Plains GP (PAGP)
Market Price (10/27/2026): $28.79 | Market Cap: $5.7 BilSector: Energy | Industry: Oil & Gas Storage & Transportation
Plains GP (PAGP)
Market Price (10/27/2026): $28.79Market Cap: $5.7 BilSector: EnergyIndustry: Oil & Gas Storage & Transportation
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 15%, Dividend Yield is 5.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 11%, FCF Yield is 41% Attractive cash flow generationCFO LTM is 3.0 Bil, FCF LTM is 2.3 Bil Low stock price volatilityVol 12M is 18% Megatrend and thematic driversMegatrends include Energy Infrastructure. Themes include Hydrocarbon Transportation & Storage. | Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 133% Key risksPAGP key risks include [1] revenue instability from upcoming contract roll-offs on its significant Cactus II, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 15%, Dividend Yield is 5.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 11%, FCF Yield is 41% |
| Attractive cash flow generationCFO LTM is 3.0 Bil, FCF LTM is 2.3 Bil |
| Low stock price volatilityVol 12M is 18% |
| Megatrend and thematic driversMegatrends include Energy Infrastructure. Themes include Hydrocarbon Transportation & Storage. |
| Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 133% |
| Key risksPAGP key risks include [1] revenue instability from upcoming contract roll-offs on its significant Cactus II, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Plains GP (PAGP) stock has gained about 20% since 6/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Earnings Beat and Strategic Debt Reduction.
Plains GP Holdings reported robust fiscal Q2 2026 results on August 7, 2026, with diluted earnings per share (EPS) of $1.97, significantly exceeding analyst estimates. This strong performance was bolstered by a net gain of approximately $1.6 billion from the Canadian NGL Business divestiture, enabling a substantial $2.9 billion debt reduction and achieving a pro forma leverage ratio of 3.3x, which is within the company's target range.
2. Positive Analyst Sentiment and Upgraded Price Targets.
The company received multiple positive revisions from financial analysts during the period. Truist Financial, Mizuho, UBS Group, and Raymond James Financial all increased their price targets, with Mizuho and UBS setting a new target of $30.00. Additionally, Zacks Research upgraded Plains GP Holdings to a "Buy" rating on September 25, 2026, citing an upward trend in earnings estimates.
Show more
Plains GP (PAGP) stock has gained about 20% since 6/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Earnings Beat and Strategic Debt Reduction.
Plains GP Holdings reported robust fiscal Q2 2026 results on August 7, 2026, with diluted earnings per share (EPS) of $1.97, significantly exceeding analyst estimates. This strong performance was bolstered by a net gain of approximately $1.6 billion from the Canadian NGL Business divestiture, enabling a substantial $2.9 billion debt reduction and achieving a pro forma leverage ratio of 3.3x, which is within the company's target range.
2. Positive Analyst Sentiment and Upgraded Price Targets.
The company received multiple positive revisions from financial analysts during the period. Truist Financial, Mizuho, UBS Group, and Raymond James Financial all increased their price targets, with Mizuho and UBS setting a new target of $30.00. Additionally, Zacks Research upgraded Plains GP Holdings to a "Buy" rating on September 25, 2026, citing an upward trend in earnings estimates.
3. Favorable Midstream Sector Dynamics Amidst Strong Commodity Prices.
A favorable macroeconomic environment in the energy sector, particularly within the midstream segment, contributed to the stock's appreciation. U.S. oil and gas production rose in fiscal Q3 2026, with oil prices touching $100 per barrel at times due to global supply disruptions, despite overall Q3 average prices around $86 a barrel. Plains GP Holdings, operating primarily in crude oil and natural gas liquids transportation and logistics with a fee-based revenue model, is well-positioned to benefit from renewed investment and demand in this sector.
4. Appealing Dividend Profile and Demonstrated Financial Stability.
Plains GP Holdings presented an attractive dividend profile, offering a robust dividend yield of 5.93% and maintaining a moderate payout ratio of 65% as of October 21, 2026, supported by a strong 3-year dividend growth rate of 22.2%. The company consistently declared a quarterly cash distribution of $0.4175 per Class A Share, payable on November 13, 2026, signaling confidence in its sustained cash flow generation and overall financial health.
Show less
Stock Movement Drivers
Fundamental Drivers
The 20.9% change in PAGP stock from 6/30/2026 to 10/26/2026 was primarily driven by a 145.8% change in the company's Net Income Margin (%).| (LTM values as of) | 6302026 | 10262026 | Change |
|---|---|---|---|
| Stock Price ($) | 23.89 | 28.87 | 20.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 45,254 | 52,305 | 15.6% |
| Net Income Margin (%) | 0.4% | 1.1% | 145.8% |
| P/E Multiple | 24.3 | 10.3 | -57.5% |
| Shares Outstanding (Mil) | 198 | 198 | 0.0% |
| Cumulative Contribution | 20.9% |
Market Drivers
6/30/2026 to 10/26/2026| Return | Correlation | |
|---|---|---|
| PAGP | 20.9% | |
| Market (SPY) | 2.5% | -41.5% |
| Sector (XLE) | 31.1% | 60.6% |
Fundamental Drivers
The 22.9% change in PAGP stock from 3/31/2026 to 10/26/2026 was primarily driven by a 81.0% change in the company's Net Income Margin (%).| (LTM values as of) | 3312026 | 10262026 | Change |
|---|---|---|---|
| Stock Price ($) | 23.49 | 28.87 | 22.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 44,261 | 52,305 | 18.2% |
| Net Income Margin (%) | 0.6% | 1.1% | 81.0% |
| P/E Multiple | 18.0 | 10.3 | -42.5% |
| Shares Outstanding (Mil) | 198 | 198 | 0.0% |
| Cumulative Contribution | 22.9% |
Market Drivers
3/31/2026 to 10/26/2026| Return | Correlation | |
|---|---|---|
| PAGP | 22.9% | |
| Market (SPY) | 18.0% | -38.6% |
| Sector (XLE) | 14.5% | 69.8% |
Fundamental Drivers
The 70.6% change in PAGP stock from 9/30/2025 to 10/26/2026 was primarily driven by a 263.0% change in the company's Net Income Margin (%).| (LTM values as of) | 9302025 | 10262026 | Change |
|---|---|---|---|
| Stock Price ($) | 16.92 | 28.87 | 70.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 46,610 | 52,305 | 12.2% |
| Net Income Margin (%) | 0.3% | 1.1% | 263.0% |
| P/E Multiple | 24.6 | 10.3 | -58.1% |
| Shares Outstanding (Mil) | 198 | 198 | 0.0% |
| Cumulative Contribution | 70.6% |
Market Drivers
9/30/2025 to 10/26/2026| Return | Correlation | |
|---|---|---|
| PAGP | 70.6% | |
| Market (SPY) | 15.8% | -20.9% |
| Sector (XLE) | 59.4% | 63.2% |
Fundamental Drivers
The 123.2% change in PAGP stock from 9/30/2023 to 10/26/2026 was primarily driven by a 133.9% change in the company's Net Income Margin (%).| (LTM values as of) | 9302023 | 10262026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.94 | 28.87 | 123.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 51,231 | 52,305 | 2.1% |
| Net Income Margin (%) | 0.5% | 1.1% | 133.9% |
| P/E Multiple | 10.9 | 10.3 | -5.1% |
| Shares Outstanding (Mil) | 195 | 198 | -1.5% |
| Cumulative Contribution | 123.2% |
Market Drivers
9/30/2023 to 10/26/2026| Return | Correlation | |
|---|---|---|
| PAGP | 123.2% | |
| Market (SPY) | 85.2% | 30.7% |
| Sector (XLE) | 68.4% | 64.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PAGP Return | 29% | 32% | 38% | 24% | 13% | 58% | 415% |
| Peers Return | 63% | 28% | 13% | 75% | -4% | 43% | 465% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 103% |
Monthly Win Rates [3] | |||||||
| PAGP Win Rate | 67% | 58% | 75% | 67% | 50% | 80% | |
| Peers Win Rate | 75% | 61% | 53% | 78% | 50% | 77% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 40% | |
Max Drawdowns [4] | |||||||
| PAGP Max Drawdown | -24% | -22% | -14% | -11% | -21% | -10% | |
| Peers Max Drawdown | -16% | -27% | -15% | -14% | -29% | -11% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: KMI, OKE, TRGP.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/26/2026 (YTD)
How Low Can It Go
| Event | PAGP | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -20.6% | -18.8% |
| % Gain to Breakeven | 26.0% | 23.1% |
| Time to Breakeven | 283 days | 79 days |
| 2020 COVID-19 Crash | ||
| % Loss | -79.3% | -33.7% |
| % Gain to Breakeven | 382.2% | 50.9% |
| Time to Breakeven | 1051 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -20.6% | -19.2% |
| % Gain to Breakeven | 25.9% | 23.8% |
| Time to Breakeven | 57 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -28.4% | -3.7% |
| % Gain to Breakeven | 39.6% | 3.9% |
| Time to Breakeven | 2588 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -72.9% | -12.2% |
| % Gain to Breakeven | 268.6% | 13.9% |
| Time to Breakeven | 3752 days | 62 days |
In The Past
Plains GP's stock fell -20.6% during the 2025 US Tariff Shock. Such a loss loss requires a 26.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | PAGP | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -20.6% | -18.8% |
| % Gain to Breakeven | 26.0% | 23.1% |
| Time to Breakeven | 283 days | 79 days |
| 2020 COVID-19 Crash | ||
| % Loss | -79.3% | -33.7% |
| % Gain to Breakeven | 382.2% | 50.9% |
| Time to Breakeven | 1051 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -20.6% | -19.2% |
| % Gain to Breakeven | 25.9% | 23.8% |
| Time to Breakeven | 57 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -28.4% | -3.7% |
| % Gain to Breakeven | 39.6% | 3.9% |
| Time to Breakeven | 2588 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -72.9% | -12.2% |
| % Gain to Breakeven | 268.6% | 13.9% |
| Time to Breakeven | 3752 days | 62 days |
In The Past
Plains GP's stock fell -20.6% during the 2025 US Tariff Shock. Such a loss loss requires a 26.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Plains GP (PAGP)
Plains GP Holdings, L.P. (PAGP) is a crucial midstream energy infrastructure company operating across the United States and Canada. The company specializes in handling both crude oil and Natural Gas Liquids (NGLs), providing essential services that connect energy production areas to markets. Its core business revolves around the transportation, storage, and processing of these vital energy commodities.
PAGP's comprehensive services include extensive transportation networks, featuring thousands of miles of crude oil and NGL pipelines and gathering systems, complemented by truck and railcar fleets. The company also offers significant storage solutions with millions of barrels of crude oil and NGL capacity in tanks and cavern storage. Furthermore, PAGP is involved in the processing of NGLs through fractionation and isomerization, as well as natural gas and condensate processing, alongside terminalling and throughput services for various energy products.
The company primarily serves energy producers, refiners, and other customers within the energy industry by offering robust logistics services. PAGP's infrastructure effectively moves crude oil and NGLs from production basins to refineries and end-users, ensuring reliable and efficient delivery throughout the North American energy supply chain.
AI Analysis | Feedback
Here are 1-3 brief analogies for Plains GP (PAGP):
Think of them as a utility company for crude oil and natural gas liquids, providing the essential pipelines and storage infrastructure.
Like FedEx or UPS, but instead of packages, they transport and store vast quantities of crude oil and natural gas liquids through a network of pipelines and tanks.
AI Analysis | Feedback
- Crude Oil and NGL Transportation: Transporting crude oil and natural gas liquids (NGLs) through an extensive network of pipelines, gathering systems, and trucks.
- Storage and Terminalling: Providing storage capacity and terminal access for crude oil, NGLs, and natural gas.
- NGL Fractionation and Isomerization: Separating NGL mixtures into their individual components and converting one hydrocarbon into another.
- Natural Gas and Condensate Processing: Treating and processing natural gas and condensate to remove impurities and extract valuable liquids.
- Logistics Services: Offering comprehensive support for the movement and management of energy commodities for customers.
AI Analysis | Feedback
Plains GP (PAGP) primarily sells its midstream energy infrastructure services to other companies within the energy sector, rather than directly to individuals. The provided background information does not list specific names of customer companies or their symbols. However, it identifies the following categories of businesses as its major customers:
- Producers: These are companies involved in the exploration and production (E&P) of crude oil, natural gas, and natural gas liquids (NGLs). They utilize Plains GP's services for the transportation of their extracted products via pipelines, gathering systems, and trucks, as well as for storage and processing (e.g., NGL fractionation, natural gas processing).
- Refiners: These companies process crude oil into various petroleum products. They rely on Plains GP for the transportation, storage, terminalling, and throughput services necessary to move crude oil from production areas to their refining facilities.
- Other Customers: This broad category includes entities such as energy marketers, traders, and other midstream companies. These customers leverage Plains GP's logistics, storage, terminalling, and throughput capabilities for crude oil, NGLs, and natural gas to manage their supply chains and trading activities.
AI Analysis | Feedback
AI Analysis | Feedback
Willie Chiang, Chairman of the Board, Chief Executive Officer and President
Mr. Chiang was appointed CEO in October 2018. He has over 30 years of experience in the energy industry. Prior to joining Plains GP Holdings, he served as Executive Vice President and Chief Operating Officer of Occidental Petroleum Corporation and held various executive positions at other major companies, including ConocoPhillips.
Al Swanson, Executive Vice President and Chief Financial Officer
Mr. Swanson has served as Executive Vice President and Chief Financial Officer. He has been in senior management since 2011, providing long-term financial continuity to the company.
Chris Chandler, Executive Vice President and Chief Operating Officer
Mr. Chandler serves as Executive Vice President and Chief Operating Officer. His role is critical for overseeing the company's extensive pipeline and logistics network.
Jeremy Goebel, Executive Vice President and Chief Commercial Officer
Mr. Goebel holds the position of Executive Vice President and Chief Commercial Officer.
Richard McGee, Executive Vice President, General Counsel & Secretary
Mr. McGee is the Executive Vice President, General Counsel & Secretary for Plains GP Holdings.
AI Analysis | Feedback
The key risks to Plains GP Holdings, L.P. (PAGP) primarily revolve around the inherent nature of the midstream energy sector and its susceptibility to broader market dynamics and regulatory changes.
-
Commodity Price Volatility
Although Plains GP Holdings operates a fee-based business for transporting and processing crude oil and natural gas liquids (NGLs), its financial performance is indirectly exposed to significant price volatility in these commodity markets. Drops in crude oil and NGL prices can lead to reduced production and refining activities by upstream and downstream partners, which in turn results in lower volumes flowing through PAGP's pipelines and gathering systems. This reduction in throughput directly impacts the company's cash flow and profitability. The company acknowledged in 2025 that initial expectations for market recovery were overstated, and short-term volatility risks remain relevant. While PAGP's strategy to divest its NGL business aims to simplify its model and reduce exposure to natural gas price volatility, it inherently increases its reliance on crude oil prices and their associated risks.
-
Regulatory and Environmental Risks, including Energy Transition
As an operator in the energy sector, Plains GP Holdings faces substantial regulatory and environmental risks. Changes in laws, regulations, or government policies pertaining to the oil and gas industry could lead to increased operational costs, restrictions on expansion, or alterations in demand for its services. Furthermore, the broader global shift towards decarbonization, renewable energy sources, and electric vehicles presents a long-term structural headwind for crude oil demand and, consequently, pipeline utilization. This energy transition could necessitate significant adjustments to PAGP's business strategy and asset base over time.
-
High Debt Load and Financial Health of Plains All American Pipeline (PAA)
Plains GP Holdings' cash flow and overall valuation are fundamentally tied to the financial health of Plains All American Pipeline, L.P. (PAA), in which PAGP holds a significant interest. PAA maintains a substantial debt load to finance its extensive midstream infrastructure. Should PAA experience unexpected capital expenditures, undertake major acquisitions, or face a sustained decline in cash flow, its leverage ratio could increase. This might compel PAA to prioritize debt reduction, potentially impacting the distributions it makes to PAGP. Moreover, Plains GP's dividend payout ratio has been noted as high (currently 129.46% and an estimated 89.30% for the coming year), which raises concerns about the sustainability of its distributions if PAA's cash flow is constrained.
AI Analysis | Feedback
AI Analysis | Feedback
Plains GP Holdings, L.P. (PAGP) operates in the midstream energy infrastructure sector, primarily focusing on crude oil and natural gas liquids (NGLs) in the United States and Canada. The addressable markets for their main products and services in North America are sized as follows:
- Crude Oil Transportation Market: The North American crude oil transportation market was valued at approximately USD 26.39 billion in 2023.
- Crude Oil Storage Market: The North American oil storage market is projected to reach approximately USD 816.0 million (US$ 816.0 Mn) in 2025.
- Natural Gas Liquids (NGL) Market (including transportation, storage, fractionation, and processing): The North American Natural Gas Liquids (NGL) Market is estimated at USD 7.08 billion in 2024 and is expected to grow to USD 11.53 billion by 2033.
- Natural Gas Storage Market: The North American natural gas storage market was valued at approximately USD 9.08 billion in 2024.
AI Analysis | Feedback
Plains GP (PAGP) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:
- Strategic Focus on Crude Oil Midstream: The company is undergoing a significant strategic transformation to become a pure-play crude oil midstream provider. This involves divesting its Canadian Natural Gas Liquids (NGL) business to streamline operations and concentrate on its higher-growth crude oil infrastructure, which is anticipated to enhance revenue generation.
- Permian Basin Volume Growth: While crude production in the Permian Basin is projected to remain relatively flat in 2026, growth is expected to resume in 2027. This resurgence will be underpinned by constructive oil market fundamentals, driven by ongoing global energy demand growth and diminishing OPEC spare capacity, directly benefiting Plains GP's crude oil transportation and storage volumes in this crucial region.
- Strategic Acquisitions and Asset Integration: Plains GP has recently completed significant acquisitions, such as the Cactus III pipeline (formerly EPIC), and is actively investing in the integration of these new assets. These acquisitions are expected to generate stable cash flow and contribute positively to the company's Adjusted EBITDA, thereby supporting overall revenue growth.
- Growth Capital Investments: The company plans to invest approximately $350 million in growth capital in 2026. These investments are targeted at integrating recent acquisitions and enhancing connection programs, strategically positioning Plains GP for increased throughput and the resumption of production growth in 2027.
AI Analysis | Feedback
Share Repurchases
- Plains All American Pipeline (PAA), whose results Plains GP Holdings (PAGP) consolidates, repurchased approximately $1.1 billion in shares in 2024, including $500 million in Q4 2024, as part of its commitment to returning capital to unitholders.
Share Issuance
- Plains GP Holdings experienced an increase in shares outstanding in 2024, primarily due to equity issuances related to strategic acquisitions and capital allocation initiatives.
Outbound Investments
- Plains All American Pipeline (PAA) entered into a definitive agreement to sell substantially all of its Canadian NGL Business to Keyera Corp. for approximately C$5.15 billion (approximately US$3.75 billion). This divestiture is part of a strategic shift to focus on crude oil infrastructure and is expected to close around the end of the first quarter of 2026.
- PAA made several bolt-on acquisitions, including the Cactus III pipeline (formerly EPIC Crude Holdings), which was funded in part by $750 million in senior unsecured notes in November 2025.
- In 2025, bolt-on acquisitions totaled approximately $670 million, contributing to the expansion or upgrading of the asset base.
Capital Expenditures
- For 2026, Plains plans approximately $440 million in investment capital (about $350 million net to Plains) and $185 million in maintenance capital, with roughly half of the growth spending directed to Permian joint venture assets. The growth capital is focused on integrating recent acquisitions and enhancing connection programs, particularly in the Permian Basin.
- In 2025, Plains All American Pipeline's growth capital expenditures were approximately $400 million, and maintenance capital expenditures were about $240 million. These investments were allocated to Permian Basin well connections, intrabasin improvements, integration of recent acquisitions, and the Fort Saskatchewan debottleneck project.
- Estimated capital expenditures for Plains All American Pipeline were around $620 million in 2024 and $560 million in 2023. In 2022, PAA's capital expenditure was approximately $0.5 billion.
Peer Outperformance in Oil & Gas Storage & Transportation
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| PAGP | Plains GP | 1.0% | 10.3x | 76.5% | 130.0% | 263.3% | — |
| TRGP | Targa Resources | -1.9% | 28.8x | 102.4% | 285.2% | 502.6% | +239pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Oil & Gas Refining & Marketing | 11 | 114.5% | 159.4% | 339.9% | MPC 668% · VLO 508% · PBF 476% |
| Integrated Oil & Gas | 7 | 52.9% | 88.3% | 218.0% | IMO 319% · SU 316% · XOM 234% |
| Oil & Gas Storage & Transportation ← | 18 | 40.4% | 130.0% | 180.5% | INSW 1000% · LPG 900% · TRGP 503% |
| Oil & Gas Drilling | 7 | 65.9% | 17.4% | 64.1% | VAL 159% · NE 104% · RIG 64% |
| Oil & Gas Exploration & Production | 51 | 39.4% | 18.5% | 57.5% | BTE 1036% · PR 286% · CNQ 233% |
| Oil & Gas Equipment & Services | 33 | 23.9% | 23.2% | 54.0% | FTI 816% · SEI 797% · TDW 534% |
| Coal & Consumable Fuels | 14 | -22.0% | 4.4% | 30.1% | CNR 223% · CCJ 199% · UEC 85% |
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 65.01 |
| Mkt Cap | 63.0 |
| Rev LTM | 28,662 |
| Op Inc LTM | 4,526 |
| FCF LTM | 2,624 |
| FCF 3Y Avg | 2,402 |
| CFO LTM | 5,221 |
| CFO 3Y Avg | 4,502 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 12.3% |
| Rev Chg 3Y Avg | 1.5% |
| Rev Chg Q | 31.8% |
| QoQ Delta Rev Chg LTM | 7.2% |
| Op Inc Chg LTM | 22.8% |
| Op Inc Chg 3Y Avg | 11.9% |
| Op Mgn LTM | 19.3% |
| Op Mgn 3Y Avg | 18.8% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 20.6% |
| CFO/Rev 3Y Avg | 20.7% |
| FCF/Rev LTM | 5.9% |
| FCF/Rev 3Y Avg | 7.2% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 63.0 |
| P/S | 2.7 |
| P/Op Inc | 12.2 |
| P/EBIT | 11.9 |
| P/E | 19.2 |
| P/CFO | 10.7 |
| Total Yield | 9.2% |
| Dividend Yield | 3.9% |
| FCF Yield 3Y Avg | 5.6% |
| D/E | 0.5 |
| Net D/E | 0.5 |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Crude Oil | 44,131 | 48,720 | 47,174 | 55,080 | 40,470 |
| Natural gas liquids (NGL) | 151 | 187 | 186 | 2,761 | 1,968 |
| Intersegment Revenues Elimination | -20 | -18 | -24 | -499 | -360 |
| Total | 44,262 | 48,889 | 47,336 | 57,342 | 42,078 |
| $ Mil | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|
| Transportation | 14,416 | 15,549 | 13,947 | 13,362 | 11,863 |
| Facilities | 6,165 | 7,593 | 7,464 | 7,593 | 7,878 |
| Supply and Logistics | 5,370 | 6,827 | 5,419 | 5,798 | 6,362 |
| Total | 25,951 | 29,969 | 26,830 | 26,753 | 26,103 |
Price Behavior
| Market Price | $28.87 | |
| Market Cap ($ Bil) | 5.7 | |
| First Trading Date | 02/23/2007 | |
| Distance from 52W High | 0.0% | |
| 50 Days | 200 Days | |
| DMA Price | $27.24 | $24.07 |
| DMA Trend | up | up |
| Distance from DMA | 6.0% | 19.9% |
| 3M | 1YR | |
| Volatility | 18.5% | 17.9% |
| Downside Capture | -101.47 | -80.36 |
| Upside Capture | -33.22 | -2.64 |
| Correlation (S&P 500) | -37.9% | -27.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.46 | -0.81 | -0.83 | -0.65 | -0.30 | 0.44 |
| Up Beta | -0.79 | -1.57 | -1.02 | -1.20 | -0.82 | 0.37 |
| Down Beta | -1.46 | -1.44 | -1.07 | -0.40 | 0.12 | 0.81 |
| Up Capture | -68% | -48% | -43% | -23% | 0% | 13% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 9 | 19 | 34 | 64 | 141 | 414 |
| Down Capture | 59% | -51% | -125% | -104% | -101% | 37% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 13 | 23 | 30 | 59 | 108 | 331 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PAGP | |
|---|---|---|---|---|
| PAGP | 75.1% | 17.9% | 2.96 | - |
| Sector ETF (XLE) | 60.4% | 22.2% | 2.04 | 63.1% |
| Equity (SPY) | 14.9% | 12.7% | 0.81 | -27.4% |
| Gold (GLD) | -2.9% | 28.5% | -0.12 | -17.2% |
| Commodities (DBC) | 48.1% | 20.6% | 1.79 | 36.9% |
| Real Estate (VNQ) | 4.9% | 13.9% | 0.10 | -0.8% |
| Bitcoin (BTCUSD) | -26.4% | 43.5% | -0.59 | -12.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PAGP | |
|---|---|---|---|---|
| PAGP | 28.6% | 26.1% | 0.95 | - |
| Sector ETF (XLE) | 23.6% | 25.5% | 0.81 | 71.6% |
| Equity (SPY) | 12.8% | 17.1% | 0.56 | 38.4% |
| Gold (GLD) | 17.4% | 18.9% | 0.74 | 6.3% |
| Commodities (DBC) | 9.4% | 19.5% | 0.36 | 46.7% |
| Real Estate (VNQ) | 1.2% | 18.9% | -0.05 | 35.6% |
| Bitcoin (BTCUSD) | 5.5% | 51.7% | 0.29 | 16.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PAGP | |
|---|---|---|---|---|
| PAGP | 5.2% | 41.0% | 0.26 | - |
| Sector ETF (XLE) | 11.5% | 29.6% | 0.42 | 70.0% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 41.6% |
| Gold (GLD) | 11.9% | 16.4% | 0.59 | 4.5% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 44.3% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.21 | 38.7% |
| Bitcoin (BTCUSD) | 62.3% | 66.2% | 1.02 | 15.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 10/15/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 9/14/2026 | -0.6% | -2.4% | -3.2% |
| 5/8/2026 | -1.9% | 2.1% | 4.2% |
| 2/6/2026 | -2.3% | 0.1% | 11.3% |
| 11/5/2025 | -0.9% | 1.7% | 8.9% |
| 8/8/2025 | -0.3% | -1.2% | -4.6% |
| 5/9/2025 | -2.7% | 1.1% | 1.9% |
| 2/7/2025 | -1.8% | -1.0% | -1.8% |
| 11/8/2024 | -2.9% | -3.2% | 2.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 8 | 14 | 16 |
| # Negative | 16 | 10 | 8 |
| Median Positive | 1.9% | 2.7% | 4.7% |
| Median Negative | -2.1% | -2.8% | -3.9% |
| Max Positive | 5.4% | 12.6% | 26.8% |
| Max Negative | -9.0% | -10.1% | -10.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 9/14/2026 | -0.6% | -2.4% | -3.2% |
| 5/8/2026 | -1.9% | 2.1% | 4.2% |
| 2/6/2026 | -2.3% | 0.1% | 11.3% |
| 11/5/2025 | -0.9% | 1.7% | 8.9% |
| 8/8/2025 | -0.3% | -1.2% | -4.6% |
| 5/9/2025 | -2.7% | 1.1% | 1.9% |
| 2/7/2025 | -1.8% | -1.0% | -1.8% |
| 11/8/2024 | -2.9% | -3.2% | 2.5% |
| 8/2/2024 | -3.1% | -1.7% | 1.1% |
| 5/3/2024 | 1.9% | 2.7% | -1.3% |
| 2/9/2024 | 0.9% | 3.7% | 7.8% |
| 11/3/2023 | -0.9% | -4.7% | -1.3% |
| 8/4/2023 | 1.7% | 1.8% | 5.2% |
| 5/5/2023 | 5.4% | 2.8% | 10.5% |
| 2/8/2023 | -1.1% | 3.8% | 1.1% |
| 11/2/2022 | 3.2% | 1.0% | 3.0% |
| 8/3/2022 | 2.4% | 4.4% | 9.3% |
| 5/4/2022 | -2.5% | -10.1% | 4.2% |
| 2/9/2022 | -8.4% | -7.6% | -6.3% |
| 11/2/2021 | 0.0% | 2.7% | -10.2% |
| 8/3/2021 | -4.0% | -1.1% | -6.3% |
| 5/4/2021 | -0.3% | 6.0% | 24.7% |
| 2/9/2021 | -9.0% | -6.3% | 3.4% |
| 11/2/2020 | 1.8% | 12.6% | 26.8% |
| SUMMARY STATS | |||
| # Positive | 8 | 14 | 16 |
| # Negative | 16 | 10 | 8 |
| Median Positive | 1.9% | 2.7% | 4.7% |
| Median Negative | -2.1% | -2.8% | -3.9% |
| Max Positive | 5.4% | 12.6% | 26.8% |
| Max Negative | -9.0% | -10.1% | -10.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/10/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/10/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/10/2022 | 10-Q |
| 12/31/2021 | 03/01/2022 | 10-K |
| 09/30/2021 | 11/08/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-Q |
| 03/31/2021 | 05/10/2021 | 10-Q |
| 12/31/2020 | 03/01/2021 | 10-K |
| 09/30/2020 | 11/06/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/08/2020 | 10-Q |
| 12/31/2019 | 02/27/2020 | 10-K |
| 09/30/2019 | 11/07/2019 | 10-Q |
Investor Activity (13F)
Updated Oct 27, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.