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Plains All American ( (PAA) ) has provided an update.
On May 8, 2026, Plains All American reported first-quarter 2026 net income of $152 million and operating cash flow of $418 million, with Adjusted EBITDA attributable to PAA at $730 million and a pro forma leverage ratio of 4.1x. The partnership paid a higher quarterly distribution of $0.4175 per unit, reflecting a yield of about 7.5%, even as GAAP net income and cash from operations declined year over year.
The company raised its full-year 2026 Adjusted EBITDA guidance midpoint by $130 million to $2.88 billion and lifted Adjusted Free Cash Flow guidance to about $1.85 billion, citing a constructive crude oil market and continued NGL contributions into May 2026. Management highlighted progress toward selling its Canadian NGL business to Keyera Corp., classifying those operations as held for sale and discontinued, and emphasized that the sale plus internal efficiency gains and Cactus III synergies will support deleveraging and reinforce Plains’ positioning as a focused crude oil midstream operator.
The most recent analyst rating on (PAA) stock is a Buy with a $24.00 price target. To see the full list of analyst forecasts on Plains All American stock, see the PAA Stock Forecast page.
Spark’s Take on PAA Stock
According to Spark, TipRanks’ AI Analyst, PAA is a Outperform.
The score is driven primarily by strong and improving cash flow with supportive 2026 guidance (EBITDA and ~$1.8B free cash flow) and identifiable cost/synergy benefits. Technicals are favorable with a clear uptrend and positive momentum indicators. Valuation is also supportive with a reasonable P/E and high yield, partially offset by thin margins and still-meaningful leverage.
To see Spark’s full report on PAA stock, click here.
More about Plains All American
Plains All American Pipeline, L.P. is a midstream energy company focused on crude oil and natural gas liquids, operating an integrated network that connects U.S. crude production to global markets. Through Plains GP Holdings, it manages pipeline, storage and terminal assets, with a strategy centered on becoming a premier pure-play crude oil midstream provider following the divestiture of most Canadian NGL operations.
Average Trading Volume: 3,412,045
Technical Sentiment Signal: Buy
Current Market Cap: $15.59B
For a thorough assessment of PAA stock, go to TipRanks’ Stock Analysis page.