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PAA · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Plains All American Pipeline, L.P. Common Units (PAA) stock moving?
PAA has fallen from a close of $26.51 on Oct 30 to $23.67 on Nov 10, a drop of about 10.7%. The decline began with the Q3 2026 report on Nov 6, which showed adjusted EPS of $(0.04) against a $0.41 estimate and sales slightly below estimates, and the company narrowed its full-year 2026 adjusted EBITDA outlook. Underlying results were still sizeable, with net income of $363M and adjusted EBITDA of $711M in the quarter. Volume rose sharply on the selloff, to about 4.6M shares on Nov 6 and 5.0M on Nov 9, against roughly 2-3M on most prior sessions. On Nov 10 the stock traded between $23.15 and $23.81, closed at $23.67 on lower volume of about 2.4M, and finished slightly above the Nov 9 close, which may signal some stabilization. Jefferies' Buy rating with a $30 target from Oct 28 is a supportive counterpoint, but it predates the guidance narrowing. The news flow is limited to the earnings event and that analyst note, so the outlook depends on the next results and the guidance trajectory, not on other catalysts.
News behind the analysis
- Why Is Plains All American Stock Falling Friday?PAA shares dipped after missing Q3 earnings expectations and narrowing its full-year 2026 adjusted EBITDA outlook.
- Plains All American Pipeline, L.P. Reports Third-Quarter 2026 Financial ResultsQ3 2026 net income was $363 million and adjusted EBITDA was $711 million, per the company's results release furnished in an 8-K.
- Plains All American Q3 Adj. EPS $(0.04) Misses $0.41 Estimate, Sales $15.173B Miss $15.208B EstimateBenzinga reports adjusted EPS of $(0.04) against a $0.41 estimate and sales of $15.173B against a $15.208B estimate.
- Plains All American Q3 2026 Earnings Call TranscriptTranscript of the third-quarter 2026 earnings call, held on Friday, Nov 6, after the company reported results.
- Jefferies Maintains Buy on Plains All American, Raises Price Target to $30Jefferies kept its Buy rating on PAA and raised its price target to $30, about 27% above the Nov 10 close of $23.67.
About Plains All American Pipeline, L.P. Common Units representing Limited Partner Interests
Plains All American Pipeline is a Houston-based master limited partnership that gathers, transports, stores and markets crude oil, mainly in the Permian Basin of West Texas and New Mexico. It is one of the largest crude oil pipeline operators in North America. In May 2026 it sold nearly all of its Canadian natural gas liquids (NGL) business to Keyera, which makes it more purely focused on crude oil. Because it is a partnership, investors own units rather than shares and get a K-1 tax form instead of a 1099. It pays a large quarterly cash distribution, recently about $1.67 per unit per year.
How it makes money
Most of its profit comes from fees for moving and storing crude oil through its pipelines, gathering systems and terminals. Many of these fees are set by long-term contracts, and some contracts commit shippers to pay for a minimum volume. It also buys and resells crude oil. That trading activity is why its reported revenue is very large (roughly $50 billion a year), even though its adjusted EBITDA is only about $2.8 billion. Before the 2026 sale, a smaller NGL segment also added to earnings. Recent growth has come from buying pipelines, such as the EPIC crude pipeline (now called Cactus III), and from expanding gathering systems in the Permian.
What usually moves PAA
- Permian Basin crude oil production volumes
- Crude oil prices and drilling activity
- Interest rates and the appeal of high-yield income stocks
- Pipeline contract renewals and tariff rates
- Acquisitions, divestitures and debt levels