Wells Fargo & Company Boosts Plains GP (NYSE:PAGP) Price Target to $22.00

Plains GP (NYSE:PAGP) had its price objective raised by investment analysts at Wells Fargo & Company from $21.00 to $22.00 in a report released on Friday,Benzinga reports. The firm presently has an “equal weight” rating on the pipeline company’s stock. Wells Fargo & Company‘s price target would suggest a potential downside of 4.84% from the stock’s current price.

Several other equities research analysts also recently issued reports on PAGP. Mizuho set a $23.00 target price on Plains GP in a research report on Friday, January 23rd. Morgan Stanley boosted their price objective on Plains GP from $20.00 to $22.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 25th. Stifel Nicolaus increased their price objective on Plains GP from $23.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, March 6th. Zacks Research downgraded Plains GP from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 23rd. Finally, Citigroup lifted their target price on Plains GP from $17.00 to $20.00 and gave the company a “neutral” rating in a report on Tuesday, February 10th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, five have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $21.22.

Plains GP Stock Performance

Shares of PAGP stock opened at $23.12 on Friday. The firm’s 50 day moving average is $21.35 and its 200 day moving average is $19.33. The stock has a market capitalization of $4.58 billion, a P/E ratio of 43.62 and a beta of 0.56. Plains GP has a 12 month low of $16.60 and a 12 month high of $24.00. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49.

Institutional Investors Weigh In On Plains GP

Several large investors have recently added to or reduced their stakes in PAGP. Corient Private Wealth LLC raised its holdings in shares of Plains GP by 1.6% in the 4th quarter. Corient Private Wealth LLC now owns 247,162 shares of the pipeline company’s stock valued at $4,731,000 after acquiring an additional 3,890 shares in the last quarter. Hsbc Holdings PLC grew its holdings in shares of Plains GP by 3.7% during the fourth quarter. Hsbc Holdings PLC now owns 2,764,847 shares of the pipeline company’s stock worth $52,919,000 after purchasing an additional 99,655 shares in the last quarter. Mackenzie Financial Corp grew its holdings in shares of Plains GP by 22.1% during the fourth quarter. Mackenzie Financial Corp now owns 874,671 shares of the pipeline company’s stock worth $16,630,000 after purchasing an additional 158,368 shares in the last quarter. NewEdge Advisors LLC increased its position in shares of Plains GP by 17.3% in the fourth quarter. NewEdge Advisors LLC now owns 106,620 shares of the pipeline company’s stock worth $2,041,000 after purchasing an additional 15,718 shares during the last quarter. Finally, XTX Topco Ltd bought a new position in shares of Plains GP in the fourth quarter worth approximately $1,213,000. Institutional investors own 88.30% of the company’s stock.

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.