Pampa Energía S.A.
- Open
- 81.75
- Day high
- 82.77
- Day low
- 81.50
- Prev close
- 81.76
- Volume
- 115K
- Mkt cap
- $4.4B
- P/E (TTM)
- 9.6
- EPS (TTM)
- $8.50
- P/B
- 1.2
- P/S
- 2.0
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$25.3M over the last 3 months (5 open-market buys, 7 sales)
- 🏛Institutions mixed (13F)
Pampa Energía S.A. (PAM) is a Utilities company listed on NYSE. The stock is up 15% over the past year. Over the trailing 3 months, insiders filed 5 open-market buys and 7 sales (SEC Form 4).
Pampa Energía S.A. (PAM) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
PAM earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $1.93 | $3.90 | +102.1% | $573M | +0.9% |
| Nov 4, 2025 | $1.39 | $0.42 | -69.8% | $599M | +0.1% |
| Aug 6, 2025 | $2.35 | $0.70 | -70.2% | $486M | -4.1% |
| Mar 5, 2025 | $0.00 | $1.90 | +202027.7% | $439M | +2.1% |
| Mar 6, 2024 | $-1.44 | $-2.90 | -101.4% | $2M | -100.0% |
| Mar 9, 2023 | $0.00 | $2.05 | +56373.8% | $1.1B | +144.4% |
| Aug 11, 2022 | $1.33 | $1.20 | -9.8% | $455M | +478.4% |
| May 12, 2022 | $1.23 | $1.79 | +45.5% | $403M | +1.8% |
| Mar 10, 2022 | $0.82 | $0.70 | -14.6% | $510M | +42.7% |
| Nov 10, 2021 | $1.13 | $2.36 | +108.8% | $423M | +11.8% |
| Aug 11, 2021 | $0.77 | $1.94 | +151.9% | $3M | -99.0% |
| May 12, 2021 | $0.16 | $0.58 | +262.5% | $309M | +237.4% |
PAM insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 8, 2026 | Mindlin Marcos Marcelodirector, 10 percent owner: | Sell | 1,502,000 | $3.41 |
| Jul 8, 2026 | Mindlin Marcos Marcelodirector, 10 percent owner: | Sell | 1,500,000 | $3.54 |
| Jun 29, 2026 | Mindlin Marcos Marcelodirector, 10 percent owner: | Buy | 287,916 | $3.37 |
| Jun 26, 2026 | Mindlin Marcos Marcelodirector, 10 percent owner: | Buy | 383,600 | $3.37 |
| Jun 26, 2026 | Mindlin Marcos Marcelodirector, 10 percent owner: | Buy | 739,178 | $3.35 |
| Jun 5, 2026 | Mindlin Damian Miguelofficer: Vicepresident | Sell | 555,000 | $3.55 |
| Jun 2, 2026 | Mindlin Damian Miguelofficer: Vicepresident | Sell | 814,000 | $3.69 |
| May 28, 2026 | Mindlin Marcos Marcelodirector, 10 percent owner: | Buy | 275,000 | $3.37 |
| May 21, 2026 | Mindlin Marcos Marcelodirector, 10 percent owner: | Sell | 1,800,000 | $3.48 |
| May 11, 2026 | Mindlin Marcos Marcelodirector, 10 percent owner: | Sell | 1,800,000 | $3.35 |
| May 8, 2026 | Mariani Gustavoofficer: Vice President | Buy | 25,000 | $81.40 |
| Apr 23, 2026 | Mindlin Marcos Marcelodirector, 10 percent owner: | Sell | 1,500,000 | $3.51 |
| Apr 21, 2026 | Mindlin Marcos Marcelodirector, 10 percent owner: | Sell | 1,250,000 | $3.43 |
| Apr 17, 2026 | Mindlin Marcos Marcelodirector, 10 percent owner: | Sell | 1,675,000 | $3.54 |
| Apr 10, 2026 | Mindlin Damian Miguelofficer: Vice President | Sell | 57,500 | $3.47 |
Source: PAM SEC Form 4 filings, latest Jul 8, 2026. For informational purposes only — not investment advice.
See the full PAM insider & 13F page →Pampa Energía S.A. company profile
Overview
Pampa Energía S.A. (NYSE:PAM) is Argentina's largest integrated energy company, founded in 1945 and originally known as Pampa Holding S.A. before changing its name in 2008. The company went public on the New York Stock Exchange in 2009. Headquartered in Buenos Aires, Pampa has evolved from a holding company into a diversified energy conglomerate that spans electricity generation, oil and gas exploration and production, transmission infrastructure, and petrochemicals manufacturing. The company has established itself as a dominant player in Argentina's energy sector, operating the country's largest independent power generation portfolio and maintaining significant upstream oil and gas assets in the prolific Vaca Muerta shale formation.
Business
Pampa Energía operates as an integrated energy company across four primary business segments in Argentina's energy sector. The company's operations span the entire energy value chain from upstream oil and gas production to downstream electricity generation and petrochemicals manufacturing. The Electricity Generation segment represents Pampa's largest business, operating approximately 4,970 megawatts of installed capacity through a diverse portfolio of power plants. This includes combined-cycle gas turbines, open-cycle gas turbines, hydroelectric facilities, and wind farms. The company recently commissioned the PEPE 6 wind farm, adding 140 megawatts of renewable capacity. This segment generates revenue through power purchase agreements with CAMMESA (Argentina's wholesale electricity market administrator) and operates under both regulated capacity payments and energy dispatch payments. The power generation business typically contributes around 40-50% of total EBITDA. The Oil and Gas Exploration & Production segment focuses primarily on natural gas production from conventional and unconventional shale assets, particularly in the Vaca Muerta formation. Gas comprises approximately 94% of the company's hydrocarbon production, with crude oil representing the remaining 6%. The company operates the Rincon de Aranda shale oil project, which is being developed to reach 20,000 barrels per day by 2025. Total production averages around 62,000 barrels of oil equivalent per day. This segment typically accounts for 35-45% of consolidated EBITDA. The Transmission segment operates 21,414 kilometers of high-voltage electricity transmission lines throughout Argentina, providing critical infrastructure that connects power generation facilities to distribution networks and end consumers. This business generates stable, regulated returns through transmission tariffs. The Petrochemicals segment operates a refinery with 25,800 barrels per day of capacity and produces specialty chemicals including styrene, synthetic rubber, and polystyrene. The company also operates a network of 92 gas stations for fuel retail. This segment represents the smallest portion of the business, contributing approximately 5-10% of total EBITDA.
Revenue model
Pampa Energía generates revenue through multiple complementary business models that leverage Argentina's energy infrastructure and natural resources. The company's integrated approach allows it to capture value across different stages of the energy value chain. The power generation business operates under a dual revenue structure. The company receives capacity payments for making power available to the grid, regardless of whether the electricity is actually dispatched. These payments provide stable, predictable cash flows. Additionally, Pampa earns energy payments when its plants are called upon to generate electricity, with dispatch priority typically given to lower-cost facilities. The company benefits from having both renewable wind assets and flexible gas-fired plants that can respond to grid demands. Approximately two-thirds of power generation EBITDA comes from fixed-price power purchase agreements, providing revenue stability. The oil and gas segment generates revenue through commodity sales, with natural gas sold primarily under long-term contracts to Argentina's domestic market and some exports to Chile. The company has secured Plan Gas contracts that provide price stability for a portion of its gas production. Oil production is sold at market prices, with the company implementing hedging strategies to manage price volatility - for example, hedging 65% of 2025 oil production at $72 per barrel. Several factors significantly impact Pampa's profitability margins. Positive margin drivers include Argentina's energy deficit that supports strong domestic demand, the company's low-cost gas production that provides fuel for its own power plants, and the integrated business model that reduces exposure to third-party fuel costs. The company's substantial dollar-linked revenues (approximately 75% of EBITDA) provide natural hedging against peso devaluation. Negative margin pressures include Argentina's complex regulatory environment, potential delays in government payments through CAMMESA, commodity price volatility for oil and gas sales, and the need for continuous capital investment to maintain production levels in depleting oil and gas fields. Currency controls and macroeconomic instability in Argentina also create operational challenges that can impact cash flow timing and capital allocation decisions.
Competitive moat
Pampa Energía possesses a moderate to strong competitive moat built primarily on its integrated business model and strategic asset positioning within Argentina's energy sector. The company's most significant competitive advantage stems from its vertical integration, which allows it to use its own low-cost natural gas production to fuel its power generation facilities. This integration provides cost advantages over competitors who must purchase fuel at market rates and creates operational flexibility during periods of energy market volatility. The company benefits from high barriers to entry in Argentina's energy sector, including substantial capital requirements for power generation and oil and gas development, complex regulatory approval processes, and the technical expertise required to operate in challenging geological formations like Vaca Muerta. Pampa's established relationships with government entities and regulatory bodies, developed over decades of operation, provide additional competitive advantages in navigating Argentina's complex energy policy environment. However, the strength of Pampa's moat is constrained by several factors. The company operates primarily within Argentina's domestic market, making it vulnerable to country-specific regulatory changes, currency devaluation, and political instability. The government's significant influence over energy pricing and payment terms through CAMMESA creates regulatory risk that could impact profitability. Additionally, while the company has natural resource assets, these are depleting assets that require continuous investment to maintain production levels. Potential competitive threats include other integrated energy companies expanding into Argentina, renewable energy developers that could displace fossil fuel generation, and potential changes in government energy policy that could favor different technologies or market structures. The planned deregulation of Argentina's energy sector could introduce new competitive dynamics, though this may also create opportunities for efficient operators like Pampa. International energy companies with stronger balance sheets could potentially compete for the same upstream acreage or power generation opportunities, particularly if Argentina's investment climate improves.
Risks & safety
Pampa Energía demonstrates a moderate margin of safety with improving financial metrics but exposure to Argentina-specific risks. Liquidity and Solvency: 1. Strong cash position of $738 million as of Q4 2024 2. Current ratio of 1.82, indicating adequate short-term liquidity 3. Net debt reduced to $410 million, the lowest level since 2016 4. Debt-to-equity ratio of 0.64, representing manageable leverage 5. Positive free cash flow generation capability, though volatile quarter-to-quarter Valuation Metrics: 1. Price-to-earnings ratio of 11.0, reasonable for an integrated utility 2. Price-to-book ratio of 1.45, suggesting modest premium to book value 3. EV/EBITDA multiple appears elevated due to currency translation effects 4. Return on equity of 16.6% for full year 2024, indicating efficient capital utilization Other Considerations: 1. Approximately 75% of EBITDA is dollar-linked, providing natural currency hedging 2. Exposure to CAMMESA payment delays creates working capital risks 3. Operating in Argentina subjects the company to sovereign and currency risks 4. Commodity price exposure, though partially hedged for oil production 5. Regulatory changes in Argentina's energy sector could impact future profitability
Recent development
Over the past several years, Pampa Energía has executed a strategic transformation focused on expanding renewable energy capacity and developing unconventional oil and gas resources. The company has significantly expanded its wind power portfolio, commissioning the PEPE 4 wind farm and completing the 140-megawatt PEPE 6 wind farm in 2024. These renewable additions diversify the generation mix and position the company to benefit from Argentina's renewable energy incentives. The most significant strategic initiative has been the development of the Rincon de Aranda shale oil project in the Vaca Muerta formation. Starting from pilot production in 2023, the company has rapidly scaled this project, targeting 20,000 barrels per day by December 2025 with a total investment plan of $750 million. This represents a major strategic pivot toward higher-value oil production compared to the company's historically gas-focused upstream portfolio. Pampa has also achieved remarkable growth in natural gas production, reaching all-time highs with 21% year-over-year growth in 2024. The company has successfully developed unconventional shale gas resources, with shale gas now representing nearly 50% of total production. This growth has been supported by infrastructure investments and securing long-term Plan Gas contracts that provide price stability. The company has pursued strategic financial optimization, reducing net debt to its lowest level since 2016 while maintaining strong cash generation. Management has explored potential new ventures including a possible urea plant and LNG export projects in partnership with companies like Golar, demonstrating ambitions to expand beyond the domestic Argentine market. The company is also positioning itself to benefit from Argentina's planned energy sector deregulation, which could allow for more efficient self-procurement of fuel for its power generation assets.
PAM company profile · for informational purposes only — not investment advice.
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