Sometimes, I like to step back and think about the terminology used in the financial markets. Take "fair value" for instance. I'm as guilty as anybody in insisting on buying stocks at a discount, but is there really anything so wrong with paying fair value? I mean, it's supposed to be "fair," right?

Consider the case of Plains All American Pipeline (NYSE:PAA), that semi-famous limited partnership that operates pipelines and an assortment of terminaling, storage, and marketing facilities. While I don't think this income-oriented stock is a huge bargain, it does seem to be almost smack-dab at my estimation of fair value.

Since I think of this as a long-term story, quarter-by-quarter results aren't all that important. Still, they're worth a look. On an adjusted basis, net income rose 41%, per-unit earnings climbed about 22%, and EBITDA increased about 28%. Underlying that, the pipeline operations saw 15% revenue growth on 5% volume growth, but profits declined, as expected, because of higher operating expenses. The other side of the business (gathering, marketing, etc.), saw improvements in revenue and operating income growth.

It's pretty common for high energy prices to stimulate interest in all manner of energy-related partnerships, and this go-around is no different. But I do believe that Plains All American still stands out as a quality option. It's got promising opportunities for organic growth, especially in the Western states, and the company has also recently gotten into the gas storage business as well.

It's also important to understand what energy prices mean for this company. Because of the way it's built, it can profit in either a contango or backwardated market, but the transition period between either one can be sticky. Its stock has also undergone some dilution as the company has used equity to raise money for its expansion plans.

As I said before, I think this stock is pretty much fairly valued. That's not bad for a quality company with a history of distribution growth (akin to dividends). All the same, check out other ideas like Enterprise Products (NYSE:EPD), Kinder Morgan Energy Partners (NYSE:KMP), or Suburban Propane (NYSE:SPH) as well, if only to get a broader sense of what's out there in the market for energy partnerships.

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Fool contributor Stephen Simpson has no financial interest in any stocks mentioned (that means he's neither long nor short the shares).