From an older Seeking Alpha article by George Fisher:
"PAA Natural Gas Storage was spun-off from its parent Plains All American Pipelines LP (PAA) in April 2010. Plains All American is the General Partner of the LP, and holds 64% of outstanding units along with some company debt."
PAA will make sure PNG does well as they own 64% of the units of PNG.
UBS upgraded PAA Natural Gas Storage, L.P. (NYSE: PNG) from Neutral to Buy. PT $22.50 unchanged.UBS analyst says, "PNG owns and operates 2 salt caverns (in Louisiana), 1 depleted reservoir (in Michigan) and natural gas storage fields with an aggregate capacity of 71 billion cubic feet. Natural gas storage fundamentals are weak due to: 1) a compressed seasonal storage spread; 2) subdued market volatility; 3) increased storage capacity; 4) the surplus supply situation. However, we believe the sell-off is overdone, and that the current 8.3% yield provides an attractive entry point for a quality company whose fundamentals should improve over the next 12-18 months."