MLP Stocks List: 5 Largest MLPs

4. Plains GP Holdings, L.P. (NASDAQ:PAGP)

Number of Hedge Fund Holders: 20

Plains GP Holdings, L.P. (NASDAQ:PAGP) is included in our list of the 20 largest MLPs.

On March 30, 2026, Plains GP Holdings, L.P. (NASDAQ:PAGP) filed a Form S-3 registration statement to offer up to $938.9 million in Class A shares. This shelf process enables the Delaware limited partnership to periodically sell securities. The company intends to use the proceeds to fund general partnership purposes, including PAA equity investments, debt repayment, and acquisitions. With this new filing, Plains GP Holdings, L.P. (NASDAQ:PAGP) replaces previous registrations from 2016, 2019, and 2022, utilizing $115,900 in fee offsets from prior unsold shares. The filing also addresses risks regarding the pending Canadian NGL Business divestiture.

On the same day, Plains GP Holdings, L.P. (NASDAQ:PAGP) and Plains All American (PAA) provided an update regarding the expected timing of the Canadian NGL business divestiture closure. The company anticipates this NGL divestiture to Keyera to close in May 2026, pending Competition Bureau approval. As per the update, both parties are working constructively with regulators while finalizing their plans for the complete integration. Once the transaction is completed and divestiture is closed, Plains will transition to a pure-play crude oil midstream company with an integrated asset network stretching from Western Canada to the U.S. Gulf Coast.

Founded in 2013, Plains GP Holdings, L.P. (NASDAQ:PAGP) is a critical midstream energy infrastructure provider with headquarters in Texas. The company manages vast networks for the transportation, storage, and marketing of crude oil and natural gas liquids through its indirect investment in Plains All American Pipeline, L.P.