- Adjusted earnings per unit (EPU) stood at 31 cents, missing the estimate of 34 cents but higher than last year’s 25 cents.
- Adjusted EBITDA was $674 million, a 13% increase year-over-year (y/y) and surpassing the estimate of $652.8 million.
- Revenue reached $12.93 billion, up 11% y/y but slightly below the estimate of $12.97 billion.
- Distributable cash flow per unit was 58 cents, up from 53 cents y/y.
- Maintenance capital expenditures were $61.0 million, a 1.6% decrease y/y but slightly above the estimate of $59.6 million.
- Total distributable cash flow was $467 million, an 8.6% increase y/y, beating the estimate of $446.2 million.
- The company has increased its annual EBITDA guidance for 2024 based on year-to-date performance and outlook.
- Analysts’ recommendations: 11 buys, 8 holds, and 2 sells.
Plains All American Pipeline, L.P. on Smartkarma
Analysts on Smartkarma are closely monitoring Plains All American Pipeline, L.P., with recent coverage by Baptista Research shedding light on the company’s focus on enhanced free cash flow generation. In their report titled “Plains All American Pipeline: How Is Their Focus on Enhanced Free Cash Flow Generation Expected To Materialize? – Major Drivers,” Baptista Research highlighted the company’s first-quarter 2024 results. Plains All American reaffirmed its commitment to capital discipline, robust free cash flow generation, and returning capital to investors. The management noted an adjusted EBITDA of $718 million for the quarter and expressed optimism in achieving their full-year EBITDA guidance of $2.625 billion to $2.725 billion. These results are in line with the company’s earlier projections, supported by strong operational performance and strategic investments.
A look at Plains All American Pipeline, L.P. Smart Scores
| Factor | Score | Magnitude |
|---|---|---|
| Value | 4 | |
| Dividend | 5 | |
| Growth | 4 | |
| Resilience | 3 | |
| Momentum | 4 | |
| OVERALL SMART SCORE | 4.0 |
Smart Score is a compound score for the Company indicating its overall outlook. It is derived by taking an equally weighted average of underlying Factor scores computed by Smartkarma
Plains All American Pipeline, L.P. shows a promising long-term outlook according to Smartkarma Smart Scores. With a solid Value score of 4, the company is considered to be trading at an attractive valuation compared to its peers. Additionally, a top-notch Dividend score of 5 indicates a strong dividend payment history, making it an appealing choice for income-seeking investors. The Growth score of 4 suggests strong potential for future expansion and development. While the Resilience score of 3 could be improved, the Momentum score of 4 showcases positive market sentiment and potential upward movement in the stock price.
Plains All American Pipeline, L.P. is well-positioned in the intrastate crude oil transportation and terminalling storage sector. The company’s involvement in gathering and marketing activities further diversifies its revenue streams. With a seasonally heated crude oil pipeline spanning from CA to TX and an oil gathering system in CA, Plains All American Pipeline, L.P. has established a strong foundation for continued growth and profitability in the industry.
Disclaimer: This article by Smartkarma is general in nature and based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Note that our articles may not factor in the latest price-sensitive company announcements or qualitative material.
While all reasonable care has been taken in the preparation, Smartkarma makes no assurance about the accuracy of any generated data or content. All content is indicative only and should be independently checked for accuracy and confirmed before use. Smartkarma accepts no responsibility for any loss or damage caused as a result of any inaccuracy or error within the Lab online tools or generated data.
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