Why the Market Dipped But Plains All American Pipeline (PAA) Gained Today
Plains All American Pipeline (PAA) closed the most recent trading day at $15.70, moving +0.77% from the previous trading session. This move outpaced the S&P 500's daily loss of 1.34%. On the other hand, the Dow registered a loss of 0.98%, and the technology-centric Nasdaq decreased by 1.62%.
Coming into today, shares of the oil and gas transportation and storage company had gained 0.91% in the past month. In that same time, the Oils-Energy sector gained 0.46%, while the S&P 500 lost 1.57%.
The investment community will be paying close attention to the earnings performance of Plains All American Pipeline in its upcoming release. The company is slated to reveal its earnings on November 3, 2023. The company's earnings per share (EPS) are projected to be $0.23, reflecting a 30.3% decrease from the same quarter last year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $15.3 billion, up 6.71% from the year-ago period.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $1.29 per share and a revenue of $57.05 billion, signifying shifts of +2.38% and -0.5%, respectively, from the last year.
Investors might also notice recent changes to analyst estimates for Plains All American Pipeline. These revisions typically reflect the latest short-term business trends, which can change frequently. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.59% higher. Right now, Plains All American Pipeline possesses a Zacks Rank of #2 (Buy).
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 12.4, which means Plains All American Pipeline is trading at a discount to the group.
The Oil and Gas - Production Pipeline - MLB industry is part of the Oils-Energy sector. At present, this industry carries a Zacks Industry Rank of 54, placing it within the top 22% of over 250 industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks 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
