JPMorgan Chase & Co. Raises Plains GP (NYSE:PAGP) Price Target to $27.00

Plains GP (NYSE:PAGP) had its target price lifted by JPMorgan Chase & Co. from $24.00 to $27.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has a “neutral” rating on the pipeline company’s stock. JPMorgan Chase & Co.‘s price objective points to a potential downside of 2.46% from the stock’s previous close.

A number of other analysts have also commented on PAGP. The Goldman Sachs Group raised Plains GP from a “sell” rating to a “neutral” rating and raised their price target for the stock from $18.00 to $24.00 in a research note on Wednesday, June 3rd. Barclays boosted their price objective on shares of Plains GP from $21.00 to $23.00 and gave the company an “underweight” rating in a research report on Thursday, July 16th. Citigroup upped their price objective on shares of Plains GP from $20.00 to $23.00 and gave the stock a “neutral” rating in a report on Thursday, May 14th. Truist Financial raised their target price on shares of Plains GP from $23.00 to $25.00 and gave the stock a “buy” rating in a research report on Wednesday, July 15th. Finally, Morgan Stanley boosted their price target on shares of Plains GP from $26.00 to $28.00 and gave the company an “equal weight” rating in a research report on Tuesday, August 18th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $24.18.

Plains GP Trading Down 2.4%

Shares of PAGP stock traded down $0.67 during trading hours on Thursday, reaching $27.68. The company’s stock had a trading volume of 2,906,528 shares, compared to its average volume of 1,787,292. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49. Plains GP has a one year low of $16.68 and a one year high of $28.70. The stock has a market capitalization of $5.48 billion, a P/E ratio of 52.23 and a beta of 0.48. The firm’s fifty day simple moving average is $25.81 and its 200 day simple moving average is $24.44.

Hedge Funds Weigh In On Plains GP

Several large investors have recently made changes to their positions in PAGP. Miller Howard Investments Inc. NY lifted its holdings in shares of Plains GP by 25.8% during the 1st quarter. Miller Howard Investments Inc. NY now owns 1,421,518 shares of the pipeline company’s stock valued at $34,514,000 after buying an additional 291,397 shares during the period. Bank of America Corp DE grew its holdings in shares of Plains GP by 86.3% in the first quarter. Bank of America Corp DE now owns 3,752,707 shares of the pipeline company’s stock worth $91,116,000 after acquiring an additional 1,738,351 shares during the period. Energy Income Partners LLC grew its holdings in shares of Plains GP by 1.4% in the first quarter. Energy Income Partners LLC now owns 8,974,776 shares of the pipeline company’s stock worth $217,908,000 after acquiring an additional 120,765 shares during the period. Summit Securities Group LLC purchased a new stake in Plains GP during the first quarter valued at $1,144,000. Finally, California State Teachers Retirement System increased its position in Plains GP by 33.2% during the first quarter. California State Teachers Retirement System now owns 233,102 shares of the pipeline company’s stock valued at $5,660,000 after acquiring an additional 58,138 shares during the last quarter. 88.30% of the stock is currently owned by hedge funds and other institutional investors.

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.