Plains All American Pipelines (PAA) Stock Continues to Decline Following California Oil Spill

NEW YORK (TheStreet) -- Plains All American Pipelines (PAA) shares are up 3.19% in afternoon trading on Thursday as the oil pipeline manufacturer continues to face the fallout from the oil spill in California that has dumped over 100,000 gallons of crude, a fifth of which has already reached the Pacific Ocean.

A pipeline manufactured by the company burst about 20 miles west of Santa Barbara and spilled down a drainage pipe into the ocean on Tuesday before responders were able to shut off the oil flow and plug the leak.

The pipeline has been in use since 1991, transporting oil from an Exxon Mobil (XOM) facility not far from the spill site.  

Cleanup crews and volunteers are currently clearing the oil from the beach on the California shore and rescuing injured birds who have been affected by the oil that has spread more than nine miles from the shore.

TheStreet Ratings team rates PLAINS ALL AMER PIPELNE -LP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate PLAINS ALL AMER PIPELNE -LP (PAA) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures and reasonable valuation levels. We feel its strengths outweigh the fact that the company has had lackluster performance in the stock itself."

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