Plains All American Pipeline, L.P. (PAA) Releases Quarterly Earnings Results
Plains All American Pipeline, L.P. (NYSE:PAA) posted its quarterly earnings results on Wednesday. The company reported $0.50 earnings per share for the quarter, meeting the analysts’ consensus estimate of $0.50, American Banking News.com reports. The company had revenue of $11.20 billion for the quarter, compared to the consensus estimate of $10.53 billion. During the same quarter last year, the company posted $0.56 earnings per share. Plains All American Pipeline, L.P.’s revenue was up 8.7% compared to the same quarter last year.
Plains All American Pipeline, L.P. (NYSE:PAA) traded down 0.72% during mid-day trading on Wednesday, hitting $56.48. The stock had a trading volume of 684,618 shares. Plains All American Pipeline, L.P. has a 1-year low of $47.26 and a 1-year high of $60.60. The stock has a 50-day moving average of $58.53 and a 200-day moving average of $55.78. The company has a market cap of $20.552 billion and a price-to-earnings ratio of 25.01. Plains All American Pipeline, L.P. also was the recipient of unusually large options trading activity on Tuesday. Traders acquired 263 put options on the company. This represents an increase of 293% compared to the typical daily volume of 67 put options.
The company also recently announced a quarterly dividend, which is scheduled for Thursday, August 14th. Investors of record on Friday, August 1st will be paid a dividend of $0.645 per share. This represents a $2.58 annualized dividend and a dividend yield of 4.57%. The ex-dividend date is Wednesday, July 30th. This is an increase from Plains All American Pipeline, L.P.’s previous quarterly dividend of $0.63.
PAA has been the subject of a number of recent research reports. Analysts at Citigroup Inc. reiterated a “buy” rating on shares of Plains All American Pipeline, L.P. in a research note on Wednesday, July 23rd. They now have a $66.00 price target on the stock, up previously from $60.00. On a related note, analysts at Oppenheimer raised their price target on shares of Plains All American Pipeline, L.P. from $65.00 to $67.00 in a research note on Wednesday, July 23rd. They now have an “outperform” rating on the stock. Finally, analysts at Zacks reiterated a “neutral” rating on shares of Plains All American Pipeline, L.P. in a research note on Wednesday, June 18th. They now have a $60.00 price target on the stock. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $62.07.
Plains All American Pipeline, L.P. (NYSE:PAA) is engaged in the transportation, storage, terminalling and marketing of crude oil and refined products, as well as in the processing, transportation, fractionation, storage and marketing of natural gas liquids (NGL).
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