Plains GP Holdings LP

In a Stage 2 advancing regime with an active Lockout Rally driving urgency and forced participation, PAGP's bullish medium- and long-term framework remains intact. Despite extreme overbought RSI and price extended above rising EMAs, the Lockout Rally override supports immediate continuation participation above the breakout zone, with caution toward potential distribution risk at elevated levels.

• ↑Q1 2026 adjusted EBITDA $730M (tripled YoY) driven by strategic acquisitions.
• ↑Guiding 2026 EBITDA $2.88B and free cash flow ~$1.85B supports distributions.
• ↓Leverage ratio may exceed upper target range, raising financing costs.