|Bid||11.11 x 1100|
|Ask||11.45 x 800|
|Day's range||11.04 - 11.53|
|52-week range||3.00 - 25.26|
|Beta (5Y monthly)||2.32|
|PE ratio (TTM)||N/A|
|Earnings date||04 Aug 2020 - 10 Aug 2020|
|Forward dividend & yield||1.26 (11.60%)|
|Ex-dividend date||30 Apr 2020|
|1y target est||12.00|
Plains All American (PAA) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.
Plains All American Pipeline (NYSE: PAA) has more direct exposure to fluctuations in commodity prices and volumes than some of its peers in the energy midstream sector. Because of that, the downturn in the oil market is having a direct impact on its operations and cash flow.
Plains All American Pipeline, L.P. (NYSE: PAA) and Plains GP Holdings (NYSE: PAGP) today reported first-quarter 2020 results and furnished updated 2020 guidance.
Crestwood generated $151.4 billion of adjusted EBITDA during the first quarter, which was a 31% increase. Distributable cash flow, meanwhile, surged 38% to $91 million. Meanwhile, it ended the quarter with a leverage ratio of four times debt-to-EBITDA.
Plains All American (PAA) is seeing favorable earnings estimate revision activity and has a positive Zacks Earnings ESP heading into earnings season.
Plains All American Pipeline, L.P. (NYSE: PAA) announced today that, due to public health concerns related to COVID-19, it has changed the format of its 2020 Annual Meeting of Unitholders (the "Annual Meeting") from a physical in-person meeting to a virtual meeting format. The Annual Meeting will be held via live audio webcast on May 20, 2020 at 2:00 p.m. CDT. PAA expects future annual meetings to be held in person.
Plains All American Pipeline, L.P. (NYSE: PAA) and Plains GP Holdings (NYSE: PAGP) announced they will release first-quarter 2020 earnings after market close on Tuesday, May 5, 2020 and will hold a joint webcast on the same day as follows:
Plains All American (NYSE: PAA and PAGP) ("Plains" or "the Partnership") today announced the following actions:
Plains All American (NYSE: PAA and PAGP) ("Plains") is saddened to announce that Board Member, Everardo "Evvy" Goyanes passed away on Monday, March 30 after a battle with cancer.
Plains All American's (PAA) Q4 earnings and revenues beat estimates. The firm continues to streamline its asset portfolio through acquisitions, divestitures and the addition of capital projects.
Atmos Energy's (ATO) fiscal Q1 earnings are lower than expected. However, addition of customers in the distribution business and new rates are going to boost its performance.
National Oilwell's (NOV) Q4 EBITDA margins from the Rig Technology unit are expected to be soft, primarily due to an adverse business mix and deferred project completions.
Helmerich & Payne's (HP) cutting-edge FlexRigs is much in demand and commands strong daily rate margins. This, in turn, bodes well for the segmental profits in the upcoming quarterly results.
Plains All American's (PAA) fourth-quarter earnings, set to be reported on Feb 4, are likely to gain from systematic investments to develop new pipeline projects & expand existing pipelines.
Delek Logistics Partners (DKL) will now pay a quarterly cash distribution of 88.5 cents per share, up from 88 cents paid out in the previous quarter.
Shell (RDS.A) expects its fourth-quarter LNG liquefaction volumes to expand to 8.8-9.4 million tonnes from its previous year's quarterly output of 8.78 million tonnes.
(Bloomberg Opinion) -- The language around a dividend cut is necessarily delicate. Hence, EnLink Midstream LLC characterizes the 34% drop investors are about to experience as a “resetting.” The problem is EnLink has taken the delicacy thing a bit too far — and thereby garbled the message.To say this distribution cut was expected would be something of an understatement.EnLink’s problem is a familiar one among pipeline operators. Growth across much of its business has slowed, bringing high leverage and calls on its cash flow into sharp focus. New guidance suggests Ebitda will creep up a little in 2020. The old distribution would have taken half of that; interest and payments on preferreds roughly another third. That wouldn’t leave much for capital expenditure or cutting debt, which stood at 4.2 times adjusted Ebitda at the end of September (more if you layer on the preferreds).The new distribution saves just shy of $190 million a year, enabling EnLink to generate $10-$70 million of free cash flow after capex and distributions in 2020, according to the company’s own guidance. Here is where, despite EnLink having done the right thing in resetting dividends, it took its delicacy a bit too far.EnLink’s sky-high dividend yield was a signal it was distressed. The way to cure distress is to cut leverage. Even at the high end of guidance, $70 million merely scratches the surface, equivalent to less than 2% of debt outstanding at the end of September. EnLink’s own guidance suggests leverage will barely drop (and may even rise a little) this year.It is clear that, rather than diverting as much cash as possible to paying off debt, EnLink hopes to ultimately grow its way to lower leverage. On its call Thursday morning, management emphasized the first call on excess cash flow would be investing in new projects. This is why, oddly and as laid out toward the back of the latest slide deck, EnLink’s guidance is for free cash flow to actually drop in the high case for Ebitda versus the low case.The messaging here is upside down. Promises of growth, once a strong currency in energy circles, have been debased over the past five years. EnLink’s own guidance for “modest” growth in Ebitda actually encompasses $75 million of promised cost savings, which tells you how much pressure is bearing down on the underlying business.There’s a lot of history to learn from here. Back in late 2015, Kinder Morgan Inc. slashed its dividend by roughly three quarters to deal with its debt, presaging the great resetting that was to come across the midstream sector. Even then, though, Kinder tried to soften the blow by maintaining a robust capex budget centered on growing its way out from under — a budget it had to slash twice in a matter of months as it became clear that wouldn’t fly. Similarly, Plains All American Pipeline LP’s “one and done” convertible issue in early 2016 segued into what one might have called a “two and through” distribution cut — except that another, even bigger cut followed a year later. Both stocks have been dead money for much of the past four years.EnLink could have used this as an opportunity to rip off the band-aid. As it is, the 34% cut leaves the stock yielding about 13%, still at the high end in a troubled sector and looking more stressed than generous. A 65% cut would have taken that yield down to a still-robust 7% and, using the company’s own guidance, resulted in almost $220 million of free cash flow.The problem, of course, is the elephant not quite in the room called the Global Infrastructure Partners term loan. GIP took on a $1 billion loan when it bought 46% of EnLink. That stake is now worth only about $1.2 billion, not much more than the loan balance, which stood at “less than $900 million,” according to an EnLink presentation in late November.It is also serviced by distributions from EnLink (see this column from a couple of months ago for details). And this is perhaps the biggest problem with EnLink’s delicate touch. One of the questions that has dogged EnLink is whether GIP’s loan-servicing needs would trump the imperative of fixing the balance sheet. By my math, assuming a loan balance of just under $900 million, GIP needs a minimum annual payout of roughly $75 million. A 65% cut to EnLink’s distributions, while offering faster direct deleveraging, would have cut GIP’s distribution to less than $90 million — not much more than the bare minimum. At 34%, it gets $168 million.In taking the path of a smaller cut and emphasizing growth, EnLink’s strategy looks more closely aligned with its big, private-equity shareholder than the zeitgeist in the public market. Its own guidance indicates a listless 2020 for the stock, with distributions lower but leverage staying flat. Rewards are backdated to 2021 and beyond. As messages go, that sounds so 2015.To contact the author of this story: Liam Denning at email@example.comTo contact the editor responsible for this story: Mark Gongloff at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Liam Denning is a Bloomberg Opinion columnist covering energy, mining and commodities. He previously was editor of the Wall Street Journal's Heard on the Street column and wrote for the Financial Times' Lex column. He was also an investment banker.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.