Citigroup Increases Plains GP (NYSE:PAGP) Price Target to $18.00

Plains GP (NYSE:PAGP) had its price target boosted by research analysts at Citigroup from $17.50 to $18.00 in a report issued on Monday, Benzinga reports. The firm presently has a “neutral” rating on the pipeline company’s stock. Citigroup’s price objective indicates a potential downside of 1.48% from the company’s previous close.

Several other research analysts also recently commented on PAGP. The Goldman Sachs Group raised their price objective on Plains GP from $14.50 to $16.00 and gave the stock a “sell” rating in a research note on Friday, April 12th. UBS Group lifted their price target on shares of Plains GP from $22.00 to $23.00 and gave the company a “buy” rating in a report on Friday, April 12th. Barclays raised their price objective on shares of Plains GP from $16.00 to $18.00 and gave the company an “underweight” rating in a research report on Friday, April 12th. Scotiabank started coverage on shares of Plains GP in a report on Monday, April 8th. They issued a “sector outperform” rating and a $23.00 target price for the company. Finally, Stifel Nicolaus raised their price target on Plains GP from $18.00 to $22.00 and gave the company a “buy” rating in a report on Tuesday, April 16th. Two research analysts have rated the stock with a sell rating, one has given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $19.60.

Plains GP Stock Performance

Shares of NYSE PAGP opened at $18.27 on Monday. The company has a current ratio of 0.98, a quick ratio of 0.87 and a debt-to-equity ratio of 0.49. Plains GP has a 12-month low of $13.09 and a 12-month high of $19.77. The firm has a market capitalization of $3.60 billion, a price-to-earnings ratio of 20.76 and a beta of 1.53. The firm has a 50 day moving average of $18.18 and a 200 day moving average of $16.84.

Plains GP (NYSE:PAGP) last issued its quarterly earnings data on Friday, February 9th. The pipeline company reported $0.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.06). Plains GP had a net margin of 0.35% and a return on equity of 1.15%. The business had revenue of $12.70 billion for the quarter, compared to the consensus estimate of $12.88 billion. On average, research analysts anticipate that Plains GP will post 1.05 earnings per share for the current year.

Hedge Funds Weigh In On Plains GP

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PAGP. Assenagon Asset Management S.A. raised its holdings in shares of Plains GP by 88.8% during the 4th quarter. Assenagon Asset Management S.A. now owns 3,772,217 shares of the pipeline company’s stock worth $60,167,000 after acquiring an additional 1,774,438 shares in the last quarter. Westwood Holdings Group Inc. raised its stake in Plains GP by 58.9% during the fourth quarter. Westwood Holdings Group Inc. now owns 4,645,531 shares of the pipeline company’s stock valued at $74,096,000 after purchasing an additional 1,721,120 shares in the last quarter. Jennison Associates LLC lifted its position in Plains GP by 43.7% during the third quarter. Jennison Associates LLC now owns 4,958,406 shares of the pipeline company’s stock valued at $79,930,000 after purchasing an additional 1,506,884 shares during the last quarter. Blackstone Inc. lifted its position in Plains GP by 41.0% during the third quarter. Blackstone Inc. now owns 2,927,098 shares of the pipeline company’s stock valued at $47,185,000 after purchasing an additional 851,498 shares during the last quarter. Finally, Morningstar Investment Services LLC grew its stake in shares of Plains GP by 97.8% in the 4th quarter. Morningstar Investment Services LLC now owns 1,452,776 shares of the pipeline company’s stock worth $23,114,000 after buying an additional 718,465 shares in the last quarter. 88.30% of the stock is owned by institutional investors.

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.