Eversource Energy (ES - Free Report) is scheduled to release third-quarter 2023 results on Nov 6, before market open. The company delivered an earnings surprise of 8.7% in the last reported quarter.
Let’s discuss the factors that are likely to be reflected in the upcoming quarterly results.
Factors to Consider
During the third quarter, Eversource Energy completed its sale of the uncommitted lease area located 25 miles off the south coast of Massachusetts to Ørsted for $625 million in an all-cash transaction. This is expected to have boosted ES’ performance in the to-be-reported quarter.
The company’s third-quarter earnings are expected to have benefited from increased Electric Distribution capital investments and lower storm costs.
As part of the 2022 NSTAR Electric rate case decision, certain customer rates changed from seasonal demand charges to a single annual demand charge, effective Jan 1, 2023. This rate design change is expected to have lowered the company’s third-quarter revenues.
Higher interest expense is likely to have adversely impacted ES’ performance in the to-be-reported quarter.
Q3 Expectations
The Zacks Consensus Estimate for earnings is pegged at 99 cents per share, indicating a year-over-year decrease of 2%.
The consensus mark for revenues is pinned at $3.33 billion, implying a year-over-year improvement of 3.7%.
What Our Quantitative Model Predicts
Our proven model does not conclusively predict an earnings beat for Eversource Energy this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. This is not the case here, as you will see below.
Earnings ESP: The company’s Earnings ESP is -1.82%.
You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Currently, Eversource Energy carries a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Stocks to Consider
Here are a few promising players from the same sector that have the right combination of elements to come up with an earnings beat this reporting cycle.
TransAlta (TAC - Free Report) is likely to come up with an earnings beat when it reports third-quarter results on Nov 7, before market open. It has an Earnings ESP of +15.26% and a Zacks Rank #3 at present.
The Zacks Consensus Estimate for earnings is pegged at 32 cents per share, indicating a year-over-year increase of 88.2%. The consensus mark for 2023 earnings is pinned at $1.44 per share, implying a year-over-year improvement of 1,900%.
Ameren Corporation (AEE - Free Report) is expected to come up with an earnings beat when it reports third-quarter results on Nov 8, after market close. It has an Earnings ESP of +0.22% and a Zacks Rank #3 at present.
AEE’s long-term earnings growth rate is 6.61%. The Zacks Consensus Estimate for earnings is pegged at $1.8 per share, indicating a year-over-year increase of 3.5%.
Spire Inc. (SR - Free Report) is likely to report an earnings beat when it announces fiscal fourth-quarter results on Nov 16, before market open. It has an Earnings ESP of +4.58% and a Zacks Rank #3 at present.
SR’s long-term earnings growth rate is 4.22%. The Zacks Consensus Estimate for fiscal 2023 earnings is pegged at $4.16 per share, indicating a year-over-year improvement of 7.8%.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
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Eversource Energy (ES - Free Report) is scheduled to release third-quarter 2023 results on Nov 6, before market open. The company delivered an earnings surprise of 8.7% in the last reported quarter.
Let’s discuss the factors that are likely to be reflected in the upcoming quarterly results.
Factors to Consider
During the third quarter, Eversource Energy completed its sale of the uncommitted lease area located 25 miles off the south coast of Massachusetts to Ørsted for $625 million in an all-cash transaction. This is expected to have boosted ES’ performance in the to-be-reported quarter.
The company’s third-quarter earnings are expected to have benefited from increased Electric Distribution capital investments and lower storm costs.
As part of the 2022 NSTAR Electric rate case decision, certain customer rates changed from seasonal demand charges to a single annual demand charge, effective Jan 1, 2023. This rate design change is expected to have lowered the company’s third-quarter revenues.
Higher interest expense is likely to have adversely impacted ES’ performance in the to-be-reported quarter.
Q3 Expectations
The Zacks Consensus Estimate for earnings is pegged at 99 cents per share, indicating a year-over-year decrease of 2%.
The consensus mark for revenues is pinned at $3.33 billion, implying a year-over-year improvement of 3.7%.
What Our Quantitative Model Predicts
Our proven model does not conclusively predict an earnings beat for Eversource Energy this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. This is not the case here, as you will see below.
Earnings ESP: The company’s Earnings ESP is -1.82%.
You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Currently, Eversource Energy carries a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Stocks to Consider
Here are a few promising players from the same sector that have the right combination of elements to come up with an earnings beat this reporting cycle.
TransAlta (TAC - Free Report) is likely to come up with an earnings beat when it reports third-quarter results on Nov 7, before market open. It has an Earnings ESP of +15.26% and a Zacks Rank #3 at present.
The Zacks Consensus Estimate for earnings is pegged at 32 cents per share, indicating a year-over-year increase of 88.2%. The consensus mark for 2023 earnings is pinned at $1.44 per share, implying a year-over-year improvement of 1,900%.
Ameren Corporation (AEE - Free Report) is expected to come up with an earnings beat when it reports third-quarter results on Nov 8, after market close. It has an Earnings ESP of +0.22% and a Zacks Rank #3 at present.
AEE’s long-term earnings growth rate is 6.61%. The Zacks Consensus Estimate for earnings is pegged at $1.8 per share, indicating a year-over-year increase of 3.5%.
Spire Inc. (SR - Free Report) is likely to report an earnings beat when it announces fiscal fourth-quarter results on Nov 16, before market open. It has an Earnings ESP of +4.58% and a Zacks Rank #3 at present.
SR’s long-term earnings growth rate is 4.22%. The Zacks Consensus Estimate for fiscal 2023 earnings is pegged at $4.16 per share, indicating a year-over-year improvement of 7.8%.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
4 Oil Stocks with Massive Upsides
Global demand for oil is through the roof... and oil producers are struggling to keep up. So even though oil prices are well off their recent highs, you can expect big profits from the companies that supply the world with "black gold."
Zacks Investment Research has just released an urgent special report to help you bank on this trend.
In Oil Market on Fire, you'll discover 4 unexpected oil and gas stocks positioned for big gains in the coming weeks and months. You don't want to miss these recommendations.
Download your free report now to see them.
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