Why Units of Plains All American Pipeline Zoomed 27% in November
Units of MLP Plains All American Pipeline (NYSE: PAA) rallied 27% in November, according to data provided by S&P Global Market Intelligence. Several factors fueled the energy stock's big-time rally last month.
Plains All American got November off to a good start by reporting stronger-than-expected third-quarter results. While the company's Adjusted EBITDA declined by 7% year over year, its distributable cash flow per unit was even with the prior-year period. Meanwhile, both numbers improved significantly compared to the second quarter when crashing crude prices impacted the volumes flowing through its pipeline systems. As a result of that bounce-back quarter and what it sees ahead in the fourth-quarter, Plains All American boosted its full-year Adjusted EBITDA outlook by 3%. That put it back in line with its pre-pandemic forecast.
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Source Fool.com
