Plains All American Pipeline, L.P. (NYSE: PAA) reported second-quarter 2017 earnings on Monday that missed estimates, as Wall St. analysts have been downgrading the stock.
Plains All American owns and operates midstream energy infrastructure and provide logistics services for crude oil, natural gas liquids, natural gas and refined products. The company’s transportation segment operations consist of activities associated with transporting crude oil and natural gas liquids on pipelines, gathering systems, trucks and barges.
The company posted adjusted earnings of 21 cents per share, missing the Zacks Consensus Estimate of 26 cents by 19.2%. The partnership reported loss of 20 cents per share in the same quarter last year.
PAA reported total revenue of $ 6.08 billion, which missed the Zacks Consensus Estimate of $6.31 billion by 3.8%. However, quarterly revenues were up 28.8% from $4.95 billion in the year-ago quarter.
Thirteen investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Plains All American Pipeline, L.P. currently has an average rating of “Hold” and an average price target of $32.64.
According to Nasdaq.com, Plains All American revised 2017 full-year adjusted EBITDA guidance of $2.08 billion from a prior adjusted guidance of $2.26 billion. The partnership revised 2017 expansion capital expenditure projection of $950 million from a prior projection of $900 million. Maintenance capital expenditure guidance of $210 million was revised from a prior guidance of $195 million.
Shares of PAA are trading at $21.20, down nearly 16 percent.