Plains Completes Deleveraging Plan, Announces 20% Distribution Increase; Remains Undervalued
Plains has announced a number of updates to its financial goals, which generally align with our expectations. Broadly, the plan to lower leverage to a midpoint of 3.25 times debt/EBITDA and retain excess distributions to fund capital spending plans without issuing equity makes sense to us. We plan to maintain our $29.50 fair value estimate and wide moat rating. In our view, Plains continues to be undervalued as investors underappreciate the earnings power of its Permian assets, where we expect s...
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