<p><img src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2015/06/10/16/35/mark-804936_960_720.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2015/06/10/16/35/mark-804936_960_720.jpg"/></p>
<p><em>图片来源：Pixabay</em></p>
<p>高收益股票支付的股息显著高于市场平均水平。例如，标准普尔 500 指数目前的收益率仅约为 1.2%。</p>
<p>高收益股票在退休后补充收入方面尤其有利。投资 12 万美元于平均股息收益率为 5% 的股票，每月可产生约 <strong>500 美元的股息</strong>。</p>
<p>接下来我们要审查的高股息股票是 Plains GP Holdings, L.P. (PAGP)。</p>
<h3><strong>业务概述</strong></h3>
<p>Plains GP Holdings, L.P.是一家总部位于德克萨斯州休斯顿的领先中游能源公司，专注于原油和天然气液体（NGLs）的运输、储存和营销。</p>
<p>该公司在北美运营着广泛的管道和终端网络，在包括二叠纪盆地在内的关键生产区域具有强大的市场存在。Plains 提供关键基础设施，将能源生产者与炼油厂、石化厂和出口设施连接起来，确保能源产品可靠地交付到最终市场。</p>
<p>公司的战略专注于保持强劲的资产负债表、改善现金流稳定性，并增强对单元持有者的回报。</p>
<p>Plains 通过剥离非核心资产来继续精简其运营，例如计划以 37.5 亿美元出售其加拿大 NGL 业务给 Keyera Corp.，同时通过增持 BridgeTex 管道的股份来扩大其原油业务。</p>
<p>凭借严格的资本管理和对运营效率的关注，Plains 旨在在中游能源领域实现稳定的盈利增长和长期价值。</p>
<p>该公司报告 2025 年第二季度净收入为 2.1 亿美元，经营现金流为 6.94 亿美元。调整后的 EBITDA 为 6.72 亿美元，杠杆率为 3.3 倍，接近公司目标范围的低端。Plains 将季度分配提高了 20%，尽管市场波动，财务表现依然稳定。</p>
<p>该公司同意以 51.5 亿加元（37.5 亿美元）出售几乎所有的加拿大 NGL 业务给 Keyera Corp.，预计交易将在 2026 年初完成。Plains 计划将约 30 亿美元的收益用于收购、优先单位赎回和单位回购。</p>
<p>它还在 BridgeTex 管道中增持了 20% 的股份，将其在二叠纪盆地的市场份额提升至 40%。首席执行官 Willie Chiang 表示，这些举措增强了财务灵活性，精简了运营，并支持长期现金回报。</p>
<p>原油业务保持稳定，调整后的 EBITDA 同比增长 1%，得益于更高的交易量和关税。由于定价差距减弱，NGL 的业绩下降了 7%。季度收入从去年的 128 亿美元降至 106 亿美元，主要是由于商品价格下跌。</p>
<p>Plains 在季度末的资产总额为 272 亿美元，债务资本比率为 47%，突显了其稳健的资产负债表和对严格增长的持续关注。</p>
<p><img src="https://imageproxy.pbkrs.com/https://www.suredividend.com/wp-content/uploads/2025/11/Screenshot-2025-11-04-at-5.54.04-PM-768x425.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://www.suredividend.com/wp-content/uploads/2025/11/Screenshot-2025-11-04-at-5.54.04-PM-768x425.png"/></p>
<p>来源：投资者关系</p>
<h3><strong>增长前景</strong></h3>
<p>Plains GP Holdings, L.P.在严格的资本配置和加强原油及 NGL 部门的支持下，具备稳定的长期增长潜力。公司通过部门调整后的 EBITDA 评估其业绩，强调运营效率和现金流生成。</p>
<p>在 2024 年，Plains 通过与战略收购和增长计划相关的股权发行增加了流通股数量，旨在改善财务灵活性并扩大资产基础。这些投资旨在增强在关键区域（如二叠纪盆地）的运输能力，同时保持对杠杆和股东回报的平衡。</p>
<p>展望未来，尽管在周期性能源环境中运营，Plains 预计将实现持续的盈利增长。分析师预测 2025 年的每股收益（EPS）为 1.27 美元，预计到 2030 年每年 EPS 增长率为 5%，达到约 1.62 美元。</p>
<p>该公司在过去四年中建立了稳健的股息支付记录，反映了其对回馈股东的承诺。</p>
<p>尽管短期内股息增长可能会放缓，但长期趋势依然向好，预计到 2030 年每股股息（DPS）约为 1.68 美元，年增长率为 2%。</p>
<p>这些稳定的增长前景，得益于强劲的现金流和战略资产优化，使 Plains GP Holdings 在不断变化的能源市场中具备可持续的表现。</p>
<p><img src="https://imageproxy.pbkrs.com/https://www.suredividend.com/wp-content/uploads/2025/11/Screenshot-2025-11-04-at-5.58.13-PM-768x435.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://www.suredividend.com/wp-content/uploads/2025/11/Screenshot-2025-11-04-at-5.58.13-PM-768x435.png"/></p>
<p>来源：投资者关系</p>
<h3><strong>竞争优势与经济衰退表现</strong></h3>
<p>Plains GP Holdings 的竞争优势源于其庞大的综合中游网络以及在关键生产区域（如二叠纪盆地）的战略布局。</p>
<p>其规模、长期合同和运营效率提供了稳定的现金流、成本优势和强大的客户关系，支持增长和股东回报。</p>
<p>由于其基于费用的商业模式和必要的基础设施资产，该公司在经济衰退期间表现出韧性。</p>
<p>长期合同和强大的流动性帮助维持盈利和分配，即使在波动的市场中，使 Plains 能够在经济衰退中保持竞争地位。</p>
<h3><strong>股息分析</strong></h3>
<p>该公司的年股息为每股 1.52 美元。在其最近的股价下，该股票的高收益率为 8.9%。</p>
<p>考虑到公司 2025 年的盈利前景，预计每股收益为 1.27 美元。因此，预计公司将向股东支付约 120% 的每股收益作为股息。</p>
<h3><strong>最终思考</strong></h3>
<p>Plains GP Holdings 运营着重要的原油和天然气液体基础设施，随着能源需求的上升以及上游投资不足，预计将支持每股收益的增长。</p>
<p>然而，由于当前的派息比率，股息增长可能保持温和。我们维持持有评级，反映出基于预计的 5% 每股收益增长、8.9% 的股息收益率和估值压力，预计中期年总回报为 10%。</p>
<hr/>
<p><em>更多来自此作者：</em></p>
<p>高股息 50：Apple Hospitality REIT Inc.</p>
<p>高股息 50：Atrium Mortgage Investment Corporation</p>
<p>降低风险的 10 只最佳股息股票</p>

PAGP

<p>Plains GP Holdings, L.P. 是一家专注于原油和天然气液体的中游能源公司。该公司报告了 2025 年第二季度净收入为 2.1 亿美元，并将季度分配同比增加了 20%。它计划以 37.5 亿美元出售其加拿大天然气液体业务，并将收益用于收购和回购。分析师预测到 2030 年每股收益年增长率为 5%，预计每股股息为 1.68 美元。该股票提供 8.9% 的高收益率，反映了其对回馈股东价值的承诺</p>

<p><img src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2015/06/10/16/35/mark-804936_960_720.jpg" alt="" original-src="https://cdn.pixabay.com/photo/2015/06/10/16/35/mark-804936_960_720.jpg"/></p>
<p><em>Image Source: Pixabay</em></p>
<div class="lb-trans"><p><em>图片来源：Pixabay</em></p>
</div><p>High-yield stocks pay out dividends that are significantly higher than the market average. For example, the S&amp;P 500’s current yield is only ~1.2%.</p>
<div class="lb-trans"><p>高收益股票支付的股息显著高于市场平均水平。例如，标准普尔 500 指数目前的收益率仅约为 1.2%。</p>
</div><p>High-yield stocks can be particularly beneficial in supplementing income after retirement. A $120,000 investment in stocks with an average dividend yield of 5% creates an average of <strong>$500 a month in dividends</strong>.</p>
<div class="lb-trans"><p>高收益股票在退休后补充收入方面尤其有利。投资 12 万美元于平均股息收益率为 5% 的股票，每月可产生约 <strong>500 美元的股息</strong>。</p>
</div><p>Next on our list of high-dividend stocks to review is Plains GP Holdings, L.P. (PAGP).</p>
<div class="lb-trans"><p>接下来我们要审查的高股息股票是 Plains GP Holdings, L.P. (PAGP)。</p>
</div><h3><strong>Business Overview</strong></h3>
<div class="lb-trans"><h3><strong>业务概述</strong></h3>
</div><p>Plains GP Holdings, L.P. is a leading midstream energy company based in Houston, Texas, specializing in the transportation, storage, and marketing of crude oil and natural gas liquids (NGLs).</p>
<div class="lb-trans"><p>Plains GP Holdings, L.P.是一家总部位于德克萨斯州休斯顿的领先中游能源公司，专注于原油和天然气液体（NGLs）的运输、储存和营销。</p>
</div><p>The company operates an extensive network of pipelines and terminals across North America, with a strong presence in key production areas, including the Permian Basin. Plains provides critical infrastructure that connects energy producers to refineries, petrochemical plants, and export facilities, ensuring reliable delivery of energy products to end markets.</p>
<div class="lb-trans"><p>该公司在北美运营着广泛的管道和终端网络，在包括二叠纪盆地在内的关键生产区域具有强大的市场存在。Plains 提供关键基础设施，将能源生产者与炼油厂、石化厂和出口设施连接起来，确保能源产品可靠地交付到最终市场。</p>
</div><p>The company’s strategy focuses on maintaining a strong balance sheet, improving cash flow stability, and enhancing returns to unitholders.</p>
<div class="lb-trans"><p>公司的战略专注于保持强劲的资产负债表、改善现金流稳定性，并增强对单元持有者的回报。</p>
</div><p>Plains continues to streamline its operations by divesting non-core assets, such as its planned $3.75 billion USD sale of its Canadian NGL business to Keyera Corp., while expanding its crude oil footprint through bolt-on acquisitions, such as its increased stake in the BridgeTex Pipeline.</p>
<div class="lb-trans"><p>Plains 通过剥离非核心资产来继续精简其运营，例如计划以 37.5 亿美元出售其加拿大 NGL 业务给 Keyera Corp.，同时通过增持 BridgeTex 管道的股份来扩大其原油业务。</p>
</div><p>With disciplined capital management and a focus on operational efficiency, Plains aims to generate steady earnings growth and long-term value in the midstream energy sector.</p>
<div class="lb-trans"><p>凭借严格的资本管理和对运营效率的关注，Plains 旨在在中游能源领域实现稳定的盈利增长和长期价值。</p>
</div><p>The company reported second-quarter 2025 net income of $210 million and operating cash flow of $694 million. Adjusted EBITDA was $672 million, and leverage stood at 3.3x, near the low end of the company’s target range. Plains increased its quarterly distribution by 20% year over year and maintained steady financial performance despite a volatile market.</p>
<div class="lb-trans"><p>该公司报告 2025 年第二季度净收入为 2.1 亿美元，经营现金流为 6.94 亿美元。调整后的 EBITDA 为 6.72 亿美元，杠杆率为 3.3 倍，接近公司目标范围的低端。Plains 将季度分配提高了 20%，尽管市场波动，财务表现依然稳定。</p>
</div><p>The company agreed to sell nearly all of its Canadian NGL business to Keyera Corp. for $5.15 billion CAD ($3.75 billion USD), with the deal expected to close in early 2026. Plains plans to use the roughly $3 billion in proceeds for acquisitions, preferred unit redemptions, and unit buybacks.</p>
<div class="lb-trans"><p>该公司同意以 51.5 亿加元（37.5 亿美元）出售几乎所有的加拿大 NGL 业务给 Keyera Corp.，预计交易将在 2026 年初完成。Plains 计划将约 30 亿美元的收益用于收购、优先单位赎回和单位回购。</p>
</div><p>It also acquired an additional 20% interest in the BridgeTex Pipeline, boosting its Permian Basin presence to 40%. CEO Willie Chiang said these moves strengthen financial flexibility, streamline operations, and support long-term cash returns.</p>
<div class="lb-trans"><p>它还在 BridgeTex 管道中增持了 20% 的股份，将其在二叠纪盆地的市场份额提升至 40%。首席执行官 Willie Chiang 表示，这些举措增强了财务灵活性，精简了运营，并支持长期现金回报。</p>
</div><p>Crude oil operations remained stable, with Adjusted EBITDA up 1% year-over-year due to higher volumes and tariffs. NGL results declined 7% on weaker pricing spreads. Quarterly revenue fell to $10.6 billion from $12.8 billion last year, mainly from lower commodity prices.</p>
<div class="lb-trans"><p>原油业务保持稳定，调整后的 EBITDA 同比增长 1%，得益于更高的交易量和关税。由于定价差距减弱，NGL 的业绩下降了 7%。季度收入从去年的 128 亿美元降至 106 亿美元，主要是由于商品价格下跌。</p>
</div><p>Plains ended the quarter with $27.2 billion in assets and a debt-to-capitalization ratio of 47%, underscoring its solid balance sheet and continued focus on disciplined growth.</p>
<div class="lb-trans"><p>Plains 在季度末的资产总额为 272 亿美元，债务资本比率为 47%，突显了其稳健的资产负债表和对严格增长的持续关注。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.suredividend.com/wp-content/uploads/2025/11/Screenshot-2025-11-04-at-5.54.04-PM-768x425.png" alt="" original-src="https://www.suredividend.com/wp-content/uploads/2025/11/Screenshot-2025-11-04-at-5.54.04-PM-768x425.png"/></p>
<p>Source: Investor Relations</p>
<div class="lb-trans"><p>来源：投资者关系</p>
</div><h3><strong>Growth Prospects</strong></h3>
<div class="lb-trans"><h3><strong>增长前景</strong></h3>
</div><p>Plains GP Holdings, L.P. is positioned for steady long-term growth supported by disciplined capital allocation and a focus on strengthening its crude oil and NGL segments. The company evaluates its performance through segment-adjusted EBITDA, emphasizing operational efficiency and cash flow generation.</p>
<div class="lb-trans"><p>Plains GP Holdings, L.P.在严格的资本配置和加强原油及 NGL 部门的支持下，具备稳定的长期增长潜力。公司通过部门调整后的 EBITDA 评估其业绩，强调运营效率和现金流生成。</p>
</div><p>In 2024, Plains increased its shares outstanding through equity issuances tied to strategic acquisitions and growth initiatives aimed at improving financial flexibility and expanding its asset base. These investments aim to enhance transportation capacity in key regions, such as the Permian Basin, while maintaining a balanced approach to leverage and shareholder returns.</p>
<div class="lb-trans"><p>在 2024 年，Plains 通过与战略收购和增长计划相关的股权发行增加了流通股数量，旨在改善财务灵活性并扩大资产基础。这些投资旨在增强在关键区域（如二叠纪盆地）的运输能力，同时保持对杠杆和股东回报的平衡。</p>
</div><p>Looking ahead, Plains is expected to deliver consistent earnings growth despite operating in a cyclical energy environment. Analysts forecast earnings per share (EPS) of $1.27 in 2025, with an estimated 5% annual EPS growth rate through 2030, reaching approximately $1.62.</p>
<div class="lb-trans"><p>展望未来，尽管在周期性能源环境中运营，Plains 预计将实现持续的盈利增长。分析师预测 2025 年的每股收益（EPS）为 1.27 美元，预计到 2030 年每年 EPS 增长率为 5%，达到约 1.62 美元。</p>
</div><p>The company has also built a solid track record of dividend payments over the past four years, reflecting its commitment to returning value to shareholders.</p>
<div class="lb-trans"><p>该公司在过去四年中建立了稳健的股息支付记录，反映了其对回馈股东的承诺。</p>
</div><p>While dividend growth may moderate in the near term, the long-term trend remains positive, with projections suggesting a 2% annual increase and a dividend per share (DPS) of about $1.68 by 2030.</p>
<div class="lb-trans"><p>尽管短期内股息增长可能会放缓，但长期趋势依然向好，预计到 2030 年每股股息（DPS）约为 1.68 美元，年增长率为 2%。</p>
</div><p>These steady growth prospects, supported by strong cash flows and strategic asset optimization, position Plains GP Holdings for sustainable performance in the evolving energy market.</p>
<div class="lb-trans"><p>这些稳定的增长前景，得益于强劲的现金流和战略资产优化，使 Plains GP Holdings 在不断变化的能源市场中具备可持续的表现。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.suredividend.com/wp-content/uploads/2025/11/Screenshot-2025-11-04-at-5.58.13-PM-768x435.png" alt="" original-src="https://www.suredividend.com/wp-content/uploads/2025/11/Screenshot-2025-11-04-at-5.58.13-PM-768x435.png"/></p>
<p>Source: Investor Relations</p>
<div class="lb-trans"><p>来源：投资者关系</p>
</div><h3><strong>Competitive Advantages &amp; Recession Performance</strong></h3>
<div class="lb-trans"><h3><strong>竞争优势与经济衰退表现</strong></h3>
</div><p>Plains GP Holdings’ competitive advantage stems from its large, integrated midstream network and its strategic presence in key production regions, such as the Permian Basin.</p>
<div class="lb-trans"><p>Plains GP Holdings 的竞争优势源于其庞大的综合中游网络以及在关键生产区域（如二叠纪盆地）的战略布局。</p>
</div><p>Its scale, long-term contracts, and operational efficiency provide stable cash flows, cost advantages, and strong customer relationships, supporting growth and shareholder returns.</p>
<div class="lb-trans"><p>其规模、长期合同和运营效率提供了稳定的现金流、成本优势和强大的客户关系，支持增长和股东回报。</p>
</div><p>The company has proven resilient during economic downturns due to its fee-based business model and essential infrastructure assets.</p>
<div class="lb-trans"><p>由于其基于费用的商业模式和必要的基础设施资产，该公司在经济衰退期间表现出韧性。</p>
</div><p>Long-term contracts and strong liquidity help maintain earnings and distributions even in volatile markets, allowing Plains to navigate recessions while sustaining its competitive position.</p>
<div class="lb-trans"><p>长期合同和强大的流动性帮助维持盈利和分配，即使在波动的市场中，使 Plains 能够在经济衰退中保持竞争地位。</p>
</div><h3><strong>Dividend Analysis</strong></h3>
<div class="lb-trans"><h3><strong>股息分析</strong></h3>
</div><p>The company has an annual dividend of $1.52 per share. At its recent share price, the stock has a high yield of 8.9%</p>
<div class="lb-trans"><p>该公司的年股息为每股 1.52 美元。在其最近的股价下，该股票的高收益率为 8.9%。</p>
</div><p>Given the company’s 2025 earnings outlook, EPS is expected to be $1.27 per share. As a result, the company is expected to pay out roughly120% of its EPS to shareholders in dividends.</p>
<div class="lb-trans"><p>考虑到公司 2025 年的盈利前景，预计每股收益为 1.27 美元。因此，预计公司将向股东支付约 120% 的每股收益作为股息。</p>
</div><h3><strong>Final Thoughts</strong></h3>
<div class="lb-trans"><h3><strong>最终思考</strong></h3>
</div><p>Plains GP Holdings operates essential crude oil and NGL infrastructure, and rising energy demand combined with upstream underinvestment should support EPS growth.</p>
<div class="lb-trans"><p>Plains GP Holdings 运营着重要的原油和天然气液体基础设施，随着能源需求的上升以及上游投资不足，预计将支持每股收益的增长。</p>
</div><p>However, dividend growth may remain modest due to the current payout ratio. We maintain a hold rating, reflecting expected medium-term total returns of 10% annually, based on projected 5% EPS growth, an 8.9% dividend yield, and valuation pressures.</p>
<div class="lb-trans"><p>然而，由于当前的派息比率，股息增长可能保持温和。我们维持持有评级，反映出基于预计的 5% 每股收益增长、8.9% 的股息收益率和估值压力，预计中期年总回报为 10%。</p>
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高股息 50：Plains GP Holdings, L.P