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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 .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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