In a report released today, Devin McDermott from Morgan Stanley maintained a Sell rating on Plains GP Holdings (PAGP), with a price target of $6.00. The company’s shares closed last Wednesday at $5.79, close to its 52-week low of $3.04.
According to TipRanks.com, McDermott has 0 stars on 0-5 star ranking scale with an average return of -9.8% and a 35.3% success rate. McDermott covers the Basic Materials sector, focusing on stocks such as Enterprise Products Partners, Continental Resources, and Occidental Petroleum.
Currently, the analyst consensus on Plains GP Holdings is a Hold with an average price target of $9.40.
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The company has a one-year high of $25.70 and a one-year low of $3.04. Currently, Plains GP Holdings has an average volume of 4.21M.
Based on the recent corporate insider activity of 33 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of PAGP in relation to earlier this year.
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Plains GP Holdings LP owns and operates midstream energy infrastructure and provides logistics services primarily for crude oil, natural gas liquids and natural gas through its indirect investment in Plains All American Pipeline, L.P.The firm operates through the following segments: Transportation, Facilities and Supply and Logistics. The Transportation segment consists of fee-based activities associated with transporting crude oil and NGL on pipelines, gathering systems, trucks and barges. The Facilities segment consists of fee-based activities associated with providing storage, terminalling and throughput services primarily for crude oil, NGL and natural gas, as well as NGL fractionation and isomerization services and natural gas and condensate processing services. The Supply and Logistics segment consists of storage of inventory during contango market conditions and the seasonal storage of NGL, purchase of NGL from producers, refiners, processors and other marketers, extraction of NGL from gas processed at the facilities. Plains GP Holdings LP was founded in July 2013 and is headquartered in Houston, TX.
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