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Plains All American Pipeline, L.P. (NYSE:PAA) is scheduled to report its Q2 2012 results on August 7, 2012, before the market opens. The Street expects EPS and revenue of $1.67 and $10.56B, respectively.

In this article, I will recap the company's historical results, its latest EPS estimates vs. surprises, the latest news from PAA and the news from its closest competitors.

Plains All American Pipeline, L.P. Revenue and Net Income History

Recent EPS Actuals vs. Estimates

The company has met or beaten analysts' estimates in the last four quarters. In the last quarter, it reported $1.58 EPS, beating analyst estimates of $1.52.

Plains All American Pipeline, L.P. EPS Historical Results vs Estimates

The consensus EPS estimate is $1.67 based on 14 analysts' estimates, up from $1.12 a year ago. Revenue estimates are $10.56B, up from $8.86B a year ago. Analysts' median target price for the stock is $88.00.

Average recommendation: Buy

Source: Marketwatch

Latest News

  • On July 9, 2012, Plains All American Pipeline, L.P. announced a quarterly cash distribution of $1.065 per unit ($4.26 per unit on an annualized basis) on all of its outstanding limited partner units.
  • On May 8, 2012, Plains All American Pipeline, L.P. announced that, for the second quarter of 2012, it expected adjusted EBITDA to range from $440 million to $480 million, with adjusted net income ranging from $263 million to $312 million, or $1.17 to $1.46 per diluted unit.
  • On April 17, 2012, Plains All American Pipeline, L.P. announced that it communicated to the management and Board of Semgroup Corp that Plains All American Pipeline, L.P. had withdrawn its October 2011 proposal to acquire 100% of the issued and outstanding shares of Class A and Class B common stock of SemGroup Corp for $24.00 per share in cash.
  • On April 10, 2012, Plains All American Pipeline, L.P. announced a quarterly cash distribution of $1.045 per unit ($4.18 per unit on an annualized basis) on all of its outstanding limited partner units.
  • On March 22, 2012, Plains All American Pipeline, L.P. announced that it had completed an underwritten public offering of two series of senior notes $750 million aggregate principal amount of 3.65% senior unsecured notes due June 1, 2022, at a public offering price of 99.823% with a yield to maturity of 3.67%; and $500 million aggregate principal amount of 5.15% senior unsecured notes due June 1, 2042, at a public offering price of 99.755% with a yield to maturity of 5.165%. J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, UBS Securities LLC, Wells Fargo Securities, LLC, DNB Markets, Inc., and Mizuho Securities USA Inc. acted as joint book running managers for the offering.
  • On March 13, 2012, Plains All American Pipeline, L.P. announced that it had commenced, subject to market conditions, an underwritten public offering of two series of senior notes (the Notes). The Partnership intended to use the net proceeds of the offering to fund a portion of the consideration for the acquisition of all outstanding shares of BP Canada Energy Company, a wholly owned subsidiary of BP Corporation North America Inc. (the BP NGL Acquisition).
  • On March 9, 2012, Plains All American Pipeline, L.P. announced that it had completed its previously announced underwritten public offering of common units representing limited partner interests.
  • On March 6, 2012, Plains All American Pipeline, L.P. announced that it had priced an underwritten public offering of 5,000,000 of its common units representing limited partner interests at $80.03 per common unit.
  • On March 5, 2012, Plains All American Pipeline, L.P. announced that it had commenced, subject to market conditions, an underwritten public offering of 5,000,000 of its common units representing limited partner interests.

Competitors

Buckeye Partners (NYSE:BPL), Enbridge (NYSE:ENB), Enterprise Products Partners (NYSE:EPD), Kinder Morgan Energy Partners (NYSE:KMP), and Magellan Midstream Partners (NYSE:MMP) are competitors of Plains All American Pipeline. The table below provides the key metrics for these companies and the industry:

Plains All American Pipeline, L.P. key ratio comparison with direct competitors

The chart below compares the stock price changes as a percentage for the selected companies for the last one year period.

PAA Chart

PAA data by YCharts

Competitors' Latest Developments

  • On August 2, 2012, Enbridge Inc announced that the Board of Directors declared the following quarterly dividends. All dividends are payable on September 1, 2012 to shareholders of record on August 15, 2012.
  • On August 2, 2012, Enbridge Inc reaffirmed fiscal 2012 guidance and expects earnings per share (NYSEARCA:EPS) in the range of $1.58 to $1.74. According to I/B/E/S Estimates, analysts, on an average, are expecting the Company to report EPS of $1.65 for fiscal 2012.
  • On August 1, 2012, Magellan Midstream Partners, L.P. announced that net income per limited partner unit is estimated to be $3.90 for fiscal 2012, with third quarter 2012 guidance of $0.76. Guidance excludes future NYMEX MTM adjustments on the partnership's commodity-related activities.
  • On July 27, 2012, Buckeye Partners, L.P. announced that it had completed its purchase of a marine terminal facility for liquid petroleum products in New York Harbor from Chevron U.S.A. Inc. (Chevron) for $260 million in cash.
  • On July 26, 2012, Magellan Midstream Partners, L.P. announced that it had significantly increased the partnership's quarterly cash distribution to $0.9425 per unit for the period April 1 through June 30, 2012.
  • On July 19, 2012, Kinder Morgan Energy Partners and BP North America announced the execution of long-term commercial agreements to provide BP condensate processing services and storage at Kinder Morgan's terminals located on the Houston Ship Channel.
  • On July 18, 2012, Kinder Morgan Energy Partners increased its quarterly cash distribution per common unit to $1.23 ($4.92 annualized) payable on Aug. 14, 2012, to unitholders of record as of July 31, 2012.
  • On July 17, 2012, Enbridge Inc announced it had closed its previously announced public offering of Cumulative Redeemable Preference shares, Series N (the Series N Preferred Shares) by a syndicate of underwriters led by RBC Capital Markets, CIBC, Scotiabank, and TD Securities Inc. Enbridge issued 18 million Series N Preferred Shares for gross proceeds of $450 million.
  • On July 17, 2012, Dow Jones reported that Peabody Energy Corp. had entered an agreement with Kinder Morgan Energy Partners to expand the Gulf Coast coal-export platform for Peabody's Colorado, Powder River Basin and Illinois Basin coal products.
  • On July 12, 2012, Enterprise Products Partners LP announced that the board of directors of its general partner declared an increase in the quarterly cash distribution rate paid to partners to $0.6350 per common unit, or $2.54 per unit on an annualized basis.
  • On July 9, 2012, Enbridge Inc. announced that it had entered into an agreement with a group of underwriters to sell 10 million cumulative redeemable preference shares, series N (the Series N Preferred Shares) at a price of $25.00 per share for distribution to the public.
  • On July 9, 2012, Enbridge Inc announced that as a result of investor demand for its previously announced offering of cumulative redeemable preference shares, series N (the Series N Preferred Shares), the size of the offering had been increased to 18 million shares.
  • On July 3, 2012, Reuters reported that the U.S. pipeline regulator slapped a $3.7 million fine on Enbridge Inc for a July 2010 crude oil spill, which contaminated stretches of the Kalamzoo River in Michigan.
  • On June 19, 2012, Swift Energy Company announced that it had entered into a long term agreement for natural gas gathering and processing services for its LaSalle County, TX natural gas production with Eagle Ford Gathering LLC, a 50/50 joint venture between Kinder Morgan Energy Partners, L.P. and Copano Energy, L.L.C. This agreement was effective as of June 1, 2012.
  • On June 8, 2012, Enbridge Inc announced that it had closed its previously announced public offering of 9.83 million common shares by a syndicate of underwriters led by TD Securities Inc. for gross proceeds of $400.2 million.
  • On June 5, 2012, Kinder Morgan Energy Partners announced that it had completed its acquisition of a 50% interest in a joint venture that owns the Altamont gathering, processing and treating assets in the Uinta Basin in Utah and the Camino Real gathering system in the Eagle Ford Shale in Texas from Kohlberg Kravis Roberts & Co. L.P. for $300 million in Kinder Morgan Energy Partners units.
  • On May 31, 2012, Enbridge Inc announced that it had entered into an agreement with TD Securities Inc. to sell 9.83 million treasury common shares, on a bought deal basis, at $40.71 per common share for distribution to the public.
  • On May 2, 2012, Magellan Midstream Partners, L.P. announced that net income per limited partner unit was estimated to be $3.75 for fiscal 2012, with second-quarter 2012 guidance of $0.83. Guidance assumes no future NYMEX MTM adjustments on the partnership's commodity-related activities.
  • On April 24, 2012, Magellan Midstream Partners LP announced that the board of directors of the Company had increased the partnership's quarterly cash distribution to $0.84 per unit for the period January 1 through March 31, 2012.
  • On April 13, 2012, Enterprise Products Partners LP announced that the Board of Directors of its general partner declared an increase in the quarterly cash distribution rate paid to partners to $0.6275 per common unit, or $2.51 per unit on an annualized basis.
  • On April 12, 2012, Enterprise Products Partners LP, Anadarko Petroleum Corporation and DCP Midstream, LLC announced an agreement to design and construct a new natural gas liquids (NGL) pipeline that will originate in the Denver-Julesburg Basin (DJ Basin) in Weld County, Colorado and extend approximately 435 miles to Skellytown, Texas in Carson County.
  • On February 27, 2012, Kinder Morgan Energy Partners and Martin Midstream Partners LP announced a new joint venture, Pecos Valley Producer Services LLC, to develop a multi-commodity rail terminal in Pecos, Texas.
  • On February 13, 2012, Enterprise Products Partners LP announced that it has purchased a 37-acre tract of land adjacent to its Enterprise Crude Houston (ECHO) crude oil terminal, which is currently under construction, in southeast Harris County.
  • On February 10, 2012, Buckeye Partners, L.P. announced that it has entered into definitive agreements to sell to certain institutional investors an aggregate of 4,262,575 limited partnership units representing limited partner interests (LP Units) in a registered direct offering for gross proceeds of approximately $250.0 million, before deducting placement agents fees and estimated offering expenses.
  • On February 10, 2012, Buckeye Partners, L.P. announced that its general partner declared a cash distribution of $1.0375 per limited partner (LP) unit for the quarter ended December 31, 2011.
  • On February 10, 2012, Buckeye Partners, L.P. announced that its subsidiary, Buckeye Tank Terminals LLC, signed a definitive agreement with Chevron U.S.A. Inc. to acquire a marine terminal facility for liquid petroleum products in New York Harbor for $260 million in cash.
  • On February 8, 2012, Enterprise Products Partners LP announced that its operating subsidiary, Enterprise Products Operating LLC (EPO), had priced a public offering of $750 million of senior unsecured notes due on August 15, 2042 (August 2042 Notes).
  • On February 7, 2012, Magellan Midstream Partners LP announced that for fiscal 2012, it expected net income per limited partner unit to be $3.75, with first-quarter 2012 net income guidance of $0.98. According to I/B/E/S Estimates, analysts are expecting the Company to report EPS of $3.65 for fiscal 2012 and EPS of $0.90 for the first quarter of 2012.

Technical Overview


Plains All American Pipeline, L.P. has a market capitalization of $13.89B, and is currently trading at $86.10, with a 52 week range of $54.90 - $88.00. The stock's year-to-date performance has been 21.78%. It is currently trading above 20, 50 and 200 SMA.

Sources: Yahoo Finance, Google Finance, Marketwatch, Finviz, Reuters.

Source: Earnings Preview: Plains All American Pipeline