Morgan Stanley Raises Plains GP (NYSE:PAGP) Price Target to $23.00

Plains GP (NYSE:PAGP) had its price target hoisted by Morgan Stanley from $19.00 to $23.00 in a research note issued on Tuesday, MarketBeat.com reports. The brokerage presently has an “equal weight” rating on the pipeline company’s stock. Morgan Stanley’s price objective suggests a potential upside of 6.09% from the stock’s previous close.

PAGP has been the topic of several other reports. Wells Fargo & Company downgraded shares of Plains GP from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $22.00 to $20.00 in a research report on Wednesday, December 18th. Barclays lifted their price objective on Plains GP from $18.00 to $19.00 and gave the company an “underweight” rating in a research report on Thursday, January 16th. Raymond James lifted their price target on Plains GP from $23.00 to $24.00 and gave the company a “strong-buy” rating in a report on Tuesday, January 28th. StockNews.com cut shares of Plains GP from a “buy” rating to a “hold” rating in a research note on Monday, February 10th. Finally, Wolfe Research raised shares of Plains GP from a “peer perform” rating to an “outperform” rating and set a $22.00 target price on the stock in a research report on Friday, January 10th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $21.00.

Plains GP Stock Performance

Shares of PAGP opened at $21.68 on Tuesday. 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’s 50 day moving average is $21.29 and its 200-day moving average is $19.63. Plains GP has a 12-month low of $17.17 and a 12-month high of $22.31. The stock has a market capitalization of $4.29 billion, a P/E ratio of 40.91 and a beta of 1.55.

Institutional Trading of Plains GP

Several hedge funds have recently modified their holdings of PAGP. Algert Global LLC increased its position in Plains GP by 128.6% in the third quarter. Algert Global LLC now owns 87,659 shares of the pipeline company’s stock worth $1,622,000 after purchasing an additional 49,320 shares during the period. Larson Financial Group LLC bought a new position in shares of Plains GP in the 3rd quarter valued at about $353,000. BNP Paribas Financial Markets grew its position in shares of Plains GP by 8.5% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,313,974 shares of the pipeline company’s stock worth $24,309,000 after buying an additional 103,353 shares during the period. Townsquare Capital LLC raised its stake in shares of Plains GP by 1.2% during the third quarter. Townsquare Capital LLC now owns 59,998 shares of the pipeline company’s stock worth $1,110,000 after buying an additional 729 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Plains GP in the third quarter valued at approximately $4,013,000. 88.30% of the stock is owned by institutional investors.

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.