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Enbridge Energy (EEP) Q3 Earnings Miss, Revenues Fall Y/Y

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Enbridge Energy Partners L.P. reported third-quarter 2017 adjusted earnings of 24 cents per unit, which missed the Zacks Consensus Estimate by a penny. The miss was mainly led by lower income from segments.

The bottom line, however, increased from the year-ago level of 9 cents.

Total revenues in the quarter were $616 million, down from the year-ago level of $1,120.6 million.
 

Enbridge Energy, L.P. Price, Consensus and EPS Surprise

 

Enbridge Energy, L.P. Price, Consensus and EPS Surprise | Enbridge Energy, L.P. Quote

Segment Performance

Liquids: Adjusted operating income at the Liquids segment declined to $282.1 million from $304 million in the comparable period of 2016. The downside was due to reduced short-haul transportation volumes resulting from the expiration of the Phase 5 and Phase 6 expansion surcharges of the Berthold rail loading facility on the North Dakota system.

Other: The Natural Gas unit reported operating loss of $1.7 million compared with an operating loss of $2.3 million in the year-ago quarter.

Distribution

Enbridge Energy declared a quarterly cash distribution of 35 cents or $1.40 per unit on an annualized basis for the quarter ended Sep 30, 2017. The approved distribution remains unchanged from the previous quarter. The distribution is payable on Nov 14, to unitholders of record at the close of business as of Nov 7.

Q3 Price Performance

The pricing chart reveals that the company’s shares have outperformed the industry in the last three months. During this period, the company’s shares have lost 0.2% compared with the industry’s decline of 5.8%.

Zacks Rank & Key Picks

Enbridge Energy currently carries a Zacks Rank #3 (Hold). A few better-ranked players in the energy sector are Braskem SA (BAK - Free Report) , ConocoPhillips (COP - Free Report) and SunCoke Energy Inc (SXC - Free Report) . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

The largest petrochemical operator in Latin America, Braskem, delivered a positive earnings surprise of 68.54% in the preceding quarter.

ConocoPhillips, based in Houston, TX, is a major global exploration and production company. It delivered an average positive earnings surprise of 152.34% in the last four quarters.

SunCoke Energy produces metallurgical coke in the United States. The company delivered average positive earnings surprise of 113.52% in the last four quarters.

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