PLAINS ALL AMERICAN PIPELINE LP
In the published model solve dated 2026-Q2, anchored at $23.17, PLAINS ALL AMERICAN PIPELINE LP (PAA) is priced for -3.8% growth. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed June 27, 2026 from SEC EDGAR filings.
- Plains is a fee-based crude-oil pipeline partnership, and the balance sheet is the whole story. It carries roughly $11.7 billion of net debt against about $1.5 billion of trailing operating income, leverage near 4x EBITDA that defines both the risk and the deleveraging opportunity. - The unit is priced cheaply. At $21.34 the market pays about 16x operating income, a level so low it sits below what even a 5%-a-year decline in operating profit would warrant, consistent with a stable, cash-genera
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406 institutional managers reported holding PAA in 13F filings for the quarter ended 2026-03-31. Together they hold about 40% of the company; the top 10 hold 29%. 57 opened new positions that quarter. Held by Invesco, Blackstone, Goldman Sachs, among others. On the short side, 17.1M shares were sold short as of the 2026-06-15 count, about 2% of shares outstanding (7.6 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
No open-market insider buys on file at PAA over the trailing three years. Absence is a fact about the company, not a signal. 10 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
PAA's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-05-11 | +5.3% | +17.3% |
| 2023-08-10 | +1.4% | +1.5% |
| 2023-11-09 | -0.4% | +2.4% |
| 2024-03-01 | +0.3% | +5.4% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
PAA's latest 8-K filings: 2026-08-07 (items 2.01, 7.01, 9.01); 2026-06-17 (items 1.01, 1.02, 2.03, 9.01); 2026-06-02 (items 5.02); 2026-05-22 (items 5.07); 2026-05-13 (items 5.02, 7.01, 9.01).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: June 27, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.