Plains GP (NYSE:PAGP) Upgraded at Wolfe Research

Plains GP (NYSE:PAGP) was upgraded by investment analysts at Wolfe Research from a “peer perform” rating to an “outperform” rating in a report issued on Friday,Briefing.com Automated Import reports. The firm currently has a $22.00 target price on the pipeline company’s stock. Wolfe Research’s price objective would indicate a potential upside of 10.39% from the company’s current price.

PAGP has been the subject of a number of other research reports. StockNews.com upgraded Plains GP from a “hold” rating to a “buy” rating in a research report on Friday, November 8th. Wells Fargo & Company cut shares of Plains GP from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $22.00 to $20.00 in a research note on Wednesday, December 18th. Finally, Morgan Stanley cut shares of Plains GP from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $22.00 to $19.00 in a research report on Friday, October 25th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $20.11.

Plains GP Trading Up 6.1 %

Shares of PAGP stock opened at $19.93 on Friday. Plains GP has a 52-week low of $15.78 and a 52-week high of $20.10. The business’s fifty day moving average is $18.77 and its 200 day moving average is $18.80. 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 company has a market capitalization of $3.94 billion, a PE ratio of 23.45 and a beta of 1.58.

Hedge Funds Weigh In On Plains GP

Several institutional investors and hedge funds have recently bought and sold shares of the stock. State Street Corp raised its stake in shares of Plains GP by 17.1% during the third quarter. State Street Corp now owns 640,918 shares of the pipeline company’s stock valued at $11,857,000 after acquiring an additional 93,643 shares during the last quarter. Chickasaw Capital Management LLC increased its stake in shares of Plains GP by 24.7% during the fourth quarter. Chickasaw Capital Management LLC now owns 8,218,030 shares of the pipeline company’s stock valued at $151,047,000 after buying an additional 1,629,008 shares during the period. Bank of New York Mellon Corp bought a new position in shares of Plains GP during the second quarter valued at approximately $566,000. Vestcor Inc raised its holdings in shares of Plains GP by 79.1% during the third quarter. Vestcor Inc now owns 78,442 shares of the pipeline company’s stock valued at $1,451,000 after acquiring an additional 34,633 shares in the last quarter. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its stake in Plains GP by 1.2% in the third quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 4,373,000 shares of the pipeline company’s stock worth $80,900,000 after acquiring an additional 53,000 shares during the period. 88.30% of the stock is currently owned by 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.