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Plains All American, GP Holdings cut to Underperform at BofA » 06:44
05/18/20
05/18
06:44
05/18/20
06:44
PAA

Plains All American

$8.46 /

+0.3 (+3.68%)

, PAGP

Plains GP Holdings

$8.78 /

+0.245 (+2.87%)

, KMI

Kinder Morgan

$14.84 /

-0.015 (-0.10%)

, MMP

Magellan Midstream

$41.85 /

+0.39 (+0.94%)

, MPLX

MPLX

$18.11 /

+0.515 (+2.93%)

BofA analyst Ujjwal…

BofA analyst Ujjwal Pradhan downgraded Plains All American (PAA) and Plains GP Holdings (PAGP) to Underperform as part of a broader sector note to reflect the crude inventory overhang and uncertain pace of demand recovery, with downside risks coming from tariff headwinds given their "predominantly crude midstream business". The analyst prefers Kinder Morgan (KMI) and Magellan Midstream (MMP) given their material exposure to refined products and also offers a positive view on MPLX (MPLX) based on the improving dry gas outlook. Pradhan also likes the resilient base businesses and strong balance sheets of Kinder Morgan and Magellan Midstream.

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PAGP Plains GP Holdings
$8.78 /

+0.245 (+2.87%)

PAA Plains All American
$8.46 /

+0.3 (+3.68%)

MPLX MPLX
$18.11 /

+0.515 (+2.93%)

MMP Magellan Midstream
$41.85 /

+0.39 (+0.94%)

KMI Kinder Morgan
$14.84 /

-0.015 (-0.10%)

PAA Plains All American
$8.46 /

+0.3 (+3.68%)

05/18/20 BofA
Plains All American downgraded to Underperform from Neutral at BofA
04/28/20 Mizuho
Plains All American price target lowered to $13 from $25 at Mizuho
04/14/20 RBC Capital
Plains All American price target lowered to $8 from $11 at RBC Capital
PAGP Plains GP Holdings
$8.78 /

+0.245 (+2.87%)

05/18/20 BofA
Plains GP Holdings downgraded to Underperform from Neutral at BofA
04/02/20 Credit Suisse
Plains GP Holdings downgraded to Neutral from Outperform at Credit Suisse
03/24/20 Barclays
Plains GP Holdings downgraded to Equal Weight from Overweight at Barclays
KMI Kinder Morgan
$14.84 /

-0.015 (-0.10%)

04/07/20 Mizuho
Kinder Morgan price target lowered to $20 from $23 at Mizuho
03/24/20 Barclays
Kinder Morgan upgraded to Overweight from Equal Weight at Barclays
03/16/20 Morgan Stanley
Morgan Stanley shakes up Midstream ratings in expectation of continued pressure
03/16/20 Morgan Stanley
Kinder Morgan upgraded to Equal Weight from Underweight at Morgan Stanley
MMP Magellan Midstream
$41.85 /

+0.39 (+0.94%)

05/07/20 Credit Suisse
Magellan Midstream price target raised to $48 from $42 at Credit Suisse
04/14/20
Jefferies upgrades three midstream stocks despite estimate cuts
04/14/20 Jefferies
Magellan Midstream upgraded to Buy from Hold at Jefferies
04/02/20 Credit Suisse
Magellan Midstream upgraded to Outperform from Neutral at Credit Suisse
MPLX MPLX
$18.11 /

+0.515 (+2.93%)

05/01/20 Citi
Antero Midstream downgraded to Neutral from Buy at Citi
04/27/20 Citi
MPLX price target lowered to $21 from $32 at Citi
04/02/20 Credit Suisse
MPLX upgraded to Outperform from Neutral at Credit Suisse
03/24/20 Barclays
MPLX upgraded to Overweight from Equal Weight at Barclays
PAGP Plains GP Holdings
$8.78 /

+0.245 (+2.87%)

PAA Plains All American
$8.46 /

+0.3 (+3.68%)

MPLX MPLX
$18.11 /

+0.515 (+2.93%)

MMP Magellan Midstream
$41.85 /

+0.39 (+0.94%)

KMI Kinder Morgan
$14.84 /

-0.015 (-0.10%)

MPLX MPLX
$18.11 /

+0.515 (+2.93%)

KMI Kinder Morgan
$14.84 /

-0.015 (-0.10%)

PAA Plains All American
$8.46 /

+0.3 (+3.68%)

PAGP Plains GP Holdings
$8.78 /

+0.245 (+2.87%)

PAA Plains All American
$8.46 /

+0.3 (+3.68%)

MPLX MPLX
$18.11 /

+0.515 (+2.93%)

MMP Magellan Midstream
$41.85 /

+0.39 (+0.94%)

KMI Kinder Morgan
$14.84 /

-0.015 (-0.10%)

Downgrade
Plains All American downgraded to Underperform from Neutral at BofA » 06:16
05/18/20
05/18
06:16
05/18/20
06:16
PAA

Plains All American

$8.46 /

+0.3 (+3.68%)

BofA downgraded Plains…

BofA downgraded Plains All American to Underperform from Neutral.

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PAA Plains All American
$8.46 /

+0.3 (+3.68%)

PAA Plains All American
$8.46 /

+0.3 (+3.68%)

04/28/20 Mizuho
Plains All American price target lowered to $13 from $25 at Mizuho
04/14/20 RBC Capital
Plains All American price target lowered to $8 from $11 at RBC Capital
04/02/20 Credit Suisse
Plains All American downgraded to Neutral from Outperform at Credit Suisse
04/01/20 Credit Suisse
Plains All American downgraded to Neutral from Outperform at Credit Suisse
PAA Plains All American
$8.46 /

+0.3 (+3.68%)

PAA Plains All American
$8.46 /

+0.3 (+3.68%)

PAA Plains All American
$8.46 /

+0.3 (+3.68%)

Conference/Events
Plains All American participates in a conference call with JPMorgan » 11:25
05/12/20
05/12
11:25
05/12/20
11:25
PAA

Plains All American

$8.56 /

+0.305 (+3.70%)

Energy Analyst Tonet…

Energy Analyst Tonet holds a conference call with CFO Swanson on May 12 at 12 pm hosted by JPMorgan.

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PAA Plains All American
$8.56 /

+0.305 (+3.70%)

PAA Plains All American
$8.56 /

+0.305 (+3.70%)

04/28/20 Mizuho
Plains All American price target lowered to $13 from $25 at Mizuho
04/14/20 RBC Capital
Plains All American price target lowered to $8 from $11 at RBC Capital
04/02/20 Credit Suisse
Plains All American downgraded to Neutral from Outperform at Credit Suisse
04/01/20 Credit Suisse
Plains All American downgraded to Neutral from Outperform at Credit Suisse
PAA Plains All American
$8.56 /

+0.305 (+3.70%)

PAA Plains All American
$8.56 /

+0.305 (+3.70%)

PAA Plains All American
$8.56 /

+0.305 (+3.70%)

Conference/Events
Plains All American participates in a conference call with JPMorgan » 04:55
05/12/20
05/12
04:55
05/12/20
04:55
PAA

Plains All American

$8.25 /

-0.12 (-1.43%)

Energy Analyst Tonet…

Energy Analyst Tonet holds a conference call with CFO Swanson on May 12 at 12 pm hosted by JPMorgan.

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PAA Plains All American
$8.25 /

-0.12 (-1.43%)

PAA Plains All American
$8.25 /

-0.12 (-1.43%)

04/28/20 Mizuho
Plains All American price target lowered to $13 from $25 at Mizuho
04/14/20 RBC Capital
Plains All American price target lowered to $8 from $11 at RBC Capital
04/02/20 Credit Suisse
Plains All American downgraded to Neutral from Outperform at Credit Suisse
04/01/20 Credit Suisse
Plains All American downgraded to Neutral from Outperform at Credit Suisse
PAA Plains All American
$8.25 /

-0.12 (-1.43%)

PAA Plains All American
$8.25 /

-0.12 (-1.43%)

PAA Plains All American
$8.25 /

-0.12 (-1.43%)

Conference/Events
Plains All American participates in a conference call with JPMorgan » 10:24
05/07/20
05/07
10:24
05/07/20
10:24
PAA

Plains All American

$8.04 /

+0.23 (+2.94%)

Energy Analyst Tonet…

Energy Analyst Tonet holds a conference call with CFO Swanson on May 12 at 12 pm hosted by JPMorgan.

ShowHide Related Items >><<
PAA Plains All American
$8.04 /

+0.23 (+2.94%)

04/28/20 Mizuho
Plains All American price target lowered to $13 from $25 at Mizuho
04/14/20 RBC Capital
Plains All American price target lowered to $8 from $11 at RBC Capital
04/02/20 Credit Suisse
Plains All American downgraded to Neutral from Outperform at Credit Suisse
04/01/20 Credit Suisse
Plains All American downgraded to Neutral from Outperform at Credit Suisse
Earnings
Plains All American sees FY20 adjusted EPS $1.44, consensus $1.57 » 16:19
05/05/20
05/05
16:19
05/05/20
16:19
PAA

Plains All American

$8.22 /

-0.17 (-2.03%)

Sees Fy20 adjusted EBITDA…

Sees Fy20 adjusted EBITDA $2.425B.

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PAA Plains All American
$8.22 /

-0.17 (-2.03%)

04/28/20 Mizuho
Plains All American price target lowered to $13 from $25 at Mizuho
04/14/20 RBC Capital
Plains All American price target lowered to $8 from $11 at RBC Capital
04/02/20 Credit Suisse
Plains All American downgraded to Neutral from Outperform at Credit Suisse
04/01/20 Credit Suisse
Plains All American downgraded to Neutral from Outperform at Credit Suisse
Earnings
Plains All American reports Q1 adjusted EPS 55c, consensus 45c » 16:18
05/05/20
05/05
16:18
05/05/20
16:18
PAA

Plains All American

$8.22 /

-0.17 (-2.03%)

Reports Q1 revenue…

Reports Q1 revenue $8.27M, consensus $9.01B. "Our first-quarter adjusted operating results exceeded expectations. However, as the quarter progressed, the global response to the COVID-19 pandemic has led to an unprecedented energy supply and demand imbalance," stated Willie Chiang, Chairman and CEO of Plains. "The North American energy supply chain has responded swiftly with significant reductions to refinery utilization, drilling and completion activity and shut-ins of existing production in multiple areas."

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PAA Plains All American
$8.22 /

-0.17 (-2.03%)

04/28/20 Mizuho
Plains All American price target lowered to $13 from $25 at Mizuho
04/14/20 RBC Capital
Plains All American price target lowered to $8 from $11 at RBC Capital
04/02/20 Credit Suisse
Plains All American downgraded to Neutral from Outperform at Credit Suisse
04/01/20 Credit Suisse
Plains All American downgraded to Neutral from Outperform at Credit Suisse
Over a month ago
Recommendations
Plains All American price target lowered to $13 from $25 at Mizuho » 06:42
04/28/20
04/28
06:42
04/28/20
06:42
PAA

Plains All American

$8.05 /

+0.425 (+5.58%)

Mizuho analyst Gabriel…

Mizuho analyst Gabriel Moreen lowered the firm's price target on Plains All American to $13 from $25 and keeps a Buy rating on the shares. The analyst believes the company has done enough to defend its balance sheet with a recent 50% distribution cut and capex reductions. The outlook for Permian production "remains murky at best," but Plains All American is well positioned for when the crude oil market turns, Moreen tells investors in a research note.

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PAA Plains All American
$8.05 /

+0.425 (+5.58%)

04/14/20 RBC Capital
Plains All American price target lowered to $8 from $11 at RBC Capital
04/02/20 Credit Suisse
Plains All American downgraded to Neutral from Outperform at Credit Suisse
04/01/20 Credit Suisse
Plains All American downgraded to Neutral from Outperform at Credit Suisse
03/24/20 Barclays
Plains All American downgraded to Equal Weight from Overweight at Barclays
Recommendations
Plains All American price target lowered to $8 from $11 at RBC Capital » 07:06
04/14/20
04/14
07:06
04/14/20
07:06
PAA

Plains All American

$6.31 /

+0.585 (+10.23%)

RBC Capital analyst…

RBC Capital analyst Elvira Scotto lowered the firm's price target on Plains All American to $8 from $11 and keeps a Sector Perform rating on the shares. The analyst cites the company's recent announcement of reduced capex, which should lower its crude gathering and transportation volumes. Scotto adds that the measures will have a more immediate impact on earnings relative to her prior expectations as she cuts her FY20 and FY21 EPS views by 3c and 5c to $1.58 and $1.43 respectively.

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PAA Plains All American
$6.31 /

+0.585 (+10.23%)

04/02/20 Credit Suisse
Plains All American downgraded to Neutral from Outperform at Credit Suisse
04/01/20 Credit Suisse
Plains All American downgraded to Neutral from Outperform at Credit Suisse
03/24/20 Barclays
Plains All American downgraded to Equal Weight from Overweight at Barclays
03/16/20 Morgan Stanley
Morgan Stanley shakes up Midstream ratings in expectation of continued pressure
Hot Stocks
Plains All American cuts Q1 distribution by 50%, reduces capital program by 33% » 07:16
04/07/20
04/07
07:16
04/07/20
07:16
PAGP

Plains GP Holdings

$5.64 /

-0.025 (-0.44%)

, PAA

Plains All American

$5.25 /

-0.1 (-1.87%)

Plains All American (PAA)…

Plains All American (PAA) announced that the company reduced 2020/2021 capital program by $750M, or 33%, decreased PAA common unit / PAGP (PAGP) Class A share distributions payable in May by 50% and completed an additional $165M asset sale. The company continues to pursue capital and cost reductions throughout the organization and supply chain, as well as additional asset sales Total expansion capital for 2020/2021 is now targeted to be approximately $1.55B, or $750M lower than the previously targeted $2.3B capital program, and 47% lower when eliminating $600M of assumed JV project financing for the Red Oak project, which has been deferred. The balance of the capital reductions relate to cancelations, cost savings and scope adjustments to other capital projects. Q1 expansion capital expenditures are estimated to be approximately $350M. The partnership will continue to work closely with customers and industry partners to optimize, defer and potentially further reduce the capital program, subject to producer activity levels on Plains system. Acknowledging the uncertain duration of current and anticipated industry challenges and to further reinforce PAA's commitment to maintaining a solid capital structure and strong liquidity, Plains' board has approved a distribution of 18c per PAA common unit and PAGP Class A share for Q1. These distributions represent a 50% reduction relative to distributions paid in February and equate to an annualized distribution rate of 72c per PAA common unit and corresponding PAGP Class A share. Regarding the asset sales program, the partnership closed an incremental sale on April 1, which generated proceeds of $165M and brings year-to-date proceeds to approximately $245M. An additional $195M asset sale remains under definitive agreement and is expected to close later in the year. Plains is continuing its efforts to advance additional asset sales opportunities.

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PAGP Plains GP Holdings
$5.64 /

-0.025 (-0.44%)

04/02/20 Credit Suisse
Plains GP Holdings downgraded to Neutral from Outperform at Credit Suisse
03/24/20 Barclays
Plains GP Holdings downgraded to Equal Weight from Overweight at Barclays
03/16/20 Morgan Stanley
Morgan Stanley shakes up Midstream ratings in expectation of continued pressure
03/16/20 Morgan Stanley
Plains GP Holdings downgraded to Underweight from Equal Weight at Morgan Stanley
PAA Plains All American
$5.25 /

-0.1 (-1.87%)

04/02/20 Credit Suisse
Plains All American downgraded to Neutral from Outperform at Credit Suisse
04/01/20 Credit Suisse
Plains All American downgraded to Neutral from Outperform at Credit Suisse
03/24/20 Barclays
Plains All American downgraded to Equal Weight from Overweight at Barclays

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