Plains All American Pipeline (PAA) Outpaces Stock Market Gains: What You Should Know
Plains All American Pipeline (PAA) closed at $14.58 in the latest trading session, marking a +1.18% move from the prior day. The stock outpaced the S&P 500's daily gain of 0.71%. Meanwhile, the Dow gained 1.06%, and the Nasdaq, a tech-heavy index, added 4.62%.
Coming into today, shares of the oil and gas transportation and storage company had gained 7.86% in the past month. In that same time, the Oils-Energy sector lost 0.2%, while the S&P 500 gained 2.65%.
Investors will be hoping for strength from Plains All American Pipeline as it approaches its next earnings release, which is expected to be August 4, 2023. On that day, Plains All American Pipeline is projected to report earnings of $0.21 per share, which would represent a year-over-year decline of 30%. Our most recent consensus estimate is calling for quarterly revenue of $17.93 billion, up 9.61% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $1.20 per share and revenue of $67.53 billion, which would represent changes of -4.76% and +17.77%, respectively, from the prior year.
Any recent changes to analyst estimates for Plains All American Pipeline should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.99% lower. Plains All American Pipeline is currently a Zacks Rank #3 (Hold).
Investors should also note Plains All American Pipeline's current valuation metrics, including its Forward P/E ratio of 12.05. This represents a discount compared to its industry's average Forward P/E of 12.32.
The Oil and Gas - Production Pipeline - MLB industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 46, putting it in the top 19% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow PAA in the coming trading sessions, be sure to utilize Zacks.com.
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Plains All American Pipeline, L.P. (PAA) : Free Stock Analysis Report
