Plains All American Pipeline (PAA) Stock Drops Despite Market Gains: Important Facts to Note
Plains All American Pipeline (PAA) closed the most recent trading day at $15.58, moving -0.06% from the previous trading session. This change lagged the S&P 500's daily gain of 0.73%. Elsewhere, the Dow gained 0.62%, while the tech-heavy Nasdaq added 0.93%.
The the stock of oil and gas transportation and storage company has fallen by 0.51% in the past month, leading the Oils-Energy sector's loss of 0.7% and the S&P 500's loss of 2.29%.
The upcoming earnings release of Plains All American Pipeline will be of great interest to investors. The company's earnings report is expected on November 3, 2023. On that day, Plains All American Pipeline is projected to report earnings of $0.24 per share, which would represent a year-over-year decline of 27.27%. Meanwhile, our latest consensus estimate is calling for revenue of $15.38 billion, up 7.31% from the prior-year quarter.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $1.29 per share and a revenue of $57.23 billion, indicating changes of +2.38% and -0.19%, respectively, from the former year.
Investors should also pay attention to any latest changes in analyst estimates for Plains All American Pipeline. These revisions typically reflect the latest short-term business trends, which can change frequently. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. 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, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. The Zacks Consensus EPS estimate has moved 0.59% higher within the past month. Currently, Plains All American Pipeline is carrying a Zacks Rank of #3 (Hold).
Digging into valuation, Plains All American Pipeline currently has a Forward P/E ratio of 12.13. For comparison, its industry has an average Forward P/E of 12.13, which means Plains All American Pipeline is trading at no noticeable deviation to the group.
The Oil and Gas - Production Pipeline - MLB industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 71, putting it in the top 29% 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.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
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Plains All American Pipeline, L.P. (PAA) : Free Stock Analysis Report
