Plains All American Pipeline

PAA

Market cap $15.2B

Five high-yielding midstream names offer approximately 6.4 percent income tied to rising U.S. energy export volumes. PAA, ET, MPLX, and EPD operate toll-like infrastructure that may benefit from higher oil and gas throughput.

Plains All American Pipeline (PAA) earns a Strong Buy rating, driven by a compelling 7.67% forward yield and resilient distributable cash flow. PAA's toll-based revenue model and extensive Permian footprint ensure stable cash flows, with recent asset sales reallocating capital to higher-return segments. Despite a modest 1.4% YoY EBITDA growth, PAA's economic spread has climbed to 5.43%, supporting sustainable yield growth and robust total returns above 12%.

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HOUSTON, April 06, 2026 (GLOBE NEWSWIRE) -- Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) announced today their quarterly distributions with respect to the first quarter of 2026 and also announced timing of first quarter 2026 earnings.

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HOUSTON, March 30, 2026 (GLOBE NEWSWIRE) -- Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) (collectively, "Plains") today provided an update on the expected timing for completion of the Canadian NGL business divestiture to Keyera Corp. The transaction continues to advance through the regulatory process, including review by the Competition Bureau.

Geopolitical tensions have driven oil prices higher and created market backwardation, testing PAA's reduced reliance on arbitrage and trading revenues. PAA's EBITDA guidance for FY'26 is $2.75B, but higher oil prices could lift this to $2.84B, supporting a bullish rating at an 11.5x EV/EBITDA multiple. Despite recent share gains, potential downside exists if lost arbitrage revenue outweighs contract tailwinds amid ongoing market disruptions.

The inflation dragon seems to be returning. This time the timing might coincide with a system-wide selloff (e.g., private credit risks, richly priced AI names, etc.). The question is where to park capital to protect portfolio cash flows from value erosion and potentially significant leg-down.

PAA has registered a YTD total return performance of ~23%. Yet, all of this has been justified, and given the recent distribution increase, the entry point remains attractive. For example, the war in Iran and surging crude prices have enhanced PAA's EBITDA outlook, with sensitivity to higher WTI and Permian Basin production volumes.

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