Plains GP (NYSE:PAGP – Get Free Report) was upgraded by research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued on Wednesday,Zacks.com reports.
A number of other brokerages have also recently weighed in on PAGP. The Goldman Sachs Group raised shares of Plains GP from a “sell” rating to a “neutral” rating and upped their price target for the stock from $18.00 to $24.00 in a research report on Wednesday, June 3rd. Barclays raised their price objective on Plains GP from $21.00 to $23.00 and gave the company an “underweight” rating in a research report on Thursday, July 16th. Mizuho boosted their price objective on Plains GP from $25.00 to $27.00 and gave the stock an “outperform” rating in a research note on Monday, June 8th. Morgan Stanley upped their target price on Plains GP from $24.00 to $26.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 20th. Finally, Wells Fargo & Company increased their target price on Plains GP from $22.00 to $23.00 and gave the company an “equal weight” rating in a research note on Tuesday, May 12th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $23.36.
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Plains GP Stock Performance
Institutional Investors Weigh In On Plains GP
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. North Star Investment Management Corp. acquired a new position in Plains GP in the 1st quarter worth $56,000. Larson Financial Group LLC acquired a new stake in shares of Plains GP during the third quarter valued at about $46,000. O Domhnaill Enterprises Inc. acquired a new stake in shares of Plains GP during the first quarter valued at about $66,000. Lazard Asset Management LLC grew its stake in shares of 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 acquiring an additional 811 shares in the last quarter. Finally, Virtus Advisers LLC increased its position in shares of Plains GP by 46.5% during the fourth quarter. Virtus Advisers LLC now owns 5,859 shares of the pipeline company’s stock worth $112,000 after acquiring an additional 1,859 shares during the last quarter. Hedge funds and other 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.
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