Mizuho Issues Pessimistic Forecast for Plains GP (NYSE:PAGP) Stock Price

Plains GP (NYSE:PAGP) had its price target decreased by equities researchers at Mizuho from $21.00 to $20.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an “outperform” rating on the pipeline company’s stock. Mizuho’s price objective suggests a potential upside of 10.01% from the company’s current price.

Several other analysts have also recently commented on PAGP. Raymond James raised their price target on shares of Plains GP from $23.00 to $24.00 and gave the stock a “strong-buy” rating in a report on Tuesday, January 28th. Barclays lowered their price target on Plains GP from $19.00 to $18.00 and set an “underweight” rating on the stock in a research report on Thursday, April 10th. StockNews.com raised Plains GP from a “hold” rating to a “buy” rating in a research report on Friday. Citigroup cut their target price on shares of Plains GP from $21.00 to $18.00 and set a “neutral” rating for the company in a research note on Tuesday, May 13th. Finally, Morgan Stanley boosted their target price on Plains GP from $19.00 to $23.00 and gave the company an “equal weight” rating in a research note on Tuesday, March 25th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $20.71.

Plains GP Price Performance

PAGP stock traded up $0.03 during trading hours on Tuesday, hitting $18.18. 49,550 shares of the stock traded hands, compared to its average volume of 1,526,306. The stock has a 50-day simple moving average of $19.31 and a 200 day simple moving average of $19.71. The company has a market cap of $3.59 billion, a P/E ratio of 34.26 and a beta of 0.68. 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 one year low of $16.61 and a one year high of $22.31.

Hedge Funds Weigh In On Plains GP

A number of hedge funds have recently bought and sold shares of PAGP. Invesco Ltd. lifted its stake in shares of Plains GP by 42.9% in the 1st quarter. Invesco Ltd. now owns 4,190,610 shares of the pipeline company’s stock valued at $89,511,000 after purchasing an additional 1,258,315 shares during the period. Tortoise Capital Advisors L.L.C. grew its position in shares of Plains GP by 8.0% during the 4th quarter. Tortoise Capital Advisors L.L.C. now owns 12,513,005 shares of the pipeline company’s stock worth $229,989,000 after buying an additional 927,855 shares during the period. Algert Global LLC increased its stake in shares of Plains GP by 781.8% in the 4th quarter. Algert Global LLC now owns 772,966 shares of the pipeline company’s stock valued at $14,207,000 after acquiring an additional 685,307 shares in the last quarter. Clearbridge Investments LLC lifted its position in shares of Plains GP by 11.7% during the 4th quarter. Clearbridge Investments LLC now owns 6,152,201 shares of the pipeline company’s stock valued at $113,077,000 after acquiring an additional 646,130 shares during the period. Finally, Hsbc Holdings PLC grew its holdings in Plains GP by 25.8% in the first quarter. Hsbc Holdings PLC now owns 2,563,031 shares of the pipeline company’s stock worth $54,746,000 after purchasing an additional 526,215 shares during the period. Institutional investors own 88.30% of the company’s stock.

Plains GP Company Profile

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.