Goldman Sachs Group Inc. Cuts Position in Plains GP Holdings, L.P. (NYSE:PAGP)

Goldman Sachs Group Inc. lessened its position in shares of Plains GP Holdings, L.P. (NYSE:PAGPFree Report) by 22.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,614,863 shares of the pipeline company’s stock after selling 2,458,544 shares during the quarter. Goldman Sachs Group Inc. owned about 4.39% of Plains GP worth $137,407,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Allianz Asset Management GmbH lifted its stake in shares of Plains GP by 2.1% in the 4th quarter. Allianz Asset Management GmbH now owns 1,979,700 shares of the pipeline company’s stock valued at $31,576,000 after purchasing an additional 40,200 shares during the last quarter. Stifel Financial Corp lifted its stake in shares of Plains GP by 2.2% in the 4th quarter. Stifel Financial Corp now owns 375,280 shares of the pipeline company’s stock valued at $5,986,000 after purchasing an additional 7,923 shares during the last quarter. Hsbc Holdings PLC lifted its stake in shares of Plains GP by 46.6% in the 4th quarter. Hsbc Holdings PLC now owns 1,232,115 shares of the pipeline company’s stock valued at $19,653,000 after purchasing an additional 391,773 shares during the last quarter. Eagle Global Advisors LLC lifted its stake in shares of Plains GP by 3.0% in the 4th quarter. Eagle Global Advisors LLC now owns 735,610 shares of the pipeline company’s stock valued at $11,733,000 after purchasing an additional 21,500 shares during the last quarter. Finally, D.A. Davidson & CO. lifted its stake in shares of Plains GP by 47.7% in the 4th quarter. D.A. Davidson & CO. now owns 38,322 shares of the pipeline company’s stock valued at $611,000 after purchasing an additional 12,382 shares during the last quarter. Hedge funds and other institutional investors own 88.30% of the company’s stock.

Wall Street Analysts Forecast Growth

PAGP has been the subject of several analyst reports. UBS Group raised their price objective on Plains GP from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Friday, April 12th. The Goldman Sachs Group raised their price target on Plains GP from $14.50 to $16.00 and gave the stock a “sell” rating in a research note on Friday, April 12th. Wells Fargo & Company raised their price target on Plains GP from $19.00 to $20.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 8th. Stifel Nicolaus raised their price target on Plains GP from $18.00 to $22.00 and gave the stock a “buy” rating in a research note on Tuesday, April 16th. Finally, Scotiabank started coverage on Plains GP in a research note on Monday, April 8th. They set a “sector outperform” rating and a $23.00 price target for the company. Two research analysts have rated the stock with a sell rating, two have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $19.64.

View Our Latest Report on Plains GP

Plains GP Stock Performance

Shares of NYSE PAGP opened at $17.85 on Friday. The company has a quick ratio of 0.88, a current ratio of 0.97 and a debt-to-equity ratio of 0.49. The business has a fifty day simple moving average of $18.43 and a two-hundred day simple moving average of $17.19. The firm has a market cap of $3.52 billion, a PE ratio of 20.28 and a beta of 1.54. Plains GP Holdings, L.P. has a twelve month low of $13.78 and a twelve month high of $19.77.

Plains GP (NYSE:PAGPGet Free Report) last issued its earnings results on Friday, May 3rd. The pipeline company reported $0.21 earnings per share for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.05). The firm had revenue of $12 billion for the quarter, compared to the consensus estimate of $13.72 billion. Plains GP had a net margin of 0.35% and a return on equity of 1.15%. Analysts expect that Plains GP Holdings, L.P. will post 1.01 earnings per share for the current fiscal year.

Plains GP Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 15th. Stockholders of record on Wednesday, May 1st were issued a $0.3175 dividend. The ex-dividend date was Tuesday, April 30th. This represents a $1.27 dividend on an annualized basis and a dividend yield of 7.11%. Plains GP’s dividend payout ratio is presently 144.32%.

Plains GP Profile

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Plains GP (NYSE:PAGP)

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