Plains GP (NYSE:PAGP) Rating Lowered to “Underperform” at Bank of America

Plains GP (NYSE:PAGP) was downgraded by research analysts at Bank of America from a “neutral” rating to an “underperform” rating in a report released on Wednesday, MarketBeat reports. They presently have a $19.00 price target on the pipeline company’s stock. Bank of America‘s price objective would indicate a potential downside of 8.74% from the stock’s current price.

A number of other analysts have also issued reports on PAGP. Raymond James Financial decreased their price objective on Plains GP from $24.00 to $22.00 and set a “strong-buy” rating on the stock in a research note on Friday, October 24th. Barclays reduced their target price on Plains GP from $18.00 to $17.00 and set an “underweight” rating for the company in a report on Tuesday, October 7th. Mizuho set a $23.00 price target on shares of Plains GP in a report on Friday, January 23rd. Morgan Stanley raised their price objective on shares of Plains GP from $20.00 to $22.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 25th. Finally, Zacks Research cut shares of Plains GP from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 23rd. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $20.14.

Plains GP Stock Down 0.2%

PAGP opened at $20.82 on Wednesday. The company has a 50 day moving average of $19.29 and a 200 day moving average of $18.74. The company has a market cap of $4.12 billion, a PE ratio of 39.28 and a beta of 0.56. Plains GP has a 12 month low of $16.60 and a 12 month high of $22.17. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49.

Hedge Funds Weigh In On Plains GP

Institutional investors have recently made changes to their positions in the stock. Cibc World Market Inc. lifted its holdings in shares of Plains GP by 3.8% during the 3rd quarter. Cibc World Market Inc. now owns 16,229 shares of the pipeline company’s stock worth $296,000 after acquiring an additional 597 shares during the last quarter. Kesler Norman & Wride LLC raised its position in Plains GP by 1.3% during the second quarter. Kesler Norman & Wride LLC now owns 48,882 shares of the pipeline company’s stock valued at $950,000 after purchasing an additional 618 shares in the last quarter. Arkadios Wealth Advisors lifted its stake in Plains GP by 0.8% during the third quarter. Arkadios Wealth Advisors now owns 75,889 shares of the pipeline company’s stock worth $1,384,000 after purchasing an additional 631 shares during the last quarter. CWM LLC boosted its holdings in shares of Plains GP by 8.5% in the 4th quarter. CWM LLC now owns 8,113 shares of the pipeline company’s stock worth $155,000 after purchasing an additional 636 shares in the last quarter. Finally, Whittier Trust Co. of Nevada Inc. increased its position in shares of Plains GP by 56.8% during the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 1,781 shares of the pipeline company’s stock valued at $32,000 after purchasing an additional 645 shares during the last quarter. Institutional investors 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.