Zacks Research Downgrades Plains GP (NYSE:PAGP) to Strong Sell

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

Several other analysts have also recently weighed in on the company. The Goldman Sachs Group upgraded Plains GP from a “sell” rating to a “neutral” rating and boosted their price target for the stock from $18.00 to $24.00 in a report on Wednesday, June 3rd. US Capital Advisors lowered shares of Plains GP from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, May 29th. Mizuho raised their target price on Plains GP from $25.00 to $27.00 and gave the stock an “outperform” rating in a research report on Monday, June 8th. Wells Fargo & Company increased their price target 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. Finally, Barclays lifted their price objective on Plains GP from $18.00 to $21.00 and gave the stock an “underweight” rating in a research note on Friday, April 10th. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, six have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, Plains GP presently has an average rating of “Hold” and a consensus price target of $23.00.

Plains GP Stock Up 2.1%

Shares of PAGP opened at $23.83 on Monday. The stock has a market capitalization of $4.72 billion, a price-to-earnings ratio of 44.96 and a beta of 0.46. Plains GP has a 52 week low of $16.68 and a 52 week high of $26.15. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.92 and a current ratio of 1.01. The stock has a fifty day moving average of $24.07 and a 200-day moving average of $22.28.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in PAGP. Larson Financial Group LLC bought a new stake in shares of Plains GP during the third quarter valued at approximately $46,000. North Star Investment Management Corp. bought a new stake in Plains GP during the 1st quarter valued at $56,000. Lazard Asset Management LLC raised its holdings in Plains GP by 36.5% during the second quarter. Lazard Asset Management LLC now owns 3,030 shares of the pipeline company’s stock worth $58,000 after buying an additional 811 shares during the last quarter. O Domhnaill Enterprises Inc. acquired a new position in shares of Plains GP during the first quarter valued at about $66,000. 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 in the last quarter. 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.