Plains GP (NYSE:PAGP) Given New $23.00 Price Target at Wells Fargo & Company

Plains GP (NYSE:PAGP) had its price target hoisted by equities research analysts at Wells Fargo & Company from $22.00 to $23.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the pipeline company’s stock. Wells Fargo & Company‘s target price would suggest a potential downside of 2.17% from the stock’s current price.

Several other research firms have also issued reports on PAGP. Truist Financial assumed coverage on Plains GP in a research report on Tuesday, March 24th. They set a “buy” rating and a $23.00 target price for the company. Stifel Nicolaus raised their price objective on shares of Plains GP from $23.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, March 6th. Mizuho set a $23.00 target price on Plains GP in a report on Friday, January 23rd. Barclays upped their target price on shares of Plains GP from $18.00 to $21.00 and gave the stock an “underweight” rating in a research report on Friday, April 10th. Finally, Zacks Research upgraded Plains GP from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 21st. Two investment analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, six have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, Plains GP currently has a consensus rating of “Hold” and a consensus price target of $22.00.

Plains GP Stock Performance

NYSE PAGP opened at $23.51 on Tuesday. The company’s 50 day simple moving average is $23.56 and its two-hundred day simple moving average is $20.83. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.92. Plains GP has a 1 year low of $16.68 and a 1 year high of $24.75. The stock has a market capitalization of $4.65 billion, a PE ratio of 44.36 and a beta of 0.46.

Hedge Funds Weigh In On Plains GP

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Whittier Trust Co. of Nevada Inc. lifted its position in Plains GP by 56.8% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 1,781 shares of the pipeline company’s stock worth $32,000 after buying an additional 645 shares during the last quarter. Larson Financial Group LLC purchased a new position in shares of Plains GP in the 3rd quarter valued at approximately $46,000. North Star Investment Management Corp. acquired a new position in shares of Plains GP in the 1st quarter valued at $56,000. Lazard Asset Management LLC raised its stake in Plains GP by 36.5% in the 2nd quarter. Lazard Asset Management LLC now owns 3,030 shares of the pipeline company’s stock worth $58,000 after acquiring an additional 811 shares during the last quarter. Finally, O Domhnaill Enterprises Inc. purchased a new stake in Plains GP during the 1st quarter valued at about $66,000. 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.