Plains GP (PAGP) Research Coverage Started at Credit Suisse Group
Equities researchers at Credit Suisse Group began coverage on shares of Plains GP (NYSE:PAGP) in a research note issued to investors on Thursday, Marketbeat Ratings reports. The brokerage set an “outperform” rating and a $31.00 price target on the pipeline company’s stock. Credit Suisse Group’s price target points to a potential upside of 28.90% from the stock’s current price.
Several other equities research analysts have also recently commented on PAGP. BMO Capital Markets reiterated a “buy” rating and set a $27.00 price target on shares of Plains GP in a research report on Friday, July 13th. ValuEngine cut shares of Plains GP from a “hold” rating to a “sell” rating in a report on Friday, June 29th. Zacks Investment Research upgraded shares of Plains GP from a “hold” rating to a “buy” rating and set a $27.00 price objective for the company in a report on Wednesday, September 19th. Stifel Nicolaus boosted their price objective on shares of Plains GP from $24.00 to $26.00 and gave the company a “hold” rating in a report on Wednesday, August 8th. Finally, Sanford C. Bernstein cut shares of Plains GP from an “outperform” rating to a “market perform” rating in a report on Monday, June 18th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and twelve have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $28.53.
Shares of NYSE:PAGP opened at $24.05 on Thursday. Plains GP has a one year low of $18.98 and a one year high of $27.00. The company has a quick ratio of 0.63, a current ratio of 0.75 and a debt-to-equity ratio of 0.73. The company has a market cap of $3.87 billion, a PE ratio of 37.00 and a beta of 1.26.
In related news, Director John T. Raymond purchased 25,000 shares of Plains GP stock in a transaction dated Tuesday, September 25th. The stock was bought at an average price of $23.40 per share, for a total transaction of $585,000.00. Following the completion of the acquisition, the director now directly owns 245,531 shares of the company’s stock, valued at $5,745,425.40. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. 16.80% of the stock is currently owned by insiders.
Several institutional investors have recently added to or reduced their stakes in PAGP. Icon Wealth Partners LLC boosted its holdings in shares of Plains GP by 50.4% in the second quarter. Icon Wealth Partners LLC now owns 7,093 shares of the pipeline company’s stock valued at $170,000 after buying an additional 2,378 shares during the period. Cerebellum GP LLC acquired a new position in shares of Plains GP in the third quarter valued at approximately $173,000. Russell Investments Group Ltd. acquired a new position in shares of Plains GP in the second quarter valued at approximately $175,000. Linscomb & Williams Inc. acquired a new position in shares of Plains GP in the second quarter valued at approximately $179,000. Finally, MHI Funds LLC acquired a new position in shares of Plains GP in the second quarter valued at approximately $208,000. Institutional investors own 89.44% of the company’s stock.
About Plains GP
Plains GP Holdings, L.P. owns and operates midstream energy infrastructure in the United States and Canada. It operates through three segments: Transportation, Facilities, and Supply and Logistics. The Transportation segment engages in the transportation of crude oil and natural gas liquids (NGLs) on pipelines, gathering systems, trucks, and barges.
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