Plains GP Holdings (PAGP)
NASDAQ:PAGP
Top Page
Plains GP Holdings
(NASDAQ:PAGP)
Select Model
Select Model
Rating:66Neutral
Price Target:
$26.00
â–²(6.30% Upside)
Action:DowngradedDate:02/07/26
The score reflects strong cash generation and a positive forward outlook (guidance, distribution growth, cost/synergy initiatives), supported by constructive price momentum. Offsetting these positives are a leveraged balance sheet and very thin net margins, with valuation mixed (high yield but a higher P/E).
Positive Factors
Strong cash generation
Consistent, large operating and free cash flow provides durable internal funding for distributions, maintenance capex, and debt reduction. Over 2-6 months this cash profile supports planned deleveraging, special distributions and reduces refinancing vulnerability versus peers.
Negative Factors
Elevated leverage
Material leverage constrains financial flexibility and raises refinancing and interest-rate vulnerability. In a midstream down-cycle or delayed asset-sale proceeds, highly leveraged balance sheet limits capacity for opportunistic investments and makes meeting distribution and covenant targets riskier.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Consistent, large operating and free cash flow provides durable internal funding for distributions, maintenance capex, and debt reduction. Over 2-6 months this cash profile supports planned deleveraging, special distributions and reduces refinancing vulnerability versus peers.
Read all positive factors
Plains GP Holdings (PAGP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$18.63B
Dividend Yield8.03%
Average Volume (3M)1.94M
Price to Earnings (P/E)14.6
Beta (1Y)0.45
Revenue Growth-7.53%
EPS Growth11.27%
CountryUS
Employees5,000
SectorEnergy
Sector Strength52
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)0.31
Shares Outstanding197,904,130
10 Day Avg. Volume1,902,495
30 Day Avg. Volume1,940,343
Financial Highlights & Ratios
PEG Ratio0.10
Price to Book (P/B)2.82
Price to Sales (P/S)0.09
P/FCF Ratio1.66
Enterprise Value/Market Cap0.86
Enterprise Value/Revenue0.36
Enterprise Value/Gross Profit5.24
Enterprise Value/Ebitda5.39
Forecast
1Y Price Target
$21.67Price Target Upside-11.41% Downside
Rating ConsensusHold
Number of Analyst Covering9
EPS Forecast (FY)1.59
Revenue Forecast (FY)$51.76B
Plains GP Holdings Business Overview & Revenue Model
Company Description
Plains GP Holdings, L.P., through its subsidiary, Plains All American Pipeline, L.P., owns and operates midstream energy infrastructure in the United States and Canada. The company operates in two segments, Crude Oil and Natural Gas Liquids (NGLs)...
How the Company Makes Money
PAGP makes money primarily by receiving distributions and other economic benefits derived from its ownership interests in Plains All American Pipeline, L.P. (PAA). In practice, PAGP’s cash generation is tied to PAA’s ability to generate operating ...
Plains GP Holdings Earnings Call Summary
Earnings Call Date:Feb 06, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 01, 2026
Earnings Call Sentiment Positive
The call presents a constructive and execution-focused outlook: strong recent results and clear 2026 guidance, active portfolio simplification (NGL divestiture), accretive bolt-ons (Cactus III synergies and Wild Horse storage), targeted $100M of cost savings, sustained distribution growth with a modest coverage reset, and sizable projected free cash flow support a positive near-to-medium-term outlook. Near-term headwinds include macro volatility, recontracting pressure on long-haul margins, weather-driven production disruptions, and a slight headline EBITDA drag from the NGL divestiture and elevated near-term leverage until proceeds are deployed to pay down debt.Positive Updates
Strong Quarterly and Annual Adjusted EBITDA
Reported Q4 2025 adjusted EBITDA attributable to Plains of $738 million and full-year adjusted EBITDA of $2.833 billion, demonstrating solid underlying profitability.
Negative Updates
Challenging Macro Environment
2025 operating environment included geopolitical unrest, OPEC actions increasing oil supply, and tariff-related uncertainty that pressured market fundamentals and contributed to volatility.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Quarterly and Annual Adjusted EBITDA
Reported Q4 2025 adjusted EBITDA attributable to Plains of $738 million and full-year adjusted EBITDA of $2.833 billion, demonstrating solid underlying profitability.
Read all positive updates
Company Guidance
Plains guided 2026 adjusted EBITDA of $2.75 billion net to Plains at the midpoint (±$75 million), with oil‑segment EBITDA at a $2.64 billion midpoint (implying ~13% YOY crude growth), plus $100 million of NGL EBITDA and $10 million of other income; they expect Permian basin volumes roughly flat with about 6.6 million barrels/day at year‑end. Management forecast ~$350 million of growth CapEx and ~$165 million of maintenance CapEx (net to PAA) in 2026, roughly $1.8 billion of adjusted free cash flow (excluding changes in working capital and NGL sale proceeds), distributable cash flow up ~1% despite a modest headline EBITDA decline, and a potential special distribution of ≤ $0.15/unit after closing. They also expect $100 million of annual cost savings by 2027 (≈$50 million realized in 2026), $50 million of Cactus III synergies on run‑rate (about half captured in Q4), raised the quarterly distribution 10% to an annual $1.67/unit (a $0.15 lift, ~8.5% yield on recent PAA price), lowered the coverage threshold from 160% to 150%, plan to use NGL-sale proceeds to reduce debt, and aim to move leverage toward the middle of a 3.25–3.75x target range.Plains GP Holdings Financial Statement Overview
Summary
Income Statement
64
Positive
Balance Sheet
38
Negative
Cash Flow
76
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 44.26B | 50.07B | 48.71B | 57.34B | 42.08B |
| Gross Profit | 2.67B | 3.49B | 3.13B | 3.20B | 2.80B |
| EBITDA | 2.81B | 2.68B | 3.05B | 2.78B | 1.91B |
| Net Income | 260.00M | 103.00M | 198.00M | 168.00M | 60.00M |
Balance Sheet | |||||
| Total Assets | 31.28B | 27.76B | 28.60B | 29.21B | 29.98B |
| Cash, Cash Equivalents and Short-Term Investments | 329.00M | 349.00M | 453.00M | 404.00M | 456.00M |
| Total Debt | 11.49B | 7.93B | 8.03B | 8.82B | 9.64B |
| Total Liabilities | 17.06B | 13.44B | 13.63B | 14.57B | 15.80B |
| Stockholders Equity | 1.34B | 1.35B | 1.55B | 1.52B | 1.53B |
Cash Flow | |||||
| Free Cash Flow | 2.29B | 1.84B | 2.14B | 1.95B | 1.66B |
| Operating Cash Flow | 2.93B | 2.48B | 2.72B | 2.40B | 1.99B |
| Investing Cash Flow | -3.36B | -875.00M | -702.00M | -526.00M | 386.00M |
| Financing Cash Flow | 399.00M | -1.70B | -1.97B | -1.93B | -1.98B |
Plains GP Holdings Technical Analysis
Positive
24.46
Price Trends
22.03
Positive
20.12
Positive
18.99
Positive
Market Momentum
0.63
Negative
73.87
Negative
86.53
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PAGP, the sentiment is Positive. The current price of 24.46 is above the 20-day moving average (MA) of 23.56, above the 50-day MA of 22.03, and above the 200-day MA of 18.99, indicating a bullish trend. The MACD of 0.63 indicates Negative momentum. The RSI at 73.87 is Negative, neither overbought nor oversold. The STOCH value of 86.53 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for PAGP.
Plains GP Holdings Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $15.83B | 8.81 | 14.75% | 8.54% | -7.53% | 9.74% | |
75 Outperform | $13.78B | 27.57 | 9.41% | 2.70% | 20.39% | -3.85% | |
74 Outperform | $16.45B | 13.53 | 34.44% | 9.13% | 5.81% | -13.58% | |
74 Outperform | $10.97B | 20.58 | 20.12% | 4.98% | 8.70% | 21.42% | |
73 Outperform | $8.26B | 11.96 | 59.38% | 8.45% | 10.78% | 19.10% | |
66 Neutral | $18.63B | 14.58 | 19.19% | 8.03% | -7.53% | 11.27% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% |
* Energy Sector Average
PAGP
Plains GP Holdings
24.46
4.78
24.29%
PAA
Plains All American
22.44
4.10
22.35%
WES
Western Midstream Partners
41.78
4.47
11.99%
AM
Antero Midstream
23.19
6.09
35.61%
HESM
Hess Midstream Partners
39.79
0.79
2.02%
DTM
DT Midstream
135.47
41.71
44.49%
Plains GP Holdings Corporate Events
Other
Plains GP Holdings Reports New Material Definitive Agreement
Neutral
Mar 3, 2026
The information provided from Plains GP Holdings is incomplete and does not contain any substantive details about the company’s specific announcement, operational changes, financial results, or strategic initiatives. As a result, it is not p...
Business Operations and StrategyDividendsFinancial DisclosuresM&A Transactions
Plains GP Holdings Reports Strong 2025 Results, Raises Distribution
Positive
Feb 6, 2026
On February 6, 2026, Plains All American Pipeline and Plains GP Holdings reported strong fourth-quarter and full-year 2025 results, with net income attributable to Plains All American rising to $342 million for the quarter and $1.435 billion for t...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.