Goldman Sachs Maintained CL-Buy on Plains All American (PAA)
Goldman Sachs maintained a Conviction Buy on Plains All American (NYSE: PAA) with a price target of $65.00. Yesterday the company reported Q2 results that missed estimates.
"We believe the headline results appear worse than PAA's actual 2Q performance," said analyst Steve Sherowski. "Relative to our estimate, the miss was largely driven by weaker Pipeline segment results, which declined $13mn YoY to $167mn. However, assuming the $25mn in operational issues were one-time in nature (and entirely attributed to Transportation) the segment results would have been in line with our forecast."
"We believe PAA remains the best positioned MLP to benefit from NA shale oil production growth given its strong footprint in all of the 'Big Three' crude oil basins,' he added.
For an analyst ratings summary and ratings history on Plains All American click here. For more ratings news on Plains All American click here.
Shares of Plains All American closed at $53.56 yesterday, with a 52 week range of $42.60-$91.13.
"We believe the headline results appear worse than PAA's actual 2Q performance," said analyst Steve Sherowski. "Relative to our estimate, the miss was largely driven by weaker Pipeline segment results, which declined $13mn YoY to $167mn. However, assuming the $25mn in operational issues were one-time in nature (and entirely attributed to Transportation) the segment results would have been in line with our forecast."
"We believe PAA remains the best positioned MLP to benefit from NA shale oil production growth given its strong footprint in all of the 'Big Three' crude oil basins,' he added.
For an analyst ratings summary and ratings history on Plains All American click here. For more ratings news on Plains All American click here.
Shares of Plains All American closed at $53.56 yesterday, with a 52 week range of $42.60-$91.13.