Brokerages Set Plains GP Holdings, L.P. (NYSE:PAGP) PT at $19.88

Shares of Plains GP Holdings, L.P. (NYSE:PAGP) have earned an average rating of “Hold” from the nine brokerages that are currently covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $19.88.

Several equities analysts have recently commented on PAGP shares. Wells Fargo & Company downgraded shares of Plains GP from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $22.00 to $20.00 in a report on Wednesday, December 18th. StockNews.com raised shares of Plains GP from a “hold” rating to a “buy” rating in a report on Friday, November 8th. Morgan Stanley cut Plains GP from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $22.00 to $19.00 in a report on Friday, October 25th. Finally, Wolfe Research raised Plains GP to a “hold” rating in a research note on Wednesday, September 18th.

Institutional Investors Weigh In On Plains GP

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. State Street Corp boosted its stake in shares of Plains GP by 17.1% during the 3rd quarter. State Street Corp now owns 640,918 shares of the pipeline company’s stock worth $11,857,000 after purchasing an additional 93,643 shares during the period. Bank of New York Mellon Corp bought a new stake in Plains GP in the second quarter worth about $566,000. Vestcor Inc boosted its position in shares of Plains GP by 79.1% during the third quarter. Vestcor Inc now owns 78,442 shares of the pipeline company’s stock valued at $1,451,000 after buying an additional 34,633 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its stake in shares of Plains GP by 1.2% during the third 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 last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Plains GP in the third quarter worth approximately $4,013,000. 88.30% of the stock is currently owned by hedge funds and other institutional investors.

Plains GP Price Performance

Shares of Plains GP stock opened at $18.52 on Wednesday. The company has a market capitalization of $3.66 billion, a price-to-earnings ratio of 21.79 and a beta of 1.58. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.49. The stock’s 50-day simple moving average is $18.62 and its 200-day simple moving average is $18.76. Plains GP has a 52 week low of $15.78 and a 52 week high of $20.10.

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.