Plains GP (NYSE:PAGP) Cut to “Hold” at StockNews.com

Plains GP (NYSE:PAGP) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued on Monday.

Several other analysts have also recently commented on the company. Barclays raised their price target on Plains GP from $18.00 to $19.00 and gave the company an “underweight” rating in a report on Thursday, January 16th. Wells Fargo & Company lowered shares of Plains GP from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $22.00 to $20.00 in a research report on Wednesday, December 18th. Wolfe Research upgraded shares of Plains GP from a “peer perform” rating to an “outperform” rating and set a $22.00 price target for the company in a report on Friday, January 10th. Raymond James raised their price objective on shares of Plains GP from $23.00 to $24.00 and gave the company a “strong-buy” rating in a research note on Tuesday, January 28th. Finally, Morgan Stanley lowered shares of Plains GP from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock 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, four have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Plains GP presently has a consensus rating of “Hold” and an average target price of $20.60.

Plains GP Trading Down 0.6 %

NYSE PAGP opened at $20.93 on Monday. Plains GP has a 52-week low of $16.22 and a 52-week high of $22.31. The firm has a 50-day moving average price of $19.93 and a 200 day moving average price of $19.09. The stock has a market capitalization of $4.13 billion, a P/E ratio of 24.62 and a beta of 1.58. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.49.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Chickasaw Capital Management LLC grew its holdings in Plains GP by 24.7% during the 4th 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 last quarter. Thompson Siegel & Walmsley LLC purchased a new stake in Plains GP during the 3rd quarter worth about $13,848,000. Yaupon Capital Management LP purchased a new stake in Plains GP during the 3rd quarter worth about $9,772,000. Vanguard Group Inc. raised its stake in Plains GP by 10.0% in the 4th quarter. Vanguard Group Inc. now owns 3,167,192 shares of the pipeline company’s stock valued at $58,213,000 after purchasing an additional 288,430 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new position in Plains GP in the 4th quarter valued at about $5,214,000. 88.30% of the stock is currently owned by institutional investors and hedge funds.

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.