November 06, 2012 at 08:41 AM EST
Plains All American Pipeline Q3 Profit Slips on Charges; Adjusted Net Beats View (PAA)

Oil and natural gas pipeline operator Plains All American Pipeline, L.P. (PAA) late Monday posted a downturn in third quarter earnings, hurt by one-time items, although adjusted results bested analysts’ expectations.

The Houston-based company reported third quarter net income of just $89 million, or 27 cents per share, compared with $221 million, or 74 cents per share, in the year-ago period. Excluding special items related to a canceled project, adjusted profit was 73 cents per share.

Revenue rose 6% from last year to $9.35 billion.

On average, Wall Street analysts expected a much smaller profit of 55 cents per share, on lower revenue of $9.16 billion.

Plains All American shares were mostly flat in premarket trading Tuesday.

The Bottom Line
Shares of Plains All American Pipeline, L.P. (PAA) have a 4.78% dividend yield, based on last night’s closing stock price of $45.44. The stock has technical support in the $42-$43 price area. The shares are trading near all-time highs.

Plains All American Pipeline, L.P. (PAA) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here