Barclays Forecasts Strong Price Appreciation for Plains GP (NYSE:PAGP) Stock

Plains GP (NYSE:PAGP) had its price objective upped by analysts at Barclays from $18.00 to $21.00 in a report issued on Friday, MarketBeat reports. The firm presently has an “underweight” rating on the pipeline company’s stock. Barclays‘s price target indicates a potential downside of 10.94% from the stock’s current price.

Other research analysts have also recently issued research reports about the stock. Citigroup lifted their target price on shares of Plains GP from $17.00 to $20.00 and gave the company a “neutral” rating in a research note on Tuesday, February 10th. Mizuho set a $23.00 target price on Plains GP in a research note on Friday, January 23rd. Bank of America downgraded Plains GP from a “neutral” rating to an “underperform” rating and set a $19.00 target price on the stock. in a research note on Wednesday, January 28th. Zacks Research downgraded Plains GP from a “hold” rating to a “strong sell” rating in a research note on Thursday, March 12th. Finally, Truist Financial initiated coverage on Plains GP in a research note on Tuesday, March 24th. They set a “buy” rating and a $23.00 target price on the stock. Two 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 stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $21.90.

Plains GP Stock Down 0.1%

PAGP opened at $23.58 on Friday. 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 fifty-two week low of $16.68 and a fifty-two week high of $24.75. The firm’s fifty day moving average is $22.82 and its 200 day moving average is $20.05. The stock has a market cap of $4.67 billion, a price-to-earnings ratio of 44.49 and a beta of 0.50.

Hedge Funds Weigh In On Plains GP

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Whittier Trust Co. of Nevada Inc. boosted its stake in Plains GP by 56.8% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 1,781 shares of the pipeline company’s stock valued at $32,000 after buying 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 boosted its stake 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 valued at $58,000 after buying an additional 811 shares during the last quarter. Asset Dedication LLC bought a new position in Plains GP during the second quarter valued at approximately $83,000. Finally, Virtus Advisers LLC raised its stake in Plains GP by 46.5% during the fourth quarter. Virtus Advisers LLC now owns 5,859 shares of the pipeline company’s stock valued at $112,000 after purchasing an additional 1,859 shares in the last quarter. 88.30% of the stock is owned by 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.