Plains GP (NYSE:PAGP) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Plains GP (NYSE:PAGP) had its target price raised by research analysts at Morgan Stanley from $22.00 to $24.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has an “equal weight” rating on the pipeline company’s stock. Morgan Stanley’s price objective indicates a potential upside of 1.22% from the company’s current price.

A number of other equities research analysts have also commented on the company. Citigroup upped their target price on Plains GP from $17.00 to $20.00 and gave the company a “neutral” rating in a research report on Tuesday, February 10th. Bank of America cut shares of Plains GP from a “neutral” rating to an “underperform” rating and set a $19.00 price objective for the company. in a research note on Wednesday, January 28th. Wells Fargo & Company upped their price objective on shares of Plains GP from $21.00 to $22.00 and gave the company an “equal weight” rating in a report on Friday, March 13th. Mizuho set a $23.00 price objective on shares of Plains GP in a research note on Friday, January 23rd. Finally, 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, February 9th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $21.44.

Plains GP Price Performance

Shares of PAGP opened at $23.71 on Wednesday. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.92. The company’s fifty day moving average price is $21.67 and its 200-day moving average price is $19.45. Plains GP has a 1-year low of $16.60 and a 1-year high of $24.00. The firm has a market capitalization of $4.69 billion, a PE ratio of 44.74 and a beta of 0.56.

Hedge Funds Weigh In On Plains GP

Several institutional investors have recently made changes to their positions in the company. Rockefeller Capital Management L.P. grew its holdings in Plains GP by 70.2% in the fourth quarter. Rockefeller Capital Management L.P. now owns 19,661 shares of the pipeline company’s stock valued at $376,000 after purchasing an additional 8,111 shares during the period. Corient Private Wealth LLC raised its stake in shares of Plains GP by 1.6% during the 4th quarter. Corient Private Wealth LLC now owns 247,162 shares of the pipeline company’s stock worth $4,731,000 after buying an additional 3,890 shares during the period. Hsbc Holdings PLC raised its stake in shares of Plains GP by 3.7% during the 4th quarter. Hsbc Holdings PLC now owns 2,764,847 shares of the pipeline company’s stock worth $52,919,000 after buying an additional 99,655 shares during the period. Mackenzie Financial Corp lifted its position in shares of Plains GP by 22.1% during the 4th quarter. Mackenzie Financial Corp now owns 874,671 shares of the pipeline company’s stock valued at $16,630,000 after buying an additional 158,368 shares in the last quarter. Finally, NewEdge Advisors LLC grew its stake in Plains GP by 17.3% in the 4th quarter. NewEdge Advisors LLC now owns 106,620 shares of the pipeline company’s stock valued at $2,041,000 after acquiring an additional 15,718 shares during the period. 88.30% of the stock is owned by hedge funds and other institutional investors.

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.