| Over a month ago | ||||
As previously reported,… As previously reported, Credit Suisse analyst Spiro Dounis upgraded Plains All American (PAA) and Plains GP Holdings (PAGP) to Outperform from Neutral with price targets of $14, up from $13. The analyst notes that Plains All American now boasts one of the most compelling valuations on several metrics and Permian growth is mitigating re-contracting risk. Further, he expects accelerated capital returns in 2023 as Plains All American reaches its leverage targets. | ||||
Credit Suisse analyst… Credit Suisse analyst Spiro Dounis upgraded Plains GP Holdings to Outperform from Neutral with a $14 price target. | ||||
Truist analyst Neal… Truist analyst Neal Dingmann assumed coverage of Plains GP Holdings with a Buy rating and $13 price target as he took over the firm's Midstream Oil and Gas coverage. | ||||
Atura Power and Plains… Atura Power and Plains All American announced they have signed a Memorandum of Understanding, or MOU, pursuant to which they will conduct a low-carbon hydrogen and subsurface storage feasibility study and front-end engineering design, or FEED, study related to Atura's and Plains' existing assets and operations located in Windsor, Ont. The prospective studies will analyze the technical and commercial feasibility of Atura designing, constructing and operating a 20-megawatt electrolyzer adjacent to its Brighton Beach Generating Station, and Plains providing subsurface hydrogen storage service at its nearby Windsor salt-cavern product storage facility. | ||||
| Over a quarter ago | ||||
Barclays analyst Theresa… Barclays analyst Theresa Chen raised the firm's price target on Plains GP Holdings to $13 from $12 and keeps an Equal Weight rating on the shares. The analyst expects "more variability" across refining results in Q4, reflective of execution during the quarter, but she has a "generally positive outlook for the group in 2022." | ||||
Wolfe Research analyst… Wolfe Research analyst Keith Stanley upgraded Plains GP Holdings (PAGP) to Outperform from Peer Perform. He sees a positive setup in 2022, with a number of modest growth tailwinds that "should all add up to at least mid-single digit EBITDA growth," said Stanley. He prefers Plains All American (PAA) over Plains GP Holdings (PAGP) as the spread is at a high and upgraded the former to Outperform as well. | ||||
Wolfe Research analyst… Wolfe Research analyst Keith Stanley upgraded Plains All American (PAA) to Outperform from Peer Perform. He sees a positive setup in 2022, with a number of modest growth tailwinds that "should all add up to at least mid-single digit EBITDA growth," said Stanley. He prefers Plains All American over Plains GP Holdings (PAGP) as the spread is at a high, though he also upgraded the latter to Outperform. | ||||
In connection with the… In connection with the company's long-term succession plans, Plains All American Pipeline (PAA) and Plains GP Holdings (PAGP) announced that Robert Nobles (51), currently Senior Director Terminals Mid-Continent has been promoted to Vice President US Facilities and Rail. | ||||
Barclays analyst… Barclays analyst Christine Cho reinstated coverage of Plains GP Holdings (PAGP) with an Equal Weight rating post the Oryx deal closure. While the joint venture "makes a lot of sense" for Plains All American (PAA), the pipeline overcapacity in the basin remains an overhang, Cho tells investors in a research note. | ||||
Seaport Global analyst… Seaport Global analyst Sunil Sibal downgraded Plains GP Holdings to Neutral from Buy without a price target. The "overbuilt" crude pipeline infrastructure in the Permian basin is likely to continue to see low utilization with midstream operators "scrambling to fill-in pipes," Sibal tells investors in a research note. The analyst expects Plains All American to continue to evolve to this "challenging environment" through initiatives like the Oryx joint venture to preserve margins but thinks its margin improvement is likely to be constrained by the macro operating environment. With the stock trading close to a fair valuation Sibal downgrades the shares. | ||||
