Plains GP Holdings LP

PAGP

Oil & Gas Midstream · Energy

Price

$25.61

+0.13 (+0.51%)

Market Cap

$5.07B

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+2.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 194.0M (2021) → 198.0M (2025)

Plains GP Holdings, L.P., through its subsidiary, Plains All American Pipeline, L.P., owns and operates midstream energy infrastructure in the United States and Canada. The company operates in two segments, Crude Oil and Natural Gas Liquids (NGLs). The company engages in the transportation of crude oil and NGLs on pipelines, gathering systems, and trucks. As of December 31, 2021, this segment owned and leased assets comprising 18,300 miles of crude oil and NGL pipelines and gathering systems; 38

Winston Score History

Score breakdown

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Quality

Gross Margin

3.5%

Thin — 3.5% gross margin

Operating Margin

2.8%

Thin — 2.8% operating margin

ROCE

2.8%

Weak — 2.8% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-9.3%

Shrinking sales (-9.3% YoY)

EPS YoY

+33.5%

Earnings growing fast (33.5% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

1391%

Turns 1391% of profit into real cash

FCF Margin

4.7%

Thin free cash flow (4.7%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

8.93

Heavy debt load (8.93)

Interest Cover

7.42x

Adequate interest coverage (7.4x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

26.1x

Growth-priced — P/E 26.1

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+14.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (26.1 → 11.3)

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Dividends

Dividend Yield

6.86%

Healthy income — 6.86% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth

+14.3%

Dividend growing fast (14.3% YoY)

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