Citigroup downgrades Plains GP Holdings L.P. (PAGP) rating to a Neutral


Plains GP Holdings L.P.’s filing revealed that its Chairman & CEO Chiang Willie CW acquired Company’s shares for reported $0.99 million on May 08. In the deal valued at $13.25 per share,75,000 shares were bought. As a result of this transaction, Chiang Willie CW now holds 256,704 shares worth roughly $ 4.12 million.

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Citigroup downgraded its Plains GP Holdings L.P. [PAGP] rating to a Neutral from a a Buy in a research note published on Monday, September 06, 2023; the price target was increased to $15.50 from $14. PT values the company’s stock at a premium of -3.61 to its Monday closing price.

Price Performance Review of PAGP

On Monday, Plains GP Holdings L.P. [NASDAQ:PAGP] saw its stock jump 0.56% to $16.06. On the same session, the stock had its day’s lowest price of $15.93, but rose to a high of $16.105. Over the last five days, the stock has gained 3.21%. Plains GP Holdings L.P. shares have risen nearly 29.10% since the year began. Nevertheless, the stocks have risen 24.50% over the past one year. While a 52-week high of $16.28 was reached on 09/05/23, a 52-week low of $10.45 was recorded on 03/16/23. SMA at 50 days reached $15.70, while 200 days put it at $13.93. A total of 1.1 million shares were traded, compared to the trading of 1.51 million shares in the previous session.

Levels Of Support And Resistance For PAGP Stock

The 24-hour chart illustrates a support level at 15.96, which if violated will result in even more drops to 15.86. On the upside, there is a resistance level at 16.13. A further resistance level may holdings at 16.21. The Relative Strength Index (RSI) on the 14-day chart is 58.99, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 0.14, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bullish at 27.66%. Stochastics %K at 67.30% indicates the stock is a holding.

How much short interest is there in Plains GP Holdings L.P.?

A steep rise in short interest was recorded in Plains GP Holdings L.P. stocks on Aug 30, 2023, growing by 3.24 million shares to a total of 10.83 million shares. Yahoo Finance data shows the prior-month short interest on Jul 30, 2023 was 7.59 million shares. There was a rise of 29.92%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 5.66% of the overall stock float, the days-to-cover ratio (short ratio) rose to 4.85.

Plains GP Holdings L.P. [PAGP] – Who Are The Largest Shareholders?

In filings from Energy Income Partners LLC, it is revealed that the company now owns 13,207,285 shares, or roughly 6.74% of the outstanding PAGP shares. In other words, the investor’s shares have fallen by -194,154 from its previous 13-F filing of 13401439.0. Additionally, Tortoise Capital Advisors LLC increased 6.04% of its stake after which the total value it holdings stand at $208,470,308, while Massachusetts Financial Services added 0.08% of its stake to hold $206.1 million in the firm. Over the last quarter, ClearBridge Investments LLC sold -13,369 shares of Plains GP Holdings L.P., while Goldman Sachs Asset Management LP sold -95,121 shares. At present, Chickasaw Capital Management LLC is holding 5,122,821 shares valued at $82.17 million. Cushing Asset Management LP owned 5,088,643 shares of the company at the time of its most recent 13F filing, worth $81.62 million.

According to FactSet, Plains GP Holdings L.P.’s share price will average $17.23 in the next year, based on opinions of analysts polled by the firm. This is up nearly 6.45 percent from its previous closing price of $15.97. Analysts expect Plains GP Holdings L.P. stock to reach the higher price of $21.00, while the lowest price estimate is $14.50. However, 13 analysts have rated PAGP stock as an Overweight in their predictions for 2023.


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