Plains GP (NYSE:PAGP) Given New $23.00 Price Target at Wells Fargo & Company

Plains GP (NYSE:PAGP) had its target price hoisted by analysts at Wells Fargo & Company from $22.00 to $23.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an “equal weight” rating on the pipeline company’s stock. Wells Fargo & Company‘s price target would indicate a potential downside of 2.17% from the company’s current price.

Other research analysts have also recently issued reports about the company. Zacks Research upgraded Plains GP from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 21st. Bank of America cut Plains GP from a “neutral” rating to an “underperform” rating and set a $19.00 price objective for the company. in a research report on Wednesday, January 28th. Barclays raised their price target on Plains GP from $18.00 to $21.00 and gave the stock an “underweight” rating in a report on Friday, April 10th. Stifel Nicolaus lifted their target price on shares of Plains GP from $23.00 to $25.00 and gave the company a “buy” rating in a report on Friday, March 6th. Finally, Citigroup upped their price target on Plains GP from $17.00 to $20.00 and gave the stock a “neutral” rating in a report on Tuesday, February 10th. Two analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $22.00.

Plains GP Price Performance

Plains GP stock opened at $23.51 on Tuesday. The company’s 50 day simple moving average is $23.56 and its 200-day simple moving average is $20.83. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.92 and a current ratio of 1.01. Plains GP has a 1 year low of $16.68 and a 1 year high of $24.75. The company has a market capitalization of $4.65 billion, a price-to-earnings ratio of 44.36 and a beta of 0.46.

Institutional Investors Weigh In On Plains GP

Several hedge funds have recently modified their holdings of PAGP. Royal Bank of Canada boosted its holdings in Plains GP by 6.1% in the 1st quarter. Royal Bank of Canada now owns 468,314 shares of the pipeline company’s stock worth $10,003,000 after acquiring an additional 26,952 shares during the period. Natixis acquired a new stake in shares of Plains GP during the 2nd quarter valued at approximately $1,029,000. Qube Research & Technologies Ltd lifted its stake in Plains GP by 7.6% during the second quarter. Qube Research & Technologies Ltd now owns 990,557 shares of the pipeline company’s stock worth $19,247,000 after purchasing an additional 69,970 shares during the last quarter. NewEdge Advisors LLC boosted its holdings in Plains GP by 5.9% in the second quarter. NewEdge Advisors LLC now owns 84,136 shares of the pipeline company’s stock worth $1,635,000 after purchasing an additional 4,692 shares during the period. Finally, Diversify Advisory Services LLC bought a new stake in Plains GP during the second quarter valued at $279,000. 88.30% of the stock is currently owned by hedge funds and other 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.