Raymond James Forecasts Strong Price Appreciation for Plains GP (NYSE:PAGP) Stock

Plains GP (NYSE:PAGP) had its price objective hoisted by equities research analysts at Raymond James from $23.00 to $24.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a “strong-buy” rating on the pipeline company’s stock. Raymond James’ price objective indicates a potential upside of 9.59% from the company’s previous close.

PAGP has been the topic of several other reports. StockNews.com upgraded Plains GP from a “hold” rating to a “buy” rating in a research report on Friday, November 8th. Barclays raised their target price on shares of Plains GP from $18.00 to $19.00 and gave the stock an “underweight” rating in a research report on Thursday, January 16th. Morgan Stanley downgraded Plains GP from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $22.00 to $19.00 in a research report on Friday, October 25th. Wolfe Research upgraded 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. Finally, Wells Fargo & Company lowered Plains GP from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $22.00 to $20.00 in a research note on Wednesday, December 18th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Plains GP currently has an average rating of “Hold” and a consensus price target of $20.60.

Plains GP Stock Performance

NYSE:PAGP opened at $21.90 on Tuesday. Plains GP has a twelve month low of $15.78 and a twelve month high of $22.31. The company has a market capitalization of $4.32 billion, a P/E ratio of 25.76 and a beta of 1.58. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49. The firm has a 50-day moving average price of $19.57 and a two-hundred day moving average price of $18.98.

Plains GP (NYSE:PAGP) last issued its quarterly earnings data on Friday, November 8th. The pipeline company reported $0.17 earnings per share for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.21). Plains GP had a return on equity of 1.12% and a net margin of 0.33%. The business had revenue of $12.74 billion for the quarter, compared to analysts’ expectations of $13.17 billion. During the same period last year, the business earned $0.15 earnings per share. As a group, research analysts expect that Plains GP will post 0.83 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Plains GP

Several hedge funds and other institutional investors have recently made changes to their positions in PAGP. Golden State Wealth Management LLC acquired a new stake in Plains GP in the 4th quarter valued at $33,000. Hara Capital LLC acquired a new stake in shares of Plains GP in the third quarter valued at about $57,000. Eastern Bank purchased a new stake in shares of Plains GP during the 3rd quarter valued at about $76,000. Continuum Advisory LLC lifted its position in Plains GP by 10.0% during the 3rd quarter. Continuum Advisory LLC now owns 6,990 shares of the pipeline company’s stock worth $127,000 after acquiring an additional 637 shares in the last quarter. Finally, F&V Capital Management LLC purchased a new position in Plains GP in the 4th quarter worth approximately $153,000. Institutional investors and hedge funds own 88.30% of the company’s stock.

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.