Plains GP (PAGP)
Public holding partnership with an indirect stake in PAA's crude-oil system.
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Offers public-market exposure to Plains All American Pipeline through an indirect ownership and governance stake. Its cash flow comes from PAA, a North American crude-oil midstream system, while PAGP owns no operating assets directly.
Created in 2013, the public holding partnership gives investors an indirect limited-partner stake in Plains All American Pipeline (PAA) and a non-economic controlling general-partner interest.
PAA operates a North American crude-oil midstream system, while PAGP has no direct operating assets. PAGP's public ownership and governance roles sit above the operating business.
The Plains organization sold its Canadian NGL business in 2026 after acquiring the EPIC crude system, renamed Cactus III, in 2025. These transactions shifted the asset base toward crude oil. Cash flow to PAGP comes through its indirect PAA investment via AAP.
Company facts
Categories
Target rangeAs of Sep 2, 2026
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 18, 2026 | Morgan Stanley | Reiterate | Equal Weight | $26 | $28 | |
| Jul 16, 2026 | Barclays | Reiterate | Underweight | $21 | $23 | |
| Jun 8, 2026 | Mizuho Securities | Target | $23 | $27 | ||
| Jun 4, 2026 | Goldman Sachs | Upgrade | Sell | Neutral | ||
| Jun 3, 2026 | Goldman Sachs | Target | $16 | $24 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $1.06B · Total debt $8.64B · Total assets $30.23B · Shareholders' equity $1.58B
- Revenue
- $17.69B
- Operating income
- $397.0M
- Net income
- $389.0M
Raised for 5 straight years — most recently to $0.4175 from $0.38 in Jan 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jul 31, 2026 | Jul 31 | Aug 14 | $0.4175 | |
| May 1, 2026 | May 1 | May 15 | $0.4175 | |
| Jan 30, 2026 | Jan 30 | Feb 13 | $0.4175 | raised from $0.38 |
| Oct 31, 2025 | Oct 31 | Nov 14 | $0.38 | |
| Jul 31, 2025 | Jul 31 | Aug 14 | $0.38 | |
| May 1, 2025 | May 1 | May 15 | $0.38 | |
| Jan 31, 2025 | Jan 31 | Feb 14 | $0.38 | raised from $0.3175 |
| Oct 31, 2024 | Oct 31 | Nov 14 | $0.3175 |
| Institutions361 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | ≈ 80.90% | 160.10M shares | |
| Insiders8 holders · as of Aug 17, 2026 | 0.46% | 913.5K shares | |
| Otherremainder | ≈ 18.64% | 36.89M shares |
197.90M company shares as of Sep 3, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Evidence |
|---|---|---|---|
Tortoise Capital Advisors, L.L.C.Institution | 5.62% | 11.12M | 13Fas of Jun 30, 2026 |
Energy Income Partners, LLCInstitution | 4.57% | 9.05M | 13Fas of Jun 30, 2026 |
Massachusetts Financial Services Co /MA/Institution | 4.51% | 8.93M | 13Fas of Jun 30, 2026 |
Chickasaw Capital Management LLCInstitution | 4.36% | 8.63M | 13Fas of Jun 30, 2026 |
Two Sigma Investments, LPInstitution | 3.64% | 7.20M | 13Fas of Jun 30, 2026 |
| See all 25 → | |||
13F — a manager's quarterly holdings
Insider tradesForm 4
No open-market trades in the last 12 months.
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Plains GP | $28.34 | −0.46% | $5.61B | 10.1 | 15.1 | 0.1 | +66.3% |
| Enterprise Products Partners | $39.58 | +0.53% | $85.16B | 13.7 | 12.9 | 1.5 | +60.8% |
| Energy Transfer | $21.56 | +0.16% | $74.12B | 13.4 | 13.2 | 0.7 | +78.4% |
| Enbridge | $50.53 | +0.39% | $109.86B | 24.2 | 23.3 | 1.6 | +41.2% |
| MPLX | $59.50 | +0.84% | $59.86B | 12.7 | 12.8 | 4.6 | +10.6% |
| ONEOK | $96.10 | +0.14% | $60.50B | 16.6 | 15.9 | 1.5 | +52.8% |
| Kinder Morgan | $31.96 | −0.06% | $71.19B | 20.5 | 21.5 | 4.0 | +10.8% |
| Median | 15.1 | 14.5 | 1.5 | +47.0% |