Plains All American Pipeline L.P. shares reached a 52-week high of $25.04 on Monday, extending a 51% gain over the past year and a 45% increase year-to-date. The midstream energy company reported adjusted earnings of $0.41 per unit for the second quarter, topping Wall Street’s forecast of $0.39 per unit.
Revenue totaled $17.69 billion, exceeding the $12.75 billion consensus estimate by 39% and reflecting a significant rebound in its core crude oil segment. Adjusted EBITDA for the segment rose to $690 million, up more than $100 million from the prior quarter, while total partnership EBITDA reached $738 million.
The company raised its 2026 growth capital budget to a range of $400 million to $450 million, up from the prior $350 million, and projected free cash flow of approximately $1.75 billion for the year. Adjusted EBITDA guidance for 2026 was set at $2.88 billion, plus or minus $75 million, with a leverage ratio of 3.3 times.
Despite the strong financial performance, Plains All American Pipeline maintained a cautious stance on longer-term guidance. The stock’s dividend yield stands at 6.8%, and recent analysis suggests the shares may be undervalued based on multiple valuation models.
