Plains All American Pipeline (PAA) Outpaces Stock Market Gains: What You Should Know
Plains All American Pipeline (PAA) ended the recent trading session at $15.91, demonstrating a +1.86% swing from the preceding day's closing price. This change outpaced the S&P 500's 0.22% gain on the day. Elsewhere, the Dow saw an upswing of 0.36%, while the tech-heavy Nasdaq appreciated by 0.32%.
Prior to today's trading, shares of the oil and gas transportation and storage company had gained 3.51% over the past month. This has outpaced the Oils-Energy sector's loss of 5.7% and the S&P 500's gain of 1.61% in that time.
Investors will be eagerly watching for the performance of Plains All American Pipeline in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on February 9, 2024. It is anticipated that the company will report an EPS of $0.37, marking a 12.12% rise compared to the same quarter of the previous year. Our most recent consensus estimate is calling for quarterly revenue of $18.41 billion, up 42.13% from the year-ago period.
Investors should also take note of any recent adjustments to analyst estimates for Plains All American Pipeline. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. 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.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 2.01% downward. Plains All American Pipeline is currently sporting a Zacks Rank of #3 (Hold).
Digging into valuation, Plains All American Pipeline currently has a Forward P/E ratio of 12.3. This valuation marks a premium compared to its industry's average Forward P/E of 12.11.
The Oil and Gas - Production Pipeline - MLB industry is part of the Oils-Energy sector. Currently, this industry holds a Zacks Industry Rank of 111, positioning it in the top 45% of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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Plains All American Pipeline, L.P. (PAA) : Free Stock Analysis Report
