Plains All American Pipeline (PAA)

• Market cap: $12B
• 1 day: -1.10%
• 5 days: -1.39%
• 1 month: -1.56%
• 3 months: -16.66%
• 6 months: -2.12%
• Year to date: -1.50%
• 1 year: -2.40%
• 5 years: 88.72%
• 10 years: -65.60%
• Sector: Energy
• Industry: Oil & Gas Midstream

About: Plains All American Pipeline LP through its subsidiaries, engages in the pipeline transportation, terminaling, storage, and gathering of crude oil and natural gas liquids (NGL) in the United States and Canada. The company operates through two segments, Crude Oil and NGL. The Crude Oil segment offers gathering and transporting crude oil through pipelines, gathering systems, trucks, and barges or railcars. The NGL segment is involved in natural gas processing and NGL fractionation, storage, transportation, and terminalling. It generates the majority of its revenue from the Crude Oil segment.

Employees: 4,200

Fund manager confidence

Based on 2025 Q1 regulatory disclosures by fund managers ($100M+ AUM)

192% more call options, than puts

Call options by funds: $172M | Put options by funds: $58.8M

36% more repeat investments, than reductions

Existing positions increased: 117 | Existing positions reduced: 86

31% more first-time investments, than exits

New positions opened: 47 | Existing positions closed: 36

29% more funds holding in top 10

Funds holding in top 10: 7 [Q4 2024] → 9 (+2) [Q1 2025]

9% more capital invested

Capital invested by funds: $5.1B [Q4 2024] → $5.58B (+$481M) [Q1 2025]

2% less funds holding

Funds holding: 374 [Q4 2024] → 368 (-6) [Q1 2025]

2.57% less ownership

Funds ownership: 42.35% [Q4 2024] → 39.78% (-2.57%) [Q1 2025]

Research analyst outlook

5 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $18 6% upside
• Avg. target: $19.80 16% upside
• High target: $23 35% upside

5 analyst ratings

• positive: 1 20%
• neutral: 3 60%
• negative: 1 20%

RBC Capital Scott Hanold	17% upside $20	Sector Perform Reiterated	16 May 2025
Citigroup Spiro Dounis	6% upside $18	Neutral Maintained	13 May 2025
Scotiabank Brandon Bingham	17% upside $20	Sector Outperform Maintained	12 May 2025
Barclays Theresa Chen	6% upside $18	Underweight Maintained	10 Apr 2025
Morgan Stanley Robert Kad	35% upside $23	Equal-Weight Maintained	25 Mar 2025