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Energy Transfer LP ET is scheduled to release third-quarter 2022 results on Nov 1, after market close. In the last reported quarter, the oil and gas midstream firm delivered a positive surprise of 34.5%.
Let’s discuss the factors that are likely to get reflected in the upcoming quarterly results.
Factors to Note
Energy Transfer commissioned the Permian Bridge Project and Ted Collins Link, which has ensured additional volumes in the pipelines, contributing to earnings in the third quarter.
Energy Transfer’s pipelines are spread across every major production basin and its investments in high-quality growth projects are yielding results. Fee-based contracts of the firm are also likely to have boosted third-quarter earnings.
Expectation
The Zacks Consensus Estimate for third-quarter earnings and revenues is pegged at 30 cents per unit and $27.57 billion, respectively. The revenue estimate indicates an increase of 50% from the year-ago reported figure, while the earnings per unit estimate suggests 65.4% growth from the year-ago reported figure.
What Our Quantitative Model Predicts
Our proven model doesn’t conclusively predict an earnings beat for Energy Transfer 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. That is not the case here, as you see below.
Energy Transfer LP Price and EPS Surprise
Energy Transfer LP price-eps-surprise | Energy Transfer LP Quote
Earnings ESP: The company has an Earnings ESP of -6.67%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Currently, Energy Transfer has a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Stocks to Consider
Here are a few companies worth considering from the same sector that have the right combination of elements to beat on earnings in the upcoming releases.
Chesapeake Energy Corporation CHK is scheduled to release third-quarter 2022 numbers on Nov 1. CHK has an Earnings ESP of +0.42% and currently has a Zacks Rank of 2.
Chesapeake Energy’s long-term (three to five-year) earnings growth is 6.27%. The Zacks Consensus Estimate for third-quarter 2022 earnings of Chesapeake implies year-over-year growth of 88.2%.
Murphy Oil Corporation MUR is scheduled to release third-quarter 2022 numbers on Nov 3. MUR has an Earnings ESP of +0.79% and carries a Zacks Rank of 3.
The Zacks Consensus Estimate for third-quarter 2022 earnings of Murphy Oil implies year-over-year growth of 550%.
Diamondback Energy FANG is scheduled to release third-quarter 2022 numbers on Nov 8. FANG has an Earnings ESP of +0.63% and a Zacks Rank of 3.
FANG’s long-term earnings growth is 21.9%. The Zacks Consensus Estimate for third-quarter 2022 earnings of Diamondback Energy implies year-over-year growth of 119.4%.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
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Chesapeake Energy Corporation (CHK): Free Stock Analysis Report
Murphy Oil Corporation (MUR): Free Stock Analysis Report
Energy Transfer LP (ET): Free Stock Analysis Report
Diamondback Energy, Inc. (FANG): Free Stock Analysis Report
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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