Plains GP L.P. (PAGP) vs Western Midstream Partners (WES)
Head-to-head comparison of performance, valuation, growth, profitability and dividends. Prices delayed 15 minutes; data as of Oct 9, 2026.
Summary
Plains GP L.P. (PAGP) has outperformed Western Midstream Partners (WES) over the past year, gaining 51.0% versus a gain of 16.9%. Over five years, PAGP leads with a +126.5% price change compared with +96.0% for WES. Western Midstream Partners is the larger company by market cap ($19.12 billion vs $6.24 billion), about 3.1 times the size.
On valuation, Western Midstream Partners trades at a lower forward P/E (12.1x vs 13.0x for Plains GP L.P.). Western Midstream Partners offers the higher dividend yield (7.95% vs 6.09%). Western Midstream Partners converts more of its revenue into profit, with a net margin of 30.7% versus 0.6%.
Summary generated from market data by MetaCap's automated system. Methodology
Relative performance
Percent change in share price from the first common trading day shown; excludes dividends.
Head-to-head
| Metric | PAGP | WES |
|---|---|---|
| Share price | $26.80 | $46.27 |
| Market cap | $6.24B | $19.12B |
| 1-day change | +0.87% | +0.88% |
| YTD return | +38.82% | +16.00% |
| 1-year return | +50.97% | +16.86% |
| 5-year return | +126.51% | +95.98% |
| P/E ratio (TTM) | 60.91 | 14.64 |
| Forward P/E | 12.97 | 12.08 |
| EPS (TTM) | $0.44 | $3.16 |
| Dividend yield | 6.09% | 7.95% |
| Annual dividend | $1.63 | $3.68 |
| Revenue (latest FY) | $44.26B | $3.84B |
| Revenue growth (YoY) | -9.46% | +6.61% |
| Net income (latest FY) | $260.00M | $1.18B |
| Gross margin | 8.65% | 94.61% |
| Operating margin | 3.23% | 41.67% |
| Net margin | 0.59% | 30.73% |
| 52-week high | $28.70 | $50.07 |
| 52-week low | $16.68 | $36.90 |
| Distance from 52-week high | -6.62% | -7.59% |
| Analyst consensus | buy | buy |
| Avg. price target upside | -2.69% | +7.39% |
| Average volume | 1.64M | 823.53K |
| Shares outstanding | 197.90M | 413.17M |
| Employees | — | 1,704 |
| Sector | Energy | Utilities |
| Industry | Natural Gas Distribution | Natural Gas Distribution |
Highlighted cells mark the higher value for growth, returns, margins and yield, and the lower value for P/E ratios. Highlighting is a mechanical comparison, not a recommendation.
Key differences
- Western Midstream Partners is about 3.1 times larger than Plains GP L.P. by market value ($19.12B vs $6.24B).
- PAGP has outperformed WES by 34.1 percentage points over the past year.
- Plains GP L.P. trades at a higher earnings multiple (60.9x vs 14.6x trailing P/E).
- Western Midstream Partners offers a meaningfully higher dividend yield (7.95% vs 6.09%).
- Western Midstream Partners is more profitable, keeping 30.7 cents of every revenue dollar as net income versus 0.6 cents for Plains GP L.P..
- Western Midstream Partners grew revenue faster in its latest fiscal year (+6.61% vs -9.46%).
- The two companies sit in different sectors: Plains GP L.P. in Energy and Western Midstream Partners in Utilities.
About Plains GP L.P.
PAGP stock →Plains GP Holdings, L.P., through its subsidiary, Plains All American Pipeline, L.P., owns and operates midstream infrastructure systems in the United States and Canada. It operates through Crude Oil and Natural Gas Liquids (NGLs) segments.
Energy · Natural Gas Distribution
About Western Midstream Partners
WES stock →Western Midstream Partners, LP, together with its subsidiaries, operates as a midstream energy company primarily in the United States. The company is involved in gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, natural gas liquids (NGLs), and crude oil; and gathering and disposing of produced water.
Utilities · Natural Gas Distribution · 1,704 employees
PAGP vs WES FAQ
Which is bigger, Plains GP L.P. or Western Midstream Partners?
Western Midstream Partners (WES) is larger, with a market capitalization of $19.12B compared with $6.24B for Plains GP L.P. (PAGP).
Which stock has performed better over the past year, PAGP or WES?
PAGP returned +50.97% over the past 12 months, compared with +16.86% for WES (price return, excluding dividends). Past performance does not predict future results.
Which has the lower P/E ratio, PAGP or WES?
WES has the lower trailing P/E at 14.6, versus 60.9 for PAGP. A lower P/E is not by itself a sign of a better investment; it can reflect slower expected growth or higher risk.
Which pays a higher dividend, Plains GP L.P. or Western Midstream Partners?
Western Midstream Partners has the higher yield at 7.95%, compared with 6.09% for Plains GP L.P..
Are Plains GP L.P. and Western Midstream Partners in the same industry?
Yes. Both are classified in the Natural Gas Distribution industry within the Energy sector.