JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Plains GP (NYSE:PAGP) Stock

Plains GP (NYSE:PAGP) had its price objective upped by analysts at JPMorgan Chase & Co. from $19.00 to $20.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the pipeline company’s stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 5.54% from the company’s current price.

PAGP has been the topic of a number of other reports. Mizuho lowered their price target on Plains GP from $21.00 to $20.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 20th. Citigroup decreased their price objective on Plains GP from $21.00 to $18.00 and set a “neutral” rating on the stock in a report on Tuesday, May 13th. Wall Street Zen raised shares of Plains GP from a “hold” rating to a “buy” rating in a report on Friday, May 16th. Morgan Stanley raised their price target on shares of Plains GP from $19.00 to $23.00 and gave the stock an “equal weight” rating in a research note on Tuesday, March 25th. Finally, Barclays lowered their price target on shares of Plains GP from $19.00 to $18.00 and set an “underweight” rating on the stock in a research report on Thursday, April 10th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $20.63.

Plains GP Trading Up 0.2%

Shares of Plains GP stock opened at $18.95 on Wednesday. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49. Plains GP has a twelve month low of $16.61 and a twelve month high of $22.31. The firm has a market capitalization of $3.75 billion, a PE ratio of 35.76 and a beta of 0.63. The firm’s 50-day moving average price is $18.37 and its 200 day moving average price is $19.65.

Hedge Funds Weigh In On Plains GP

A number of institutional investors have recently bought and sold shares of PAGP. Ellsworth Advisors LLC grew its stake in shares of Plains GP by 14.1% in the 1st quarter. Ellsworth Advisors LLC now owns 43,858 shares of the pipeline company’s stock valued at $937,000 after buying an additional 5,436 shares during the period. Intrua Financial LLC grew its position in Plains GP by 6.0% in the first quarter. Intrua Financial LLC now owns 27,400 shares of the pipeline company’s stock worth $585,000 after acquiring an additional 1,547 shares during the period. Advisors Capital Management LLC increased its stake in Plains GP by 1.3% during the first quarter. Advisors Capital Management LLC now owns 2,435,140 shares of the pipeline company’s stock worth $52,015,000 after acquiring an additional 31,730 shares during the last quarter. Bayforest Capital Ltd increased its stake in Plains GP by 92.2% during the first quarter. Bayforest Capital Ltd now owns 36,053 shares of the pipeline company’s stock worth $770,000 after acquiring an additional 17,291 shares during the last quarter. Finally, SCS Capital Management LLC purchased a new stake in Plains GP in the first quarter valued at $480,000. 88.30% of the stock is owned by hedge funds and other institutional investors.

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.