Plains All American Pipeline (PAA) Stock Drops Despite Market Gains: Important Facts to Note
In the latest market close, Plains All American Pipeline (PAA) reached $14.91, with a -1.58% movement compared to the previous day. The stock's performance was behind the S&P 500's daily gain of 1.2%. Meanwhile, the Dow gained 1.58%, and the Nasdaq, a tech-heavy index, added 1.16%.
Shares of the oil and gas transportation and storage company witnessed a loss of 1.11% over the previous month, beating the performance of the Oils-Energy sector with its loss of 5.73% and the S&P 500's loss of 3.58%.
Analysts and investors alike will be keeping a close eye on the performance of Plains All American Pipeline in its upcoming earnings disclosure. The company's earnings report is set to go public on November 3, 2023. The company is forecasted to report an EPS of $0.24, showcasing a 27.27% downward movement from the corresponding quarter of the prior year. Meanwhile, our latest consensus estimate is calling for revenue of $15.38 billion, up 7.31% from the prior-year quarter.
For the full year, the Zacks Consensus Estimates project earnings of $1.29 per share and a revenue of $57.23 billion, demonstrating changes of +2.38% and -0.19%, respectively, from the preceding year.
Investors might also notice recent changes to analyst estimates for Plains All American Pipeline. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.59% higher within the past month. Plains All American Pipeline is holding a Zacks Rank of #3 (Hold) right now.
Looking at its valuation, Plains All American Pipeline is holding a Forward P/E ratio of 11.79. This expresses no noticeable deviation compared to the average Forward P/E of 11.79 of its industry.
The Oil and Gas - Production Pipeline - MLB industry is part of the Oils-Energy sector. Currently, this industry holds a Zacks Industry Rank of 56, positioning it in the top 23% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. 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.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Plains All American Pipeline, L.P. (PAA) : Free Stock Analysis Report
