Plains GP (NYSE:PAGP) Coverage Initiated at Truist Financial

Investment analysts at Truist Financial assumed coverage on shares of Plains GP (NYSE:PAGP) in a report issued on Tuesday,Benzinga reports. The firm set a “buy” rating and a $23.00 price target on the pipeline company’s stock. Truist Financial’s price objective points to a potential downside of 4.45% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the stock. Wells Fargo & Company increased their price objective on shares of Plains GP from $21.00 to $22.00 and gave the stock an “equal weight” rating in a research note on Friday, March 13th. Stifel Nicolaus boosted their target price on shares of Plains GP from $23.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, March 6th. Morgan Stanley upped their target price on shares of Plains GP from $22.00 to $24.00 and gave the company an “equal weight” rating in a report on Wednesday, March 18th. Zacks Research downgraded shares of Plains GP from a “hold” rating to a “strong sell” rating in a research report on Thursday, March 12th. Finally, Barclays lifted their price target on shares of Plains GP from $17.00 to $18.00 and gave the stock an “underweight” rating in a research note on Monday, February 9th. Two equities research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, five have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, Plains GP has an average rating of “Hold” and a consensus target price of $21.60.

Plains GP Stock Down 0.3%

PAGP stock opened at $24.07 on Tuesday. The company has a market cap of $4.76 billion, a price-to-earnings ratio of 45.42 and a beta of 0.56. 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 business’s 50-day moving average is $21.98 and its two-hundred day moving average is $19.59. Plains GP has a fifty-two week low of $16.60 and a fifty-two week high of $24.34.

Hedge Funds Weigh In On Plains GP

Hedge funds have recently modified their holdings of the company. Whittier Trust Co. of Nevada Inc. increased its holdings in shares of Plains GP by 56.8% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 1,781 shares of the pipeline company’s stock worth $32,000 after purchasing an additional 645 shares during the last quarter. Larson Financial Group LLC bought a new position in Plains GP during the third quarter valued at approximately $46,000. Lazard Asset Management LLC grew its holdings in Plains GP by 36.5% during the 2nd quarter. Lazard Asset Management LLC now owns 3,030 shares of the pipeline company’s stock valued at $58,000 after buying an additional 811 shares in the last quarter. Asset Dedication LLC purchased a new position in Plains GP during the 2nd quarter valued at approximately $83,000. Finally, Virtus Advisers LLC increased its stake in Plains GP by 46.5% in the 4th quarter. Virtus Advisers LLC now owns 5,859 shares of the pipeline company’s stock worth $112,000 after acquiring an additional 1,859 shares during the last quarter. 88.30% of the stock is currently owned by 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.