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

Plains GP (NYSE:PAGP) was downgraded by investment analysts at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a research note issued on Wednesday,Finviz reports. They presently have a $20.00 target price on the pipeline company’s stock, down from their previous target price of $22.00. Wells Fargo & Company‘s price target would indicate a potential upside of 6.38% from the stock’s previous close.

A number of other research firms also recently issued reports on PAGP. StockNews.com upgraded shares of Plains GP from a “hold” rating to a “buy” rating in a research report on Friday, November 8th. Wolfe Research upgraded Plains GP to a “hold” rating in a research note on Wednesday, September 18th. Finally, Morgan Stanley lowered Plains GP from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $22.00 to $19.00 in a report on Friday, October 25th. Two equities 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 stock has a consensus rating of “Hold” and an average price target of $19.88.

Plains GP Stock Performance

PAGP stock opened at $18.80 on Wednesday. The firm has a market cap of $3.71 billion, a P/E ratio of 22.12 and a beta of 1.57. The stock’s 50 day simple moving average is $18.66 and its 200 day simple moving average is $18.72. 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 12-month low of $15.36 and a 12-month high of $20.10.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of PAGP. Bank of New York Mellon Corp acquired a new position in shares of Plains GP during the second quarter valued at approximately $566,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its position in shares of Plains GP by 1.2% during the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 4,373,000 shares of the pipeline company’s stock valued at $80,900,000 after purchasing an additional 53,000 shares during the period. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Plains GP in the 3rd quarter worth $4,013,000. Vestcor Inc raised its stake in shares of Plains GP by 79.1% in the 3rd quarter. Vestcor Inc now owns 78,442 shares of the pipeline company’s stock worth $1,451,000 after buying an additional 34,633 shares in the last quarter. Finally, Kesler Norman & Wride LLC acquired a new stake in shares of Plains GP in the third quarter valued at $523,000. 88.30% of the stock is owned by institutional investors and hedge funds.

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.