Plains GP (NYSE:PAGP) Stock Price Up 5.2% – What’s Next?

Plains GP Holdings, L.P. (NYSE:PAGP)’s share price rose 5.2% on Wednesday . The stock traded as high as $19.80 and last traded at $19.75. Approximately 262,299 shares were traded during trading, a decline of 77% from the average daily volume of 1,155,670 shares. The stock had previously closed at $18.78.

Analyst Ratings Changes

A number of brokerages recently issued reports on PAGP. Wells Fargo & Company downgraded Plains GP from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $22.00 to $20.00 in a research note on Wednesday, December 18th. Wolfe Research upgraded Plains GP to a “hold” rating in a research report on Wednesday, September 18th. StockNews.com upgraded shares of Plains GP from a “hold” rating to a “buy” rating in a report on Friday, November 8th. Finally, Morgan Stanley lowered Plains GP from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $22.00 to $19.00 in a research note on Friday, October 25th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $19.88.

Plains GP Price Performance

The company has a market cap of $3.91 billion, a PE ratio of 23.27 and a beta of 1.58. 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’s 50-day simple moving average is $18.67 and its 200 day simple moving average is $18.78.

Hedge Funds Weigh In On Plains GP

A number of hedge funds have recently bought and sold shares of PAGP. Bank of New York Mellon Corp bought a new position in shares of Plains GP in the second quarter valued at $566,000. Arizona State Retirement System lifted its stake in shares of Plains GP by 2.2% in the second quarter. Arizona State Retirement System now owns 55,184 shares of the pipeline company’s stock worth $1,039,000 after buying an additional 1,204 shares during the last quarter. Private Advisor Group LLC lifted its position in shares of Plains GP by 44.8% during the 2nd quarter. Private Advisor Group LLC now owns 40,758 shares of the pipeline company’s stock worth $767,000 after purchasing an additional 12,609 shares during the last quarter. Acadian Asset Management LLC acquired a new stake in shares of Plains GP in the second quarter worth $11,442,000. Finally, PFG Investments LLC acquired a new position in shares of Plains GP during the second quarter valued at about $449,000. 88.30% of the stock is currently owned by institutional investors and hedge funds.

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.