Plains All American Pipeline, L.P. (PAA) Stock Price & Analysis
Plains All American Pipeline, L.P. (PAA) closed at USD 25.9 on Thursday, October 22, 2026, up 0.04% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 25.89; the Oct 22, 2026 session ranged USD 25.48–26.03 on volume of 2,219,950 shares. Market capitalization is $18.27B, with a 52-week range of USD 16–26.39 (NMS). Source: Nexqual, retrieved October 23, 2026 at 10:36 UTC.
Also available as compact Markdown for AI agents: nexqual.com/PAA.md
Key facts (PAA)
- Last four reported quarters (through Jun 30, 2026): revenue $52.3B, net income $2.77B (5.3% margin), free cash flow $2.38B (SEC filings).
- Valuation: P/E 6.6x, EV/EBITDA 9.8x, net debt $7.38B.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $51K; 1 not under a Rule 10b5-1 plan ($51K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.61 on a 1–5 scale) (18 analysts), mean target USD 26.35 (range 20–31).
- Total return with dividends: 1Y +66.7% vs S&P 500 +14.9%; 5Y +247.8% vs S&P 500 +80.3%.
- Next earnings: 2026-11-06, EPS estimate USD 0.46, revenue estimate $15.2B.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (PAA)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $42.1B | $57.3B | $47.3B | $48.9B | $44.3B | $52.3B |
| Gross profit | $3.57B | $4.17B | $3.40B | $3.73B | $3.83B | — |
| Operating income | $851M | $1.29B | $1.26B | $868M | $1.43B | $1.64B |
| Net income | $593M | $1.04B | $1.23B | $772M | $1.44B | $2.77B |
| Free cash flow | $1.66B | $1.95B | $2.32B | $2.04B | $2.29B | $2.38B |
| Gross margin | 8.5% | 7.3% | 7.2% | 7.6% | 8.7% | — |
| Operating margin | 2.0% | 2.3% | 2.7% | 1.8% | 3.2% | 3.1% |
| Net margin | 1.4% | 1.8% | 2.6% | 1.6% | 3.2% | 5.3% |
| Revenue growth | +80.7% | +36.3% | -17.4% | +3.3% | -9.5% | — |
| Cash + short-term investments | $449M | $401M | $450M | $348M | $328M | — |
| Total debt | $9.22B | $8.45B | $7.75B | $7.62B | $11.3B | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (PAA)
P/E 6.6x · P/S 0.3x · EV/EBITDA 9.8x · EV/Sales 0.5x · P/FCF 7.7x · FCF yield 13.00% · Earnings yield 15.13% · Net debt $7.38B · EV $25.7B
Insider sales (SEC Form 4, open-market, last ~7 months) (PAA)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-06-29 | Ziemba Lawrence Michael | Director | 2,346 | $51K | 100% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.
Analysts (PAA)
Consensus Hold (mean 2.61 on a 1–5 scale), 18 analysts; mean target USD 26.35 (low 20, high 31).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-09 | Jefferies | Initiated | Buy | $27 |
| 2026-10-09 | UBS | Target raised | Buy | $30 → $31 |
| 2026-09-21 | UBS | Target raised | Buy | $27 → $28 |
| 2026-09-21 | Barclays | Target raised | Underweight | $23 → $24 |
| 2026-09-21 | Mizuho | Target raised | Outperform | $27 → $30 |
| 2026-09-17 | Citigroup | Target raised | Neutral | $22 → $25 |
| 2026-09-10 | Scotiabank | Target raised | Sector Outperform | $24 → $27 |
| 2026-09-03 | JP Morgan | Target raised | Neutral | $24 → $27 |
| 2026-08-18 | Morgan Stanley | Target raised | Equal-Weight | $25 → $26 |
| 2026-08-17 | RBC Capital | Target raised | Sector Perform | $23 → $26 |
| 2026-07-16 | Barclays | Target raised | Underweight | $21 → $23 |
| 2026-07-15 | Truist Securities | Target raised | Buy | $23 → $25 |
Total return (dividends reinvested) (PAA)
| 1Y (from 2025-10-23) | 5Y (from 2021-10-18) | |
|---|---|---|
| Total return | +66.7% | +247.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +67.0% | +28.2% |
| Volatility (annualized) | 19.2% | 27.4% |
| Max drawdown | -11.6% (May 2026→Jun 2026) | -19.2% (Feb 2025→Oct 2025) |
PAA revenue by business segment (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Crude Oil | $17.73B | 100.2% | +66.4% |
| NGL | $22.0M | 0.1% | -15.4% |
| Total revenue | $17.69B | 100% | — |
PAA revenue by product line (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Product sales revenues | $17.27B | 97.6% | +68.8% |
| Services revenues | $472.0M | 2.7% | +6.1% |
| Transportation | $358.0M | 2.0% | +5.3% |
| Terminalling, Storage and Other | $102.0M | 0.6% | +17.2% |
| Total revenue | $17.69B | 100% | — |
PAA revenue by region (fiscal year ended Dec 31, 2025)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| United States | $39.76B | 89.8% | -8.7% |
| Canada | $4.50B | 10.2% | -15.9% |
| Total revenue | $44.26B | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
PAA suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | PLAINS GP HOLDINGS LP (PAGP) | “(1)Each Class C share represents a non-economic limited partner interest in PAGP.” |
| Partner | Ford (F) | “The Cactus Pipeline connects to our Eagle Ford joint venture pipeline system at Gardendale for access to the Corpus Christi, Texas market.” |
| Partner | PAA GP | “Our non-economic general partner interest is held by PAA GP LLC ("PAA GP"), a Delaware limited liability company, whose sole member is Plains AAP, L.P. ("AAP"), a Delaware limited partnership.” |
| Partner | Plains AAP | “Our non-economic general partner interest is held by PAA GP LLC ("PAA GP"), a Delaware limited liability company, whose sole member is Plains AAP, L.P. ("AAP"), a Delaware limited partnership.” |
| Partner | Cactus II Pipeline | “We operate the Cactus II Pipeline and own a 70% interest in Cactus II, the entity that owns the Cactus II Pipeline, through a joint venture with Enbridge Inc.” |
| Partner | ENBRIDGE INC (ENB) | “We operate the Cactus II Pipeline and own a 70% interest in Cactus II, the entity that owns the Cactus II Pipeline, through a joint venture with Enbridge Inc.” |
| Partner | ENTERPRISE PRODUCTS PARTNERS L.P. (EPD) | “We own a 50% interest in the entity that owns the Eagle Ford Pipeline through a joint venture with a subsidiary of Enterprise Products Partners, L.P. ("Enterprise Products").” |
| Partner | Diamond Pipeline | “We own a 50% interest in the entity that owns the Diamond Pipeline through a joint venture with Valero Energy Corporation ("Valero").” |
| Partner | Valero Energy | “We own a 50% interest in the entity that owns the Diamond Pipeline through a joint venture with Valero Energy Corporation ("Valero").” |
| Partner | White Cliffs Pipeline | “We own an approximate 36% interest in the entity that owns the White Cliffs Pipeline system through a joint venture with three other partners.” |
| Partner | GP | “•the PAGP GP Board is composed of three classes of directors, which limits our unitholders' ability to make significant changes to the board in any given year; and” |
| Partner | Delaware Revised Uniform | “Furthermore, under Section 17-607 of the Delaware Revised Uniform Limited Partnership Act we may not make a distribution to our unitholders if the distribution would cause our liabilities to exceed the fair value of our assets.” |
Quoted from the company's 10-K filed Feb 27, 2026.
Companies that name PAA in their SEC reports
| Relationship to PAA | Company | Filing | Sentence |
|---|---|---|---|
| supplier | Calumet, Inc. /DE (CLMT) | 10-K Feb 27, 2026 | “Our Shreveport facility is interconnected to a pipeline that supplies a portion of its crude oil and a pipeline that ships a portion of its refined fuel products to customers, such as pipelines operated by subsidiaries of Enterprise Products Partners L.P. and Plains.” |
| partner | Delek US Holdings, Inc. (DK) | 10-K Feb 27, 2026 | “In addition, Delek Logistics has two other pipeline joint ventures in which it owns a 50% membership interest in the entity formed with an affiliate of Plains All American Pipeline, L.P. to operate one of these pipeline systems and a 33% membership interest in Andeavor Logistics Rio Pipeline LLC which operates the other pipeline system.” |
| partner | HF Sinclair Corp (DINO) | 10-K Feb 27, 2026 | “We, through our wholly owned subsidiary HEP Cushing LLC ("HEP Cushing"), own a 50% interest in Cushing Connect Pipeline & Terminal LLC ("Cushing Connect"), a joint venture with Plains Marketing, L.P., a wholly owned subsidiary of Plains All American Pipeline, L.P. ("Plains").” |
| partner | Delek Logistics Partners, LP (DKL) | 10-K Feb 27, 2026 | “Additionally, we have two pipeline joint ventures, in which we own a 50% membership interest in the entity formed with an affiliate of Plains All American Pipeline, L.P. ("CP LLC") to operate one of these pipeline systems and a 33% membership interest in the entity formed with Andeavor Logistics RIO Pipeline LLC ("Andeavor Logistics") to operate the other pipeline system.” |
| partner | PLAINS GP HOLDINGS LP (PAGP) | 10-K Feb 27, 2026 | “•the successful operation of joint ventures and joint operating arrangements PAA enters into from time to time, whether relating to assets operated by PAA or by third parties, and the successful integration and future performance of acquired assets or businesses;” |
| partner | Kinetik Holdings Inc. (KNTK) | 10-K Feb 26, 2026 | “During the fourth quarter 2025, the Company consummated the previously announced Sale and Purchase Agreement with affiliates of Diamondback Energy, Inc. (together with the Company, the "Sellers") and affiliates of Plains All American Pipeline, L.P. (the "Buyer") to sell, collectively, 55% of the outstanding interests in EPIC ("EPIC Sale").” |
| partner | Diamondback Energy, Inc. (FANG) | 10-K Feb 25, 2026 | “On October 31, 2025, the Company divested its 27.5% equity interest in EPIC Crude Holdings, LP ("EPIC") pursuant to a definitive purchase and sale agreement with Plains All American Pipeline, L.P. and Plains GP Holdings for approximately $504 million in cash and an additional $96 million in unrecognized contingent consideration (the "EPIC Divestiture").” |
PAA customer concentration
In the period ended Dec 31, 2025, a single direct customer accounted for 31% of revenue, per the company's 10-K filed Feb 27, 2026. The company does not name it.
PAA analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $0.46 | $0.47 | -1.8% | $15.21B | 8 |
| Next quarter (ends Dec 2026) | $0.48 | $0.49 | -1.1% | $14.84B | 8 |
| Current fiscal year (ends Dec 2026) | $1.73 | $1.71 | +1.2% | $59.83B | 9 |
| Next fiscal year (ends Dec 2027) | $1.95 | $2.01 | -3.0% | $62.57B | 11 |
Key Statistics (as of October 23, 2026 at 10:36 UTC)
| Price | USD 25.9 |
|---|---|
| Change | ▲ 0.04% (up) |
| Previous Close | USD 25.89 |
| Open | USD 25.97 |
| Day Range | USD 25.48 – 26.03 |
| 52-Week Range | USD 16 – 26.39 |
| Volume | 2,219,950 shares |
| Market Cap | $18.27B |
| Exchange | NMS |
Technical Analysis (PAA)
Nexqual's technical model rates PAA "BUY" based on 5 bullish and 1 bearish signals across 127 daily candles, as of October 23, 2026 at 10:36 UTC.
| Overall Signal | BUY |
|---|---|
| RSI (14) | 67.98 (neutral) |
| vs SMA50 | Above (USD 24.91) |
| MACD | 0.25 (positive) |
Analyst Ratings (PAA)
Wall Street analysts rate PAA "Hold" based on 18 analysts, with a mean price target of USD 26.35 (range USD 20–31), per Nexqual as of October 23, 2026 at 10:36 UTC.
| Consensus Rating | Hold |
|---|---|
| Analyst Count | 18 |
| Mean Target | USD 26.35 |
| High Target | USD 31 |
| Low Target | USD 20 |
| Buy / Hold / Sell | 9 / 7 / 2 |
Earnings (PAA)
| Next Earnings Date | 2026-11-06 |
|---|---|
| EPS Estimate | USD 0.46 |
| Revenue Estimate | $15.21B |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD 0.41 vs est 0.5 ▼ miss |
| 2026-03-31 | USD 0.39 vs est 0.42 ▼ miss |
| 2025-12-31 | USD 0.4 vs est 0.45 ▼ miss |
| 2025-09-30 | USD 0.39 vs est 0.38 ▲ beat |
Source: Nexqual, October 23, 2026 at 10:36 UTC.
Financials & Fundamentals (PAA)
| Total Revenue | $52.30B |
|---|---|
| Revenue Growth (latest quarter, YoY) | +66.30% |
| Gross Margin | +5.55% |
| Operating Margin | +2.77% |
| Profit Margin | +5.29% |
| ROE | +10.18% |
| Debt / Equity | 0.6 |
| Current Ratio | 1.12 |
| Total Cash | $1.06B |
| Total Debt | $8.63B |
| Free Cash Flow (last four quarters to Jun 2026, SEC 10-Q / 10-K) | $2.38B (4.5% of revenue) |
Source: Nexqual, October 23, 2026 at 10:36 UTC.
Financial Health Score (PAA)
Nexqual rates Plains All American Pipeline, L.P.'s overall financial health "Mixed" across five dimensions, as of October 23, 2026 at 10:36 UTC.
| Growth | Critical — Revenue -12% YoY (annual), sharp decline |
|---|---|
| Profitability | Weak — Gross margin 6%, operating 3% (last 12 months) |
| Balance Sheet | Solid — $1.06B cash and investments vs $8.44B debt (Jun 2026, SEC) |
| Cash Flow | Mixed — FCF $2.38B (last 4 quarters to Jun 2026, SEC), slim 4.5% margin |
| Efficiency | Mixed — ROE 10%, ROA 3.5% |
Ownership (PAA)
| Insider Ownership | +34.19% |
|---|---|
| Institutional Ownership | +41.44% |
| Shares Outstanding | 705.57M |
| Float | 463.18M |
| Short % of Float | +2.51% |
Source: Nexqual, October 23, 2026 at 10:36 UTC.
Leadership (PAA)
Plains All American Pipeline, L.P. is led by Wilfred C.W. Chiang, President, CEO & Chairman of Plains All American GP LLC, per Nexqual as of October 23, 2026 at 10:36 UTC.
| President, CEO & Chairman of Plains All American GP LLC | Wilfred C.W. Chiang |
|---|---|
| Executive VP & CFO of Plains All American GP LLC | Al P. Swanson |
| Senior Advisor to the CEO & Director of Plains All American GP LLC | Gregory L. Armstrong |
| Senior Advisor to CEO & Director of Plains All American GP LLC | Harry N. Pefanis |
| Executive VP & COO | Constantine S. Liollio |
Major Backers & Investors (PAA)
Notable institutional backers of Plains All American Pipeline, L.P. include ALPS ETF TRUST-ALERIAN MLP ETF, Alps Advisors Inc., Invesco, according to Nexqual as of October 23, 2026 at 10:36 UTC.
Active Investors
| Investor | Stake |
|---|---|
| ALPS ETF TRUST-ALERIAN MLP ETF | 10.15% |
| Alps Advisors Inc. | 9.68% |
| Invesco | 4.57% |
| AIM Investment Fd.s -Invesco SteelPath MLP Income Fd. | 4.31% |
| Blackstone Inc | 2.77% |
| Mirae Asset Global ETFs Holdings Ltd. | 2.43% |
| GLOBAL X FUNDS-Global X MLP ETF | 2.27% |
| Goldman Sachs | 2.19% |
Source: Nexqual, October 23, 2026 at 10:36 UTC.
Legal & Regulatory Risks from Plains All American Pipeline, L.P.'s Latest 10-K (filed 2026-02-27)
- Risks Related to Laws and Regulations
- Our risk policies cannot eliminate all risks and the insufficiency of, or non-compliance with our risk policies could result in significant financial losses.
- Our assets are subject to federal, state and provincial regulation. Rate regulation or a successful challenge to the rates we charge on our U.S. and Canadian pipeline systems may reduce the amount of cash we generate.
- Laws and regulations pertaining to the protection of threatened and endangered species or to critical habitat, wetlands and natural resources could delay, restrict or prohibit our and our customers' operations and cause us or our customers to incur substantial costs that may have a material adverse effect on our results of operations.
Source: SEC EDGAR 10-K, Item 1A, official filing.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| WES | Western Midstream Partners, LP | USD 44.46 | ▼ 0.27% |
| VNOM | Viper Energy, Inc. | USD 45.35 | ▼ 0.72% |
| DTM | DT Midstream, Inc. | USD 123.4 | ▼ 0.87% |
| PBA | Pembina Pipeline Corp. | USD 49.37 | ▼ 2.55% |
| FRO | Frontline Plc | USD 51.22 | ▼ 0.14% |
| VG | Venture Global, Inc. | USD 12.81 | ▼ 0.31% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 10:36 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt