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.