Plains GP (NYSE:PAGP)‘s stock had its “overweight” rating reaffirmed by analysts at JPMorgan Chase & Co. in a research report issued to clients and investors on Tuesday. They currently have a $28.00 price target on the pipeline company’s stock, up from their prior price target of $27.00. JPMorgan Chase & Co.’s target price suggests a potential upside of 20.90% from the company’s current price.
PAGP has been the topic of a number of other reports. Seaport Global Securities upgraded shares of Plains GP from a “neutral” rating to a “buy” rating in a report on Tuesday, February 20th. Bank of America initiated coverage on shares of Plains GP in a research note on Tuesday, January 9th. They issued a “neutral” rating on the stock. Morgan Stanley upgraded shares of Plains GP from an “equal weight” rating to an “overweight” rating and set a $32.00 price target on the stock in a research note on Tuesday, February 13th. SunTrust Banks set a $24.00 price target on shares of Plains GP and gave the company a “hold” rating in a research note on Thursday, November 16th. Finally, Credit Suisse Group initiated coverage on shares of Plains GP in a research note on Thursday, January 4th. They issued an “outperform” rating and a $25.00 price target on the stock. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $26.11.
Plains GP (PAGP) traded up $0.02 on Tuesday, reaching $23.16. 393,734 shares of the company’s stock traded hands, compared to its average volume of 1,628,084. The company has a current ratio of 0.88, a quick ratio of 0.73 and a debt-to-equity ratio of 0.74. The firm has a market capitalization of $6,730.00, a price-to-earnings ratio of 34.54 and a beta of 1.35. Plains GP has a 12 month low of $18.98 and a 12 month high of $32.24.
In related news, Director Oscar K. Brown bought 7,100 shares of Plains GP stock in a transaction that occurred on Thursday, February 15th. The stock was acquired at an average price of $22.51 per share, with a total value of $159,821.00. Following the acquisition, the director now owns 7,100 shares of the company’s stock, valued at approximately $159,821. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 39.93% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Icon Wealth Partners LLC acquired a new position in shares of Plains GP in the 4th quarter valued at approximately $103,000. The Manufacturers Life Insurance Company increased its position in Plains GP by 11.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 4,166 shares of the pipeline company’s stock worth $109,000 after purchasing an additional 428 shares in the last quarter. Advisory Services Network LLC increased its position in Plains GP by 1,492.9% during the 4th quarter. Advisory Services Network LLC now owns 5,400 shares of the pipeline company’s stock worth $119,000 after purchasing an additional 5,061 shares in the last quarter. Toronto Dominion Bank increased its position in Plains GP by 260.0% during the 3rd quarter. Toronto Dominion Bank now owns 6,110 shares of the pipeline company’s stock worth $134,000 after purchasing an additional 4,413 shares in the last quarter. Finally, Chicago Partners Investment Group LLC grew its holdings in Plains GP by 126.9% during the 3rd quarter. Chicago Partners Investment Group LLC now owns 8,406 shares of the pipeline company’s stock worth $184,000 after acquiring an additional 4,702 shares during the last quarter. 84.22% of the stock is owned by institutional investors and hedge funds.
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About Plains GP
Plains GP Holdings, L.P. owns and operates midstream energy infrastructure and provides logistics services for crude oil, natural gas liquids (NGL), natural gas and refined products. The Company operates through three segments: Transportation, Facilities, and Supply and Logistics. Through its three business segments, the Company is engaged in the transportation, storage, terminaling and marketing of crude oil, NGL and natural gas.
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