Plains All American Pipeline (PAA) Stock Sinks As Market Gains: Here's Why
Plains All American Pipeline (PAA) closed at $14.44 in the latest trading session, marking a -0.28% move from the prior day. The stock trailed the S&P 500, which registered a daily gain of 1.18%. Elsewhere, the Dow gained 0.87%, while the tech-heavy Nasdaq added 1.6%.
Coming into today, shares of the oil and gas transportation and storage company had lost 1.9% in the past month. In that same time, the Oils-Energy sector lost 5.46%, while the S&P 500 lost 5.17%.
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. In that report, analysts expect Plains All American Pipeline to post earnings of $0.23 per share. This would mark a year-over-year decline of 30.3%. Simultaneously, our latest consensus estimate expects the revenue to be $15.3 billion, showing a 6.71% escalation compared to the year-ago quarter.
For the full year, the Zacks Consensus Estimates project earnings of $1.28 per share and a revenue of $57.05 billion, demonstrating changes of +1.59% and -0.5%, respectively, from the preceding year.
Investors should also pay attention to any latest changes in analyst estimates for Plains All American Pipeline. Such recent modifications usually signify the changing landscape of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. Plains All American Pipeline presently features a Zacks Rank of #3 (Hold).
In terms of valuation, Plains All American Pipeline is currently trading at a Forward P/E ratio of 11.34. For comparison, its industry has an average Forward P/E of 11.34, 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 industry, currently bearing a Zacks Industry Rank of 195, finds itself in the bottom 23% echelons of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
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Plains All American Pipeline, L.P. (PAA) : Free Stock Analysis Report
