued at $71,296,000 after purchasing an additional 140,000 shares in the last quarter. Finally, UBS Group AG grew its holdings 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 worth $65,225,000 after purchasing an additional 58,003 shares during the period. 88.30% of the stock is owned by hedge funds and other institutional investors.

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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