Plains GP Holdings, L.P. $PAGP Shares Sold by Goldman Sachs Group Inc.

Goldman Sachs Group Inc. lowered its position in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 3.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,821,628 shares of the pipeline company’s stock after selling 195,213 shares during the quarter. Goldman Sachs Group Inc. owned approximately 2.44% of Plains GP worth $92,286,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Larson Financial Group LLC purchased a new position in Plains GP in the 3rd quarter valued at $46,000. Lazard Asset Management LLC lifted its holdings in Plains GP by 36.5% in the 2nd quarter. Lazard Asset Management LLC now owns 3,030 shares of the pipeline company’s stock valued at $58,000 after purchasing an additional 811 shares in the last quarter. CWM LLC lifted its holdings in Plains GP by 8.5% in the 4th quarter. CWM LLC now owns 8,113 shares of the pipeline company’s stock valued at $155,000 after purchasing an additional 636 shares in the last quarter. Amplify Investments LLC lifted its holdings in Plains GP by 21.4% in the 4th quarter. Amplify Investments LLC now owns 9,911 shares of the pipeline company’s stock valued at $174,000 after purchasing an additional 1,749 shares in the last quarter. Finally, First Foundation Advisors purchased a new position in Plains GP in the 3rd quarter valued at $182,000. Hedge funds and other institutional investors own 88.30% of the company’s stock.

Plains GP Stock Down 1.1%

NYSE PAGP opened at $24.35 on Wednesday. Plains GP Holdings, L.P. has a 52 week low of $16.68 and a 52 week high of $26.15. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.49. The business’s fifty day simple moving average is $24.09 and its 200-day simple moving average is $21.90. The firm has a market cap of $4.82 billion, a PE ratio of 45.94 and a beta of 0.46.

Plains GP Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Friday, May 1st were issued a dividend of $0.4175 per share. This represents a $1.67 annualized dividend and a dividend yield of 6.9%. The ex-dividend date was Friday, May 1st. Plains GP’s payout ratio is currently 172.16%.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Mizuho raised their price objective on Plains GP from $25.00 to $27.00 and gave the company an “outperform” rating in a report on Monday. Wells Fargo & Company raised their price objective on Plains GP from $22.00 to $23.00 and gave the company an “equal weight” rating in a report on Tuesday, May 12th. Truist Financial assumed coverage on Plains GP in a report on Tuesday, March 24th. They issued a “buy” rating and a $23.00 price objective on the stock. Stifel Nicolaus raised their price objective on Plains GP from $23.00 to $25.00 and gave the company a “buy” rating in a report on Friday, March 6th. Finally, Zacks Research upgraded Plains GP from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 21st. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $23.00.

Plains GP Company Profile

Plains GP Holdings, L.P. (NYSE: PAGP) serves as the general partner of Plains All American Pipeline, L.P., one of North America’s leading energy infrastructure companies. Through its ownership of a 2% general partner interest and incentive distribution rights (IDRs), Plains GP Holdings participates in the governance and cash distribution structure of a diversified portfolio of crude oil and natural gas liquids gathering, transportation, storage, and terminaling assets.

The company’s primary business activities include overseeing the strategic direction and capital allocation decisions for its affiliated midstream operations.