Plains All American Pipeline (PAA)
Handles crude oil through gathering, pipelines, terminals, storage, and merchant operations across North America.
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Moves crude oil from Canadian and U.S. producing basins through gathering systems, long-haul pipelines, terminals, storage, and merchant operations. The integrated network reaches Gulf Coast hubs and export corridors, while throughput, shipper contracts, joint-venture counterparties, regulatory approvals, and safe pipeline operation shape the business.
Connects crude-oil production in Canada and major U.S. basins with market hubs, refineries, and Gulf Coast export corridors. Gathering systems feed long-haul pipelines, terminals, and storage, while related merchant activity helps manage physical flows. Retained U.S. NGL storage and terminal assets add a smaller adjacent business.
Execution rests on integrating acquired assets, coordinating connected capacity, and operating through both wholly owned systems and joint ventures. The network's reach gives shippers multiple paths between production regions and demand centers.
Results depend on crude-oil production and throughput, shipper demand and contract structures, access to hubs and export corridors, and counterparties in jointly owned systems. Pipeline regulation, permits, integrity management, and safe operation can determine whether assets remain available; failures can cause shutdowns, remediation, and civil or criminal penalties.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 21, 2026 | UBS | Reiterate | Rating: —Target: $25 | Target: $28 |
| Sep 21, 2026 | Raymond James | Reiterate | Rating: —Target: $22 | Target: $27 |
| Sep 21, 2026 | Mizuho Securities | Target | Target: $27 | Target: $30 |
| Sep 21, 2026 | Barclays | Reiterate | Rating: —Target: $23 | Target: $24 |
| Sep 10, 2026 | Scotiabank | Reiterate | Rating: —Target: $24 | Target: $27 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $1.06B · Total debt $8.64B · Total assets $29.22B · Shareholders' equity $11.08B
- Revenue
- $17.69B
- Operating income
- $398.0M
- Net income
- $1.83B
HistoryDividendAnnual yield
| Institutions | 40.99% | 289.21M shares | |
|---|---|---|---|
| 438 holders · as of Jun 30, 2026 | |||
| Insiders | 18.38% | 129.70M shares | |
| 9 holders · as of Sep 10, 2026 | |||
| Strategic holders | 33.03% | 233.06M shares | |
| 1 holder · as of Aug 17, 2026 | |||
| Other | 7.60% | 53.60M shares | |
| remainder | |||
705.57M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
PAA GP Holdings LLCStrategicdirector, 10 percent owner | 33.03% | 233.06M | filed Aug 17, 2026 |
Alerian MLP ETFInsider | 10.78% | 76.05M | filed Jan 6, 2026 |
Alps Advisors IncInstitution | 9.99% | 70.51M | as of Jun 30, 2026 |
John T. RaymondInsiderdirector | 6.69% | 435,117 · 8.28M | filed Nov 25, 2016 |
Invesco Ltd.Institution | 4.72% | 33.33M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 29, 2026 | Lawrence Michael Ziemba | director | −2,346 | $21.95 |
- Enbridge
Broad overlap from Western Canadian egress to Gulf Coast exports
- Energy Transfer
Major rival in Permian gathering, long-haul transport, and terminals
- Enterprise Products Partners
Integrated competitor across Permian crude logistics and Gulf Coast access
- ONEOK
Overlaps in Permian gathering, crude pipelines, storage, and terminals
- South Bow
Canada-to-U.S. crude corridor rival through the Keystone system
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Plains All American Pipeline | $24.50 | −1.96% | $17.63B | 6.9 | 14.6 | 0.3 | +66.3% |
| Enbridge | $47.90 | −0.62% | $105.25B | 23.5 | 23.1 | 1.6 | +89.7% |
| Energy Transfer | $20.70 | −0.96% | $71.92B | 13.0 | 12.7 | 0.7 | +78.4% |
| Enterprise Products Partners | $38.16 | −0.81% | $83.23B | 13.4 | 12.5 | 1.4 | +60.8% |
| ONEOK | $90.74 | −1.15% | $57.85B | 15.8 | 15.3 | 1.5 | +52.8% |
| South Bow | $34.71 | −1.11% | $7.32B | 16.9 | 19.0 | 4.4 | +4.2% |
| Median | 15.8 | 15.3 | 1.5 | +60.8% |