Barclays on U.S. MLPs: Plains All American (PAA) and PAA Natural Gas Storage (PNG) Analyst Day Takeaways

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Barclays on U.S. MLPs: PAA and PNG Analyst Day Takeaways

Analyst, Richard Gross, said, "Plains All American (NYSE: PAA) positive growth outlook supported by favorable crude backdrop, while PAA Natural Gas Storage (NYSE: PNG) more of a yield play due to soft gas storage market conditions. The joint PAA/PNG analyst day further confirmed our view that PAA possesses visible growth prospects from growing crude infrastructure demand, while PNG offers more a yield-oriented return due to expected continuation of the weak gas storage rate environment. Combining raised 2Q guidance, healthy distribution coverage, 8-9% distribution growth in 2012, $5 billion+ inventory of crude-focused organic projects and recent credit upgrade, PAA remains one of our top picks, especially in a risk-averse market."

Barclays maintains an Overweight rating on PAA and Equalweight on PNG.

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