Plains GP (NYSE:PAGP) Stock Rating Lowered by Zacks Research

Plains GP (NYSE:PAGP) was downgraded by stock analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued on Monday,Zacks.com reports.

Other research analysts also recently issued research reports about the company. Mizuho increased their price target on Plains GP from $25.00 to $27.00 and gave the stock an “outperform” rating in a research note on Monday, June 8th. US Capital Advisors cut Plains GP from a “strong-buy” rating to a “moderate buy” rating in a research note on Friday, May 29th. Truist Financial began coverage on shares of Plains GP in a report on Tuesday, March 24th. They set a “buy” rating and a $23.00 price objective on the stock. The Goldman Sachs Group upgraded shares of Plains GP from a “sell” rating to a “neutral” rating and increased their target price for the stock from $18.00 to $24.00 in a research report on Wednesday, June 3rd. Finally, Citigroup lifted their target price on shares of Plains GP from $20.00 to $23.00 and gave the stock a “neutral” rating in a research note on Thursday, May 14th. Two equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, six have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, Plains GP currently has a consensus rating of “Hold” and a consensus price target of $23.00.

Plains GP Stock Performance

NYSE:PAGP opened at $23.83 on Monday. 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 business has a fifty day simple moving average of $24.07 and a two-hundred day simple moving average of $22.28. Plains GP has a 1 year low of $16.68 and a 1 year high of $26.15. The company has a market capitalization of $4.72 billion, a P/E ratio of 44.96 and a beta of 0.46.

Institutional Investors Weigh In On Plains GP

Several hedge funds and other institutional investors have recently modified their holdings of the stock. CWA Asset Management Group LLC increased its position in shares of Plains GP by 19.3% in the fourth quarter. CWA Asset Management Group LLC now owns 156,306 shares of the pipeline company’s stock worth $2,992,000 after purchasing an additional 25,321 shares during the last quarter. Evergreen Capital Management LLC lifted its position in Plains GP by 14.4% during the fourth quarter. Evergreen Capital Management LLC now owns 835,817 shares of the pipeline company’s stock valued at $15,998,000 after purchasing an additional 105,448 shares during the last quarter. Meritage Portfolio Management grew its stake in Plains GP by 36.5% in the 4th quarter. Meritage Portfolio Management now owns 314,420 shares of the pipeline company’s stock worth $6,018,000 after buying an additional 84,042 shares in the last quarter. HF Advisory Group LLC grew its stake in Plains GP by 37.9% in the 4th quarter. HF Advisory Group LLC now owns 266,276 shares of the pipeline company’s stock worth $5,097,000 after buying an additional 73,248 shares in the last quarter. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its holdings in shares of Plains GP by 3.9% in the 4th quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 3,725,000 shares of the pipeline company’s stock worth $71,296,000 after buying an additional 140,000 shares during the last quarter. 88.30% of the stock is currently 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.