Barclays Increases Plains GP (NYSE:PAGP) Price Target to $19.00

Plains GP (NYSE:PAGP) had its price objective increased by equities research analysts at Barclays from $18.00 to $19.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has an “underweight” rating on the pipeline company’s stock. Barclays‘s price target would indicate a potential downside of 11.09% from the company’s current price.

Several other brokerages have also recently issued reports on PAGP. StockNews.com upgraded Plains GP from a “hold” rating to a “buy” rating in a research note on Friday, November 8th. Wolfe Research upgraded Plains GP from a “peer perform” rating to an “outperform” rating and set a $22.00 price target for the company in a research note on Friday, January 10th. Morgan Stanley downgraded Plains GP from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $22.00 to $19.00 in a research report on Friday, October 25th. Finally, Wells Fargo & Company cut Plains GP from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $22.00 to $20.00 in a research report on Wednesday, December 18th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat, Plains GP currently has an average rating of “Hold” and an average price target of $20.22.

Plains GP Stock Up 3.4 %

Plains GP stock traded up $0.70 during midday trading on Thursday, reaching $21.37. The company’s stock had a trading volume of 2,076,924 shares, compared to its average volume of 1,944,692. Plains GP has a 52-week low of $15.78 and a 52-week high of $21.48. The stock has a market capitalization of $4.22 billion, a P/E ratio of 25.14 and a beta of 1.58. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.92. The stock’s 50-day simple moving average is $18.92 and its 200-day simple moving average is $18.84.

Hedge Funds Weigh In On Plains GP

Institutional investors have recently bought and sold shares of the company. Chickasaw Capital Management LLC boosted its stake in shares of Plains GP by 24.7% in the fourth quarter. Chickasaw Capital Management LLC now owns 8,218,030 shares of the pipeline company’s stock valued at $151,047,000 after purchasing an additional 1,629,008 shares during the period. Westwood Holdings Group Inc. lifted its holdings in Plains GP by 2.1% during the 2nd quarter. Westwood Holdings Group Inc. now owns 5,393,558 shares of the pipeline company’s stock worth $101,507,000 after buying an additional 113,098 shares in the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its position in Plains GP by 1.2% in the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 4,373,000 shares of the pipeline company’s stock valued at $80,900,000 after buying an additional 53,000 shares during the period. Mackenzie Financial Corp grew its stake in shares of Plains GP by 10.5% in the second quarter. Mackenzie Financial Corp now owns 1,804,713 shares of the pipeline company’s stock worth $33,965,000 after acquiring an additional 171,217 shares in the last quarter. Finally, BNP Paribas Financial Markets increased its position in shares of Plains GP by 8.5% during the third quarter. BNP Paribas Financial Markets now owns 1,313,974 shares of the pipeline company’s stock worth $24,309,000 after acquiring an additional 103,353 shares during the period. 88.30% of the stock is owned by institutional investors and hedge funds.

About Plains GP

Plains GP Holdings, L.P., through its subsidiary, Plains All American Pipeline, L.P., owns and operates midstream infrastructure systems in the United States and Canada. It operates in two segments, Crude Oil and Natural Gas Liquids (NGLs). The company engages in the gathering and transporting crude oil and NGLs using pipelines, gathering systems, and trucks.