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Enbridge Energy (EEP) Q3 Earnings Top Estimates, Sales Fall
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Enbridge Energy Partners, L.P. recently reported third-quarter 2018 adjusted earnings of 19 cents per unit, which surpassed the Zacks Consensus Estimate of 17 cents, thanks to the decline in operating and administrative costs.
The bottom line, however, decreased from the year-ago profit of 24 cents, primarily due to a fall in operating income from the Liquids segment.
Total operating revenues in the quarter fell to $560 million from the year-ago level of $616 million.
Enbridge Energy Partners, L.P. Price, Consensus and EPS Surprise
Enbridge Energy declared a quarterly cash distribution of 35 cents per unit ($1.40 per unit on an annualized basis) for the quarter ended Sep 30, 2018. The distribution is payable on Nov 14 to its unitholders of record at the close of business on Nov 7.
Segment Performance
The partnership manages business under one head — Liquids. All other businesses are reported under the head — Other.
Liquids: Adjusted operating income in the Liquids segment decreased to $402 million from $428 million in the comparable period of 2017. While adjusted income from Bakken Assets and Mid-Continent increased to $68 million (38.8% year over year) and $13 million (8.3% from a year ago), respectively, the same from the Lakehead system plunged to $321 million from $367 in the year-ago period.
Total third-quarter delivery volumes in the segment amounted to 3,005 thousand barrels per day (MBPD), higher than 2,923 MBPD in the year-ago period.
Other: The unit reported operating income of $1 million against an operating loss of $2 million in the year-ago quarter.
Expenses
The partnership’s third-quarter 2018 operating and administrative costs fell 22.2% year over year to $126 million.
Balance Sheet
At the end of Sep 30, 2018, the partnership’s available liquidity was around $900 million, while total debt was $7.3 billion.
Zacks Rank & Key Picks
Currently, Houston, TX-based Enbridge Energyhas a Zacks Rank #3 (Hold). Investors interested in the energy sector can opt for some better-ranked stocks given below:
El Dorado, AR-based Murphy Oil Corporation (MUR - Free Report) carries a Zacks Rank #2. The company’s sales for 2018 are expected to grow more than 20% from 2017.
Houston, TX-based Kinder Morgan, Inc. (KMI - Free Report) has a Zacks Rank #2. Its earnings for 2018 are expected to surge more than 30% from the 2017 level.
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Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
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Enbridge Energy (EEP) Q3 Earnings Top Estimates, Sales Fall
Enbridge Energy Partners, L.P. recently reported third-quarter 2018 adjusted earnings of 19 cents per unit, which surpassed the Zacks Consensus Estimate of 17 cents, thanks to the decline in operating and administrative costs.
The bottom line, however, decreased from the year-ago profit of 24 cents, primarily due to a fall in operating income from the Liquids segment.
Total operating revenues in the quarter fell to $560 million from the year-ago level of $616 million.
Enbridge Energy Partners, L.P. Price, Consensus and EPS Surprise
Enbridge Energy Partners, L.P. Price, Consensus and EPS Surprise | Enbridge Energy Partners, L.P. Quote
Distribution
Enbridge Energy declared a quarterly cash distribution of 35 cents per unit ($1.40 per unit on an annualized basis) for the quarter ended Sep 30, 2018. The distribution is payable on Nov 14 to its unitholders of record at the close of business on Nov 7.
Segment Performance
The partnership manages business under one head — Liquids. All other businesses are reported under the head — Other.
Liquids: Adjusted operating income in the Liquids segment decreased to $402 million from $428 million in the comparable period of 2017. While adjusted income from Bakken Assets and Mid-Continent increased to $68 million (38.8% year over year) and $13 million (8.3% from a year ago), respectively, the same from the Lakehead system plunged to $321 million from $367 in the year-ago period.
Total third-quarter delivery volumes in the segment amounted to 3,005 thousand barrels per day (MBPD), higher than 2,923 MBPD in the year-ago period.
Other: The unit reported operating income of $1 million against an operating loss of $2 million in the year-ago quarter.
Expenses
The partnership’s third-quarter 2018 operating and administrative costs fell 22.2% year over year to $126 million.
Balance Sheet
At the end of Sep 30, 2018, the partnership’s available liquidity was around $900 million, while total debt was $7.3 billion.
Zacks Rank & Key Picks
Currently, Houston, TX-based Enbridge Energyhas a Zacks Rank #3 (Hold). Investors interested in the energy sector can opt for some better-ranked stocks given below:
Fort Worth, TX-based Range Resources Corporation (RRC - Free Report) holds a Zacks Rank #2 (Buy). The company’s earnings for 2018 are expected to surge more than 100% year over year. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
El Dorado, AR-based Murphy Oil Corporation (MUR - Free Report) carries a Zacks Rank #2. The company’s sales for 2018 are expected to grow more than 20% from 2017.
Houston, TX-based Kinder Morgan, Inc. (KMI - Free Report) has a Zacks Rank #2. Its earnings for 2018 are expected to surge more than 30% from the 2017 level.
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>