Plains All American Pipeline, L.P. · PAA · FY2026 Q3 · Calendar Q4 2026

PAA Reaffirms 2026 Guidance Amid Permian Growth and Acquisitions

PAA’s Q3 call supports a measured growth narrative: management reaffirmed 2026 guidance and cited organic expansion, acquisition synergies and a new Midland gathering agreement. The outlook depends on executing those projects and converting anticipated volume growth into durable cash generation amid capacity and integration risks.

What drove PAA's -2.6% move after FY2026 Q3 earnings?

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Reported Before market openNASDAQEnergy $17.31B market cap
80quality score

Earnings scorecard

Reported versus consensus
Reported EPS — Consensus $0.41
EPS surprise — Reported versus consensus
Reported revenue — Consensus $15.21B
Revenue surprise — Reported versus consensus

Market reaction

prior-close to event-session close
Stock move -2.6% Event window
SPY move +0.6% Same window
Abnormal move -3.3% Stock minus SPY
Volume 1.2× Versus trailing sessions
Subsequent drift 0.0% Up to 20 sessions
PAASPY benchmark

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Transcript intelligence

What changed

Management highlighted the completed Canadian NGL business sale, $50 million of Cactus III acquisition synergies, the Silver Spur acquisition and a 10-year Midland gathering agreement. It also described balance-sheet actions following a $1.5 billion junior subordinated notes issuance and preferred-stock redemption.

Guidance delta

Management reaffirmed 2026 guidance. No change to the guidance range was reported in the supplied analysis.

Key takeaways

  • Q3 adjusted EBITDA was $711 million, according to the supplied transcript analysis.
  • Management cited $50 million of synergies from the Cactus III pipeline acquisition.
  • The Silver Spur acquisition expands PAA’s Powder River Basin presence; the supplied analysis says it adds 915,000 acres.
  • Management expects 200,000–300,000 barrels per day of Permian growth through 2027, as stated in the transcript analysis.

Management priorities

  • Execute the 10-year Midland gathering agreement and related infrastructure build-out.
  • Pursue organic Permian expansions and additional bolt-on acquisitions.
  • Monitor potential Western Canadian egress projects.

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Earnings History

Estimate Beat Miss Match
PAA EPS earnings history estimate and actual scatter chart 10 reported fiscal quarters and 4 future estimate-only quarters. Q2 '24 estimate $0.31 Q2 '24 actual $0.31, match Q3 '24 estimate $0.31 Q3 '24 actual $0.37, beat Q2 '25 estimate $0.32 Q2 '25 actual $0.36, beat Q3 '25 estimate $0.35 Q3 '25 actual $0.39, beat Q4 '25 estimate $0.47 Q4 '25 actual $0.40, miss Q1 '26 estimate $0.37 Q1 '26 actual $0.39, beat Q2 '26 estimate $0.38 Q2 '26 actual $0.41, beat Q3 '26 estimate $0.41 Q3 '26 actual $-0.04, miss Q4 '26 estimate $0.43 Q1 '27 estimate $0.43 Q2 '27 estimate $0.44 Q3 '27 estimate $0.50
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Analyst Consensus ?

ConsensusBuy42 ratings
Bullish2457.1%
Neutral1740.5%
Bearish12.4%

Analyst 52W Price Targets

$23.92Current
$11Low
$21.63Average
$31High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 7, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Jefferies Buy BuyMaintainOct 28, 2026
UBS Buy BuyMaintainOct 9, 2026
Mizuho Outperform OutperformMaintainSep 21, 2026
Barclays Underweight UnderweightMaintainSep 21, 2026
Citigroup Neutral NeutralMaintainSep 17, 2026
Scotiabank Sector Outperform Sector OutperformMaintainSep 10, 2026
JP Morgan Neutral NeutralMaintainSep 3, 2026
Morgan Stanley Equal Weight Equal WeightMaintainAug 18, 2026
RBC Capital Sector Perform Sector PerformMaintainAug 17, 2026
Truist Securities Buy BuyMaintainJul 15, 2026
Goldman Sachs Neutral SellUpgradeJun 4, 2026
Wells Fargo Equal Weight Equal WeightMaintainMay 12, 2026
Stifel Buy BuyMaintainMar 6, 2026
Raymond James Strong Buy Strong BuyMaintainOct 24, 2025
Wolfe Research Peer Perform OutperformDowngradeJul 25, 2025
Bernstein Market Perform OutperformDowngradeFeb 7, 2023
Seaport Global Buy NeutralUpgradeAug 1, 2022
B of A Securities Neutral UnderperformUpgradeJul 19, 2022
Credit Suisse Outperform NeutralUpgradeMay 12, 2022
Evercore ISI Group Outperform In LineUpgradeNov 15, 2021
SMBC Nikko Outperform OutperformMaintainDec 3, 2020
TD Securities Buy BuyMaintainNov 3, 2020
SunTrust Robinson Humphrey Buy BuyMaintainApr 22, 2020
Baird Neutral OutperformDowngradeMar 9, 2020
Bank of America Buy BuyMaintainOct 23, 2019
Piper Jaffray Overweight OverweightMaintainJul 17, 2019
Stifel Nicolaus Buy HoldUpgradeSep 24, 2018
Deutsche Bank Buy BuyMaintainApr 20, 2018
BMO Capital Outperform Market PerformUpgradeAug 28, 2017
Guggenheim Neutral NeutralMaintainApr 18, 2017
Piper Sandler Overweight NeutralUpgradeOct 13, 2016
FBR Capital Perform Market PerformMaintainSep 9, 2016
Oppenheimer Sector Perform OutperformDowngradeDec 21, 2015
Scotia Howard Weil Perform Sector PerformMaintainAug 24, 2015
Wunderlich Securities Hold BuyDowngradeAug 6, 2015
Wunderlich Hold BuyDowngradeAug 6, 2015
Clarksons Platou Outperform Market PerformUpgradeNov 25, 2013
Clarkson Capital Markets Outperform Market PerformUpgradeNov 25, 2013
Ladenburg Thalmann Buy NeutralUpgradeJun 25, 2013
Global Hunter Securities Buy AccumulateMaintainAug 15, 2012
Canaccord Genuity Hold HoldMaintainMay 17, 2012
Morgan Keegan Outperform OutperformMaintainFeb 10, 2012
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Named analyst price targets

Upside is calculated against the persisted current price $23.92. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
JefferiesJulien Dumoulin-Smith$30$26.41 +25.4%Oct 27, 2026
Raymond JamesAnalyst unavailable$28$25.25 +17.1%Oct 19, 2026
ScotiabankMark Lear$28$25.14 +17.1%Oct 15, 2026
UBSManav Gupta$31$24.5 +29.6%Oct 9, 2026
JefferiesJulien Dumoulin-Smith$27$24.42 +12.9%Oct 9, 2026
UBSAnalyst unavailable$28$25.27 +17.1%Sep 21, 2026
Raymond JamesJustin Jenkins$27$25.37 +12.9%Sep 21, 2026
Mizuho SecuritiesGabriel Moreen$30$25.37 +25.4%Sep 21, 2026
BarclaysTheresa Chen$24$25.37 +0.3%Sep 21, 2026
ScotiabankAnalyst unavailable$27$25.85 +12.9%Sep 10, 2026
Morgan StanleyRobert Kad$26$24.16 +8.7%Aug 18, 2026
RBC CapitalElvira Scotto$26$23.9 +8.7%Aug 17, 2026
RBC CapitalElvira Scotto$23$24.31 -3.8%Jul 21, 2026
BarclaysAnalyst unavailable$23$23.35 -3.8%Jul 16, 2026
Mizuho SecuritiesGabriel Moreen$27$22.6 +12.9%Jun 8, 2026
Goldman SachsAnalyst unavailable$24$22.91 +0.3%Jun 3, 2026
Morgan StanleyAnalyst unavailable$25$23.86 +4.5%May 20, 2026
ScotiabankAnalyst unavailable$24$21.99 +0.3%May 12, 2026
Seaport GlobalAnalyst unavailable$24$22.54 +0.3%May 4, 2026
BarclaysTheresa Chen$21$21.92 -12.2%Apr 10, 2026
Stifel NicolausSelman Akyol$25$21.97 +4.5%Mar 6, 2026
ScotiabankAnalyst unavailable$23$19.24 -3.8%Feb 9, 2026
Mizuho SecuritiesAnalyst unavailable$23$19.14 -3.8%Jan 23, 2026
Morgan StanleyRobert Kad$21$17.32 -12.2%Nov 25, 2025
Raymond JamesAnalyst unavailable$22$16.82 -8.0%Oct 24, 2025
BarclaysAnalyst unavailable$17$16.71 -28.9%Oct 7, 2025
Morgan StanleyAnalyst unavailable$20$17.42 -16.4%Aug 26, 2025
J.P. MorganJeremy Tonet$20$17.87 -16.4%Aug 8, 2025
UBSManav Gupta$25$18.65 +4.5%Jul 15, 2025
Mizuho SecuritiesGabriel Moreen$22$18.41 -8.0%Jun 18, 2025
Morgan StanleyRobert Kad$23$16.94 -3.8%May 9, 2025
ScotiabankAnalyst unavailable$22$19 -8.0%Mar 6, 2025
Wolfe ResearchKeith Stanley$22$18.88 -8.0%Jan 10, 2025
Bank of America SecuritiesJean Ann Salisbury$18$17.47 -24.7%Oct 17, 2024
UBSManav Gupta$22$18.03 -8.0%Jul 2, 2024
RBC CapitalElvira Scotto$18$17.45 -24.7%May 14, 2024
Goldman SachsJohn Mackay$16$17.98 -33.1%Apr 12, 2024
BernsteinAnalyst unavailable$14.5$12.62 -39.4%Feb 7, 2023
CitigroupAnalyst unavailable$14$11.7 -41.5%Dec 9, 2022
Truist FinancialAnalyst unavailable$15$12.19 -37.3%Dec 2, 2022
Stifel NicolausSelman Akyol$16$11.66 -33.1%Aug 14, 2022
Credit SuisseSpiro Dounis$14$10.24 -41.5%May 12, 2022
Wells FargoAnalyst unavailable$16$10.39 -33.1%Apr 28, 2022
Morgan StanleyAnalyst unavailable$15$10.54 -37.3%Apr 26, 2022
Raymond JamesAnalyst unavailable$13$11.32 -45.7%Apr 20, 2022
Truist FinancialTristan Richardson$13$10.47 -45.7%Nov 5, 2021
CitigroupTimm Schneider$13$10.12 -45.7%Jul 13, 2021
TD SecuritiesLinda Ezergailis$13.5$10.51 -43.6%Jul 6, 2021
Goldman SachsMichael Lapides$11$8.59 -54.0%Apr 27, 2021
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Company context

Snapshot as of publication

Plains All American Pipeline, L.P., through its subsidiaries, engages in the pipeline transportation, terminalling, storage, and gathering of crude oil and natural gas liquids (NGL) in the United States and Canada. The company operates through two segments, Crude Oil and NGL. The Crude Oil segment offers gathering and transporting crude oil through pipelines, trucks, and on barges or railcars. This segment provides terminalling, storage, and other related services, as well as merchant activities. The NGL segment is involved in natural gas processing and NGL fractionation, storage, transportation, and terminaling. This segment also includes ethane, propane, normal butane, iso-butane, and natural gasoline derived from natural gas production and processing activities, as well as crude oil refining processes. Its NGL components are used for various applications, such as heating, engine, and industrial fuels.The company was founded in 1981 and is headquartered in Houston, Texas. Plains All American Pipeline, L.P. operates as a subsidiary of Plains GP Holdings, L.P.

Historical context

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Latest beats and misses

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Sources

  1. Earnings call transcript and parsed analysis · 2026-11-06T20:06:50.035037+00:00
  2. FN2 earnings calendar · 2026-11-06T01:23:16.275024+00:00
  3. Polygon adjusted daily market bars · 2026-11-06T20:50:44.622500+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-06T20:50:44.619833+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-11-06. For educational purposes only; not investment advice.