Plains GP (NYSE:PAGP) Rating Lowered to Equal Weight at Wells Fargo & Company

Plains GP (NYSE:PAGP) was downgraded by research analysts at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a research note issued on Wednesday, Marketbeat.com reports. They presently have a $20.00 target price on the pipeline company’s stock, down from their prior target price of $22.00. Wells Fargo & Company‘s target price points to a potential upside of 10.62% from the company’s previous close.

Other research analysts also recently issued research reports about the stock. Wolfe Research raised shares of Plains GP to a “hold” rating in a research report on Wednesday, September 18th. StockNews.com raised shares of Plains GP from a “hold” rating to a “buy” rating in a report on Friday, November 8th. Finally, Morgan Stanley lowered Plains GP from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $22.00 to $19.00 in a report on Friday, October 25th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $19.88.

Plains GP Price Performance

Shares of PAGP stock opened at $18.08 on Wednesday. The stock’s 50-day moving average is $18.63 and its 200 day moving average is $18.71. Plains GP has a 1-year low of $15.70 and a 1-year high of $20.10. 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 company has a market cap of $3.57 billion, a P/E ratio of 21.27 and a beta of 1.57.

Hedge Funds Weigh In On Plains GP

Hedge funds have recently made changes to their positions in the company. CWM LLC grew its stake in Plains GP by 61.0% during the 2nd quarter. CWM LLC now owns 3,028 shares of the pipeline company’s stock valued at $57,000 after purchasing an additional 1,147 shares during the last quarter. Hara Capital LLC acquired a new stake in shares of Plains GP during the third quarter worth about $57,000. Eastern Bank purchased a new stake in Plains GP in the third quarter valued at approximately $76,000. Continuum Advisory LLC increased its holdings in Plains GP by 10.0% in the 3rd quarter. Continuum Advisory LLC now owns 6,990 shares of the pipeline company’s stock worth $127,000 after buying an additional 637 shares during the period. Finally, Insigneo Advisory Services LLC acquired a new position in Plains GP in the 3rd quarter worth approximately $188,000. 88.30% of the stock is owned by institutional investors and hedge funds.

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.