Enbridge (ENB) to Report Q1 Earnings: What's in the Offing?
EnbridgeInc. ENB is set to report first-quarter 2022 results on May 6, before the opening bell.
In the last reported quarter, the leading North American energy infrastructure company reported earnings of 54 cents per share, missing the Zacks Consensus Estimate of 61 cents. In the trailing four quarters, Enbridge beat the Zacks Consensus Estimate for the bottom line thrice and missed once, delivering an earnings surprise of 6.6%, on average. This is depicted in the graph below:
Enbridge Inc Price and EPS Surprise
Enbridge Inc price-eps-surprise | Enbridge Inc Quote
Let’s see how things have shaped up prior to the announcement.
Estimate Trend
The Zacks Consensus Estimate for its first-quarter earnings per share of 67 cents has witnessed one upward and two downward movements in the past 30 days. This suggests year-over-year earnings growth of 8.1%.
The Zacks Consensus Estimate for its revenues in the March quarter is pegged at $10.4 billion, suggesting year-over-year earnings growth of 10.9%.
Factors to Consider
In the March quarter, Enbridge is likely to have generated stable fee-based revenues since the company is a leading midstream player in North America. Enbridge has a vast pipeline network responsible for transporting roughly 30% of the crude oil produced in the continent. With a favorable crude pricing scenario in the March quarter, exploration and production activities probably ramped up in the first quarter of this year. Thus, higher production is likely to have driven demand for ENB’s oil pipeline.
Earnings Whispers
Our proven model does not indicate an earnings beat for Enbridge this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. As you can see, that is not the case here.
Earnings ESP: Enbridge has an Earnings ESP of -0.45%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Enbridge currently carries a Zacks Rank #3.
Stocks That Warrant a Look
Here are some companies from the Energy space that you may want to consider, as our model shows that these have the right combination of elements to post an earnings beat in the upcoming quarterly reports:
Pembina Pipeline Corporation PBA has an Earnings ESP of +3.51% and currently carries a Zacks Rank of 3.
Pembina Pipeline is scheduled to report first-quarter results on May 5. The Zacks Consensus Estimate for PBA’s earnings is pegged at 57 cents per share, suggesting an increase of 46.2% from the prior-year reported figure. You can see the complete list of today’s Zacks #1 Rank stocks here.
EOG Resources EOG has an Earnings ESP of +0.89% and is a Zacks #1 Ranked player at present.
EOG Resources is scheduled to release first-quarter results on May 5. The Zacks Consensus Estimate for EOG’s quarterly earnings is pegged at $3.69 per share, suggesting an increase of 127.8% from the prior-year figure.
Magellan Midstream Partners, L.P. MMP has an Earnings ESP of +0.95% and is a Zacks #3 Ranked player.
Magellan Midstream is scheduled to release first-quarter results on May 5. The Zacks Consensus Estimate for MMP’s earnings is pegged at $1.05 per share.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
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Magellan Midstream Partners, L.P. (MMP) : Free Stock Analysis Report
EOG Resources, Inc. (EOG) : Free Stock Analysis Report
Enbridge Inc (ENB) : Free Stock Analysis Report
Pembina Pipeline Corp. (PBA) : Free Stock Analysis Report
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