Plains GP (NYSE:PAGP) Stock Rating Upgraded by Truist Financial

Plains GP (NYSE:PAGP) was upgraded by analysts at Truist Financial to a “strong-buy” rating in a research report issued on Monday,Zacks.com reports.

Other equities research analysts have also recently issued reports about the company. Mizuho set a $23.00 target price on Plains GP in a research note on Friday, January 23rd. Stifel Nicolaus increased their price target 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. Barclays raised their price objective 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. Citigroup lifted their price objective on shares of Plains GP from $17.00 to $20.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 10th. Finally, Wells Fargo & Company boosted their target price on shares of Plains GP from $21.00 to $22.00 and gave the company an “equal weight” rating in a research note on Friday, March 13th. 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 given a Sell rating to the company. According to MarketBeat.com, Plains GP presently has an average rating of “Hold” and a consensus price target of $21.60.

Plains GP Stock Up 1.6%

PAGP stock opened at $24.14 on Monday. The stock’s fifty day simple moving average is $21.90 and its two-hundred day simple moving average is $19.56. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49. Plains GP has a 1-year low of $16.60 and a 1-year high of $24.34. The stock has a market cap of $4.78 billion, a P/E ratio of 45.55 and a beta of 0.56.

Institutional Investors Weigh In On Plains GP

Large investors have recently added to or reduced their stakes in the company. Whittier Trust Co. of Nevada Inc. raised its stake in Plains GP by 56.8% in 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 acquiring an additional 645 shares during the period. Larson Financial Group LLC purchased a new stake in Plains GP during the third quarter valued at about $46,000. Lazard Asset Management LLC boosted its position in Plains GP by 36.5% during the second quarter. Lazard Asset Management LLC now owns 3,030 shares of the pipeline company’s stock worth $58,000 after purchasing an additional 811 shares during the period. Asset Dedication LLC purchased a new position in shares of Plains GP in the second quarter worth about $83,000. Finally, Virtus Advisers LLC increased its stake in shares of Plains GP by 46.5% in the fourth quarter. Virtus Advisers LLC now owns 5,859 shares of the pipeline company’s stock worth $112,000 after purchasing an additional 1,859 shares in the last quarter. Hedge funds and other institutional investors own 88.30% of the company’s stock.

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.