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

A number of other hedge funds and other institutional investors have also recently modified their holdings of PAGP. Golden State Wealth Management LLC increased its position in Plains GP by 233.1% in the first quarter. Golden State Wealth Management LLC now owns 5,995 shares of the pipeline company's stock worth $128,000 after purchasing an additional 4,195 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC purchased a new position in shares of Plains GP in the 1st quarter worth $135,000. McIlrath & Eck LLC bought a new stake in shares of Plains GP in the 4th quarter worth about $166,000. GAMMA Investing LLC raised its position in shares of Plains GP by 2,252.7% during the 1st quarter. GAMMA Investing LLC now owns 8,352 shares of the pipeline company's stock valued at $178,000 after buying an additional 7,997 shares in the last quarter. Finally, State of Wyoming raised its position in shares of Plains GP by 192.3% during the 1st quarter. State of Wyoming now owns 8,311 shares of the pipeline company's stock valued at $178,000 after buying an additional 5,468 shares in the last quarter. 88.30% of the stock is currently owned by institutional investors.

Plains GP Trading Down 0.5%

Shares of PAGP stock traded down $0.10 on Monday, reaching $18.60. 808,144 shares of the company's stock were exchanged, compared to its average volume of 1,651,041. The company's fifty day simple moving average is $19.21 and its 200 day simple moving average is $19.21. 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 current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49. The stock has a market capitalization of $3.68 billion, a PE ratio of 35.10 and a beta of 0.76.

Plains GP Dividend Announcement

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

Wall Street Analysts Forecast Growth

PAGP has been the topic of several analyst reports. JPMorgan Chase & Co. boosted their price objective on Plains GP from $19.00 to $20.00 and gave the stock a "neutral" rating in a research note on Wednesday, June 18th. Morgan Stanley dropped 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. Wolfe Research restated a "peer perform" rating on shares of Plains GP in a report on Friday, July 25th. Finally, Mizuho raised their price target on Plains GP from $20.00 to $22.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 18th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Plains GP currently has an average rating of "Hold" and a consensus price target of $20.50.

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.