Plains GP (NYSE:PAGP) Rating Lowered to Strong Sell at Zacks Research

Plains GP (NYSE:PAGP) was downgraded by analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report released on Monday,Zacks.com reports.

PAGP has been the topic of several other reports. Truist Financial assumed coverage on shares of Plains GP in a research report on Tuesday, March 24th. They set a “buy” rating and a $23.00 price target on the stock. Stifel Nicolaus raised their price objective on Plains GP from $23.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, March 6th. Barclays boosted their target price on Plains GP from $18.00 to $21.00 and gave the stock an “underweight” rating in a report on Friday, April 10th. Citigroup lifted their price objective on shares of Plains GP from $20.00 to $23.00 and gave the stock a “neutral” rating in a research report on Thursday, May 14th. Finally, Mizuho increased their price objective on shares of Plains GP from $25.00 to $27.00 and gave the company an “outperform” rating in a research report on Monday, June 8th. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, six have issued a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $23.00.

Plains GP Stock Performance

Shares of NYSE PAGP opened at $23.83 on Monday. 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 stock has a 50 day moving average price of $24.07 and a 200 day moving average price of $22.28. The stock has a market capitalization of $4.72 billion, a PE ratio of 44.96 and a beta of 0.46. Plains GP has a 52 week low of $16.68 and a 52 week high of $26.15.

Hedge Funds Weigh In On Plains GP

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PAGP. Larson Financial Group LLC acquired a new position in Plains GP in the third quarter valued at about $46,000. North Star Investment Management Corp. acquired a new position in shares of Plains GP in the 1st quarter valued at approximately $56,000. Lazard Asset Management LLC boosted its position in shares of Plains GP by 36.5% during the 2nd quarter. Lazard Asset Management LLC now owns 3,030 shares of the pipeline company’s stock worth $58,000 after acquiring an additional 811 shares in the last quarter. O Domhnaill Enterprises Inc. bought a new position in Plains GP in the first quarter valued at approximately $66,000. Finally, Virtus Advisers LLC raised its position in Plains GP by 46.5% during the fourth quarter. Virtus Advisers LLC now owns 5,859 shares of the pipeline company’s stock valued at $112,000 after purchasing an additional 1,859 shares in the last quarter. 88.30% of the stock is owned by institutional investors and hedge funds.

About Plains GP

Plains GP Holdings, L.P. (NYSE: PAGP) serves as the general partner of Plains All American Pipeline, L.P., one of North America’s leading energy infrastructure companies. Through its ownership of a 2% general partner interest and incentive distribution rights (IDRs), Plains GP Holdings participates in the governance and cash distribution structure of a diversified portfolio of crude oil and natural gas liquids gathering, transportation, storage, and terminaling assets.

The company’s primary business activities include overseeing the strategic direction and capital allocation decisions for its affiliated midstream operations.