Goldman Sachs Group Inc. Raises Stock Holdings in Plains GP Holdings, L.P. $PAGP

Key Points

• Goldman Sachs Group Inc. increased its stake in Plains GP Holdings by 0.6%, owning approximately 2.64% of the company, worth around $111.5 million.
• Plains GP recently announced a quarterly dividend of $0.38 per share, reflecting an annual yield of 8.1% despite a high payout ratio of 220.29%.
• Various institutional investors have made significant changes to their holdings, with Golden State Wealth Management raising its stake by 233.1% in the first quarter.

Goldman Sachs Group Inc. boosted its position in Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 0.6% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 5,220,898 shares of the pipeline company's stock after acquiring an additional 29,911 shares during the period. Goldman Sachs Group Inc. owned 2.64% of Plains GP worth $111,518,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Palo Duro Investment Partners LP raised its stake in Plains GP by 14.2% in the 1st quarter. Palo Duro Investment Partners LP now owns 12,936 shares of the pipeline company's stock valued at $276,000 after acquiring an additional 1,608 shares during the period. NewEdge Advisors LLC raised its stake in Plains GP by 1.9% in the 1st quarter. NewEdge Advisors LLC now owns 79,444 shares of the pipeline company's stock valued at $1,697,000 after acquiring an additional 1,444 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Plains GP by 17.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,559,937 shares of the pipeline company's stock valued at $54,680,000 after acquiring an additional 389,096 shares during the period. Royal Bank of Canada raised its stake in Plains GP by 6.1% in the 1st quarter. Royal Bank of Canada now owns 468,314 shares of the pipeline company's stock valued at $10,003,000 after acquiring an additional 26,952 shares during the period. Finally, Energy Income Partners LLC raised its stake in Plains GP by 2.0% in the 1st quarter. Energy Income Partners LLC now owns 10,177,085 shares of the pipeline company's stock valued at $217,383,000 after acquiring an additional 203,638 shares during the period. 88.30% of the stock is currently owned by institutional investors.

Plains GP Price Performance

PAGP stock traded down $0.09 during mid-day trading on Thursday, reaching $18.57. 747,311 shares of the company traded hands, compared to its average volume of 1,638,707. Plains GP Holdings, L.P. has a 52-week low of $16.60 and a 52-week high of $22.31. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.92. The company has a market capitalization of $3.67 billion, a P/E ratio of 35.04 and a beta of 0.76. The company has a fifty day moving average price of $19.15 and a 200-day moving average price of $19.19.

Plains GP Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Thursday, July 31st were issued a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, July 31st. This represents a $1.52 annualized dividend and a dividend yield of 8.2%. Plains GP's payout ratio is presently 220.29%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. JPMorgan Chase & Co. lowered their price objective on Plains GP from $21.00 to $20.00 and set a "neutral" rating on the stock in a research note on Thursday. Zacks Research lowered Plains GP from a "strong-buy" rating to a "hold" rating in a report on Monday. Mizuho lifted their target price on Plains GP from $20.00 to $22.00 and gave the company an "outperform" rating in a report on Wednesday, June 18th. Wolfe Research reaffirmed a "peer perform" rating on shares of Plains GP in a report on Friday, July 25th. Finally, Morgan Stanley reduced their target price on Plains GP from $22.00 to $20.00 and set an "equal weight" rating for the company in a report on Tuesday, August 26th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $20.50.

Plains GP 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.