In a report released today, Justin Jenkins from Raymond James reiterated a Buy rating on Plains GP Holdings (PAGP), with a price target of $9.00. The company’s shares closed last Tuesday at $6.72.
According to TipRanks.com, Jenkins is a 1-star analyst with an average return of -1.5% and a 52.4% success rate. Jenkins covers the Industrial Goods sector, focusing on stocks such as Enterprise Products Partners, Holly Energy Partners, and Phillips 66 Partners.
Plains GP Holdings has an analyst consensus of Strong Buy, with a price target consensus of $10.50.
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Based on Plains GP Holdings’ latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $3.23 billion and net profit of $16 million. In comparison, last year the company earned revenue of $8.25 billion and had a net profit of $66 million.
Based on the recent corporate insider activity of 24 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling 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.