Plains GP Holdings LP Class A
PAGP: XNAS (USA)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
$93.00 | Nglk | Jmnglmzd |
Plains Earnings: Permian Oil Volumes Continue to Drive Plains’ Recovery
Plains' first-quarter earnings continue to show the benefits of higher Permian volumes, with adjusted EBITDA up 16% over last year to $715 million. The company reaffirmed adjusted 2023 EBITDA guidance attributable to Plains at a midpoint of $2.5 billion, which matches our forecast. We expect to maintain our $14 per share fair value estimate and no-moat rating.