A midstream MLP just significantly revised its growth target downward. Plains All American Partners (NYSE:PAA) recently announced that it would reduce distribution growth guidance in 2015 from 10% to 7%. While that may not seem like a big deal at face value, Plains is also lowering its usually cushy distributable cash flow coverage ratio form 1.14 times distributions to 1.00 times. To my knowledge at least, Plains is the first big midstream MLP to significantly reduce its growth expectations on account of the price collapse in both crude oil and natural gas. This article will examine the reasons why Plains cut its distribution growth expectations when so many of its peers have yet to do so. This article will also take a look at Plains' valuation at this time. Read more