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Business Wire (Aug 6, 2014)
Plains All American Pipeline, L.P. and Plains GP Holdings Announce Timing of Second-Quarter 2014 EarningsBusiness Wire (Jul 11, 2014)
Business Wire (Jun 2, 2014)
at Fox Business (Dec 20, 2013)
at CNBC.com (Dec 9, 2013)
at Fox Business (Dec 2, 2013)
at CNBC.com (Nov 15, 2013)
at CNBC.com (Oct 15, 2013)
Wed, Jul. 16, 6:58 PM
- Kevin Birzer of the Tortoise MLP & Pipeline Fund has averaged 24% annual returns over the past three years, and his top current holding is Spectra Energy (NYSE:SE) thanks to its "great footprint of assets" and low risk via $20B in pipeline growth projects with solid commitments up front.
- SE can grow its distributions at a ~10% rate for many years to come, Birzer says; combined with a ~3% yield, he sees 14% annual returns over the long term.
- Birzer also likes Williams Cos. (NYSE:WMB), which has a footprint in all the big U.S. plays except the Bakken and says it can grow cash flow 15%/year through 2017; Oneok (NYSE:OKE), with total returns of ~13%/year; Plains GP Holdings (NYSE:PAGP) as a Permian Basin play; and Kinder Morgan (NYSE:KMI), whose management team Birzer believes is "running assets for the long term."
Mon, Jun. 16, 8:58 AM
- Williams Cos. (WMB) +12.3% premarket after agreeing to buy Access Midstream Partners (ACMP) for $6B and is upgraded to Buy from Neutral at Jefferies with a $65 price target.
- Jefferies notes WMB's yield/dividend growth is now consistent with pure-play general partner peers; says Plains GP (PAGP), Targa Resources (TRGP) and ONEOK (OKE) trade with an average ~3.5% dividend yield, which would equate to a $71 price for WMB.
- Credit Suisse raises its WMB target price to $65 from $50, and believes a significant re-rating should ensue.
Wed, Mar. 5, 11:59 AM
- Robert W. Baird refreshes its outlook for master limited partnerships with six downgrades: five high-growth partnerships that now look fairly valued - NGL Energy Partners (NGL -1.8%), New Source Energy (NSLP -4%), Plains GP Holdings (PAGP -0.3%), Summit Midstream Partners (SMLP -0.6%) and Tallgrass Energy Partners (TEP -2.7%) - and are cut to Neutral from Outperform, and a reduction for Whiting USA Trust II (WHZ -0.7%) to Underperform from Neutral on elevated commodity risk.
- The firm recommends recycling capital into its top investment ideas: ONEOK Partners (OKS -1.2%), Plains All American Pipeline (PAA +0.9%), Rose Rock Midstream (RRMS +0.2%) and Crosstex Energy LP (XTEX -1.5%)
- Despite downgrading multiple high-quality MLPs, Baird says its long-term bullish view on the sector remains unchanged (Briefing.com).
Wed, Feb. 5, 7:11 PM
Fri, Jan. 10, 5:39 PM
Dec. 23, 2013, 3:53 PM
- Plains All American Pipeline (PAA +1%) and Plains GP Holdings (PAGP +1.7%) are initiated with Buy ratings at Wunderlich.
- PAA offers an attractive balance of current yield and visible near-term distribution growth, while the asset base located in a few of the most prolific U.S. basins is well positioned for long-term growth, the firm says; further, PAA's current price implies a relatively attractive market-based discount rate or annual internal rate of return of 10%.
- The firm says PAGP, a levered play on the underlying PAA MLP, offers strong return prospects underpinned by a fee-based crude oil infrastructure business with high growth potential and tax efficient C-Corp structure.
Nov. 25, 2013, 10:09 AM
- Calling Plains GP Holdings (PAGP -0.4%) a levered investment on Plains All American (PAA +1.6%), Goldman's Steve Sherowski starts PAGP at Conviction Buy with $30 price target (earlier: Goldman resumes PAA with a Buy).
- Liking the business just about as much as Goldman, Wells Fargo's Michael Blum, however, believes the upside to be mostly reflected in the stock price already, and starts at a Hold with $24 price target.
- More Buys: Stifel, RayJay, Barclays, JPMorgan, UBS
- More Holds: BAML
Oct. 16, 2013, 2:58 AM
- Shares in Plains GP Holdings (PAGP) are due to debut on the NYSE today after the Houston-based company raised $2.82B in the largest U.S. IPO this year.
- Plains GP, which was created to pay dividends on behalf of oil-and-gas Master Limited Partnership (MLP) Plains All American Pipeline (PAA), sold 128M shares at $22 each, the low end of the prospective range of $22-25. There is also a greenshoe option for another 19M shares.
- Plains GP intends to use the proceeds from the IPO to acquire a stake in Plains All American from existing shareholders that include Occidental Petroleum (OXY).
- Plains GP shareholders will receive quarterly dividends from Plains All American on the condition that the latter meets certain minimum requirements. Plains GP expects an initial payout of 14.9 cents a share.
- IPO ETFs: IPO, FPX
PAGP vs. ETF Alternatives