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

Plains GP (NYSE:PAGP) had its price objective boosted by Truist Financial from $23.00 to $25.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the pipeline company’s stock. Truist Financial’s price objective suggests a potential downside of 1.88% from the stock’s current price.

Other equities research analysts have also issued research reports about the stock. Mizuho upped their target price on shares of Plains GP from $25.00 to $27.00 and gave the stock an “outperform” rating in a report on Monday, June 8th. Morgan Stanley lifted their price target on shares of Plains GP from $24.00 to $26.00 and gave the company an “equal weight” rating in a report on Wednesday, May 20th. Barclays boosted their price target on shares of Plains GP from $18.00 to $21.00 and gave the company an “underweight” rating in a research report on Friday, April 10th. Wells Fargo & Company raised their price objective on shares of Plains GP from $22.00 to $23.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 12th. Finally, The Goldman Sachs Group upgraded shares of Plains GP from a “sell” rating to a “neutral” rating and lifted their target price for the company from $18.00 to $24.00 in a research note on Wednesday, June 3rd. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, six have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, Plains GP currently has a consensus rating of “Hold” and a consensus target price of $23.36.

Plains GP Stock Performance

Plains GP stock opened at $25.48 on Wednesday. The firm has a market capitalization of $5.04 billion, a P/E ratio of 48.08 and a beta of 0.45. The stock has a fifty day moving average price of $24.44 and a two-hundred day moving average price of $22.96. Plains GP has a 52-week low of $16.68 and a 52-week high of $26.15. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.92.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Diesslin Group Inc. grew its holdings in Plains GP by 0.8% during the 2nd quarter. Diesslin Group Inc. now owns 82,841 shares of the pipeline company’s stock worth $2,011,000 after acquiring an additional 664 shares during the last quarter. NewEdge Advisors LLC raised its stake in shares of Plains GP by 0.8% in the first quarter. NewEdge Advisors LLC now owns 107,504 shares of the pipeline company’s stock worth $2,610,000 after acquiring an additional 884 shares during the last quarter. McIlrath & Eck LLC raised its stake in shares of Plains GP by 5.9% in the first quarter. McIlrath & Eck LLC now owns 12,133 shares of the pipeline company’s stock worth $295,000 after acquiring an additional 677 shares during the last quarter. Bank of America Corp DE lifted its position in shares of Plains GP by 86.3% during the first quarter. Bank of America Corp DE now owns 3,752,707 shares of the pipeline company’s stock worth $91,116,000 after purchasing an additional 1,738,351 shares in the last quarter. Finally, Arkadios Wealth Advisors lifted its position in shares of Plains GP by 3.7% during the first quarter. Arkadios Wealth Advisors now owns 96,014 shares of the pipeline company’s stock worth $2,331,000 after purchasing an additional 3,390 shares in the last quarter. 88.30% of the stock is owned by 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.