Plains GP (NYSE:PAGP) Price Target Raised to $24.00

Plains GP (NYSE:PAGP) had its target price upped by analysts at Raymond James from $23.00 to $24.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “strong-buy” rating on the pipeline company’s stock. Raymond James’ price target indicates a potential upside of 11.03% from the company’s current price.

Several other brokerages have also issued reports on PAGP. Morgan Stanley lowered shares of Plains GP from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $22.00 to $19.00 in a research note on Friday, October 25th. Barclays raised their price objective on shares of Plains GP from $18.00 to $19.00 and gave the company an “underweight” rating in a research note on Thursday, January 16th. Wells Fargo & Company lowered shares of Plains GP from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $22.00 to $20.00 in a research note 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 objective for the company in a research note on Friday, January 10th. Finally, StockNews.com upgraded shares of Plains GP from a “hold” rating to a “buy” rating in a research note on Friday, November 8th. Two analysts have rated the stock with a sell rating, three have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $20.60.

Plains GP Trading Up 0.7 %

PAGP traded up $0.16 during trading on Tuesday, hitting $21.62. 291,118 shares of the stock traded hands, compared to its average volume of 2,003,372. The firm has a market capitalization of $4.27 billion, a P/E ratio of 25.48 and a beta of 1.58. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.92. The firm has a 50-day moving average of $19.45 and a 200 day moving average of $18.95. Plains GP has a 12-month low of $15.78 and a 12-month high of $22.31.

Plains GP (NYSE:PAGP) last issued its quarterly earnings data on Friday, November 8th. The pipeline company reported $0.17 EPS for the quarter, missing the consensus estimate of $0.38 by ($0.21). The company had revenue of $12.74 billion during the quarter, compared to the consensus estimate of $13.17 billion. Plains GP had a return on equity of 1.12% and a net margin of 0.33%. During the same quarter last year, the company posted $0.15 earnings per share. Equities research analysts anticipate that Plains GP will post 0.83 EPS for the current year.

Institutional Investors Weigh In On Plains GP

Institutional investors and hedge funds have recently modified their holdings of the stock. Chickasaw Capital Management LLC boosted its stake in 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 worth $151,047,000 after buying an additional 1,629,008 shares during the period. Thompson Siegel & Walmsley LLC purchased a new stake in shares of Plains GP during the third quarter valued at $13,848,000. Yaupon Capital Management LP purchased a new stake in shares of Plains GP during the third quarter valued at $9,772,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Plains GP during the third quarter valued at $4,013,000. Finally, Fort Washington Investment Advisors Inc. OH boosted its stake in shares of Plains GP by 114.8% during the fourth quarter. Fort Washington Investment Advisors Inc. OH now owns 370,496 shares of the pipeline company’s stock valued at $6,810,000 after purchasing an additional 198,000 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.