Wells Fargo & Company Raises Plains GP (NYSE:PAGP) Price Target to $21.00

Plains GP (NYSE:PAGP) had its price objective hoisted by stock analysts at Wells Fargo & Company from $20.00 to $21.00 in a research report issued on Monday,Benzinga reports. The firm presently has an “equal weight” rating on the pipeline company’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 0.62% from the company’s current price.

PAGP has been the topic of several other research reports. Mizuho set a $23.00 price objective on Plains GP in a report on Friday, January 23rd. Raymond James Financial cut their price target on shares of Plains GP from $24.00 to $22.00 and set a “strong-buy” rating on the stock in a research report on Friday, October 24th. Bank of America downgraded Plains GP from a “neutral” rating to an “underperform” rating and set a $19.00 price objective on the stock. in a research note on Wednesday, January 28th. Barclays raised their target price on shares of Plains GP from $17.00 to $18.00 and gave the stock an “underweight” rating in a report on Monday. Finally, Morgan Stanley lifted their price target on Plains GP from $20.00 to $22.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 25th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, six have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $20.63.

Plains GP Stock Performance

PAGP opened at $20.87 on Monday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.92 and a current ratio of 1.01. The company has a market cap of $4.13 billion, a PE ratio of 39.38 and a beta of 0.57. The stock has a 50-day moving average of $19.68 and a 200-day moving average of $18.79. Plains GP has a 52-week low of $16.60 and a 52-week high of $21.97.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Pathstone Holdings LLC lifted its stake in Plains GP by 227.5% during the 3rd quarter. Pathstone Holdings LLC now owns 2,055,395 shares of the pipeline company’s stock valued at $37,490,000 after acquiring an additional 1,427,743 shares in the last quarter. CIBC Bancorp USA Inc. bought a new stake in shares of Plains GP in the 3rd quarter worth approximately $9,629,000. Chickasaw Capital Management LLC raised its stake in shares of Plains GP by 5.9% in the third quarter. Chickasaw Capital Management LLC now owns 8,832,780 shares of the pipeline company’s stock valued at $161,110,000 after buying an additional 494,259 shares during the period. Bank of America Corp DE raised its stake in Plains GP by 36.4% in the 3rd quarter. Bank of America Corp DE now owns 1,750,236 shares of the pipeline company’s stock valued at $31,924,000 after acquiring an additional 466,773 shares during the period. Finally, Qube Research & Technologies Ltd lifted its stake in shares of Plains GP by 46.1% during the 3rd quarter. Qube Research & Technologies Ltd now owns 1,446,983 shares of the pipeline company’s stock valued at $26,393,000 after buying an additional 456,426 shares in the last quarter. 88.30% of the stock is owned by institutional investors and hedge funds.

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.