Plains GP (NYSE:PAGP) Stock Rating Lowered by Wells Fargo & Company

Plains GP (NYSE:PAGP) was downgraded by Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a report released on Wednesday,Finviz reports. They currently 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 price target would suggest a potential upside of 6.38% from the company’s current price.

A number of other research analysts have also weighed in on the company. Wolfe Research raised Plains GP to a “hold” rating in a research note on Wednesday, September 18th. Morgan Stanley cut shares of Plains GP from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $22.00 to $19.00 in a research report on Friday, October 25th. Finally, StockNews.com raised shares of Plains GP from a “hold” rating to a “buy” rating in a research report on Friday, November 8th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $19.88.

Plains GP Stock Down 0.2 %

PAGP opened at $18.80 on Wednesday. The business’s fifty day simple moving average is $18.66 and its 200 day simple moving average is $18.72. Plains GP has a 52 week low of $15.36 and a 52 week high of $20.10. The firm has a market cap of $3.71 billion, a P/E ratio of 22.12 and a beta of 1.57. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.49.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. CWM LLC raised its stake in shares of Plains GP by 61.0% during the second 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 period. Hara Capital LLC purchased a new position in Plains GP in the 3rd quarter valued at about $57,000. Eastern Bank acquired a new stake in shares of Plains GP during the third quarter valued at about $76,000. Continuum Advisory LLC increased its position in shares of Plains GP by 10.0% during the third quarter. Continuum Advisory LLC now owns 6,990 shares of the pipeline company’s stock worth $127,000 after acquiring an additional 637 shares during the last quarter. Finally, Insigneo Advisory Services LLC acquired a new position in shares of Plains GP in the third quarter worth about $188,000. 88.30% of the stock is owned by hedge funds and other 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.