Enbridge, Moderna On Deck Friday As Demand, Vaccine Pipeline Face Test
Benzinga Insights 2 hours ago
Earnings
Enbridge headlines Friday’s reports, with investors weighing whether resilient pipeline utilization can offset a softer revenue comparison. Moderna, Brookfield Asset Management, Humana, Vistra, PPL, Plains All American
Enbridge headlines Friday’s reports, with investors weighing whether resilient pipeline utilization can offset a softer revenue comparison. Moderna, Brookfield Asset Management, Humana, Vistra, PPL, Plains All American Pipeline, Franklin Templeton, Brookfield Infrastructure Partners and Emera also report before the open.
Key Reports Before The Bell
Enbridge (NYSE:ENB) — Q3 — 7:00 a.m. ET
- EPS: $0.36 est. vs. $0.33 a year ago (+9%)
- Revenue: $10.32 billion est. vs. $10.63 billion a year ago (-3%)
- Stock: +4.9% past month, +0.7% YTD, 17.6% below its 52-week high
- Analyst view: Buy, $67 target (2 analysts)
The pipeline operator has beaten estimates in six of its past eight quarters, with utilization and execution across its liquids and gas networks central to the read-through. In Q2, it beat on both EPS and revenue. On its July call, management pointed to strong utilization across the business, particularly in Liquids Pipelines and Gas Transmission. Goldman Sachs reinstated a Neutral rating with a $50 target in October.
Moderna (NASDAQ:MRNA) — Q3 — 7:00 a.m. ET
- EPS: -$1.22 est. vs. -$0.51 a year ago (wider loss)
- Revenue: $0.89 billion est. vs. $1.02 billion a year ago (-12%)
- Stock: +22.9% past month, +719.0% YTD, 6.5% below its 52-week high
- Analyst view: Hold consensus, $111 target (12 analysts)
The vaccine maker has beaten estimates in seven of its past eight quarters, but the focus remains on whether its pipeline and regulatory progress can offset pressure on its commercial business. In Q2, it beat on both EPS and revenue. On its July call, management highlighted revenue above expectations and a substantial cash position while advancing the pipeline toward key FDA approvals. William Blair downgraded the stock to Market Perform from Outperform in October.
Brookfield Asset Management (NYSE:BAM) — Q3 — 6:45 a.m. ET
- EPS: $0.46 est. vs. $0.44 a year ago (+5%)
- Revenue: $1.59 billion est. vs. $1.25 billion a year ago (+27%)
- Stock: +16.9% past month, -0.7% YTD, 6.9% below its 52-week high
- Analyst view: Buy consensus, $54 target (6 analysts)
Brookfield Asset Management has beaten estimates in just three of its past eight quarters, putting fundraising momentum and fee-related earnings at the center of the report. In Q2, it beat on both EPS and revenue. On its August call, management highlighted record fundraising, stronger fee-related earnings and expanding AI infrastructure efforts, including partnerships with Nvidia and Bloom Energy. Piper Sandler maintained its Neutral rating while lowering its target to $49 from $50 in October.
Humana (NYSE:HUM) — Q3 — 6:00 a.m. ET
- EPS: -$1.01 est. vs. $3.24 a year ago (swing to loss)
- Revenue: $40.80 billion est. vs. $32.65 billion a year ago (+25%)
- Stock: +3.2% past month, +59.7% YTD, 10.0% below its 52-week high
- Analyst view: Buy consensus, $457 target (18 analysts)
The insurer has beaten estimates in seven of its past eight quarters, with membership trends, medical costs and progress toward its longer-term margin target likely to shape the reaction. In Q2, it beat on both EPS and revenue. On its July call, management said performance was meeting expectations, with membership growth on track and operational efficiencies generating cost savings. Mizuho maintained its Outperform rating while raising its target to $495 from $468 in October.
Vistra (NYSE:VST) — Q3 — 7:00 a.m. ET
- EPS: $2.50 est. vs. $1.75 a year ago (+43%)
- Revenue: $6.27 billion est. vs. $4.97 billion a year ago (+26%)
- Stock: -32.1% past month, -29.8% YTD, 42.6% below its 52-week high
- Analyst view: Buy consensus, $199 target (11 analysts)
Vistra has beaten estimates in just three of its past eight quarters, leaving power-market conditions and delivery against its full-year outlook as the key test after a sharp share-price pullback. In Q2, it missed on both EPS and revenue. On its August call, management reaffirmed its adjusted EBITDA and free cash flow guidance after strong contributions from generation and retail. Keybanc downgraded the stock to Sector Weight from Overweight on Nov. 4.
PPL (NYSE:PPL) — Q3 — 7:33 a.m. ET
- EPS: $0.53 est. vs. $0.48 a year ago (+10%)
- Revenue: $2.42 billion est. vs. $2.24 billion a year ago (+8%)
- Stock: +5.6% past month, +2.4% YTD, 10.7% below its 52-week high
- Analyst view: Buy consensus, $40 target (13 analysts)
PPL has beaten estimates in just three of its past eight quarters, with regulatory progress, capital investment and the pace of rate-base growth likely to matter more than the utility’s relatively steady earnings profile. In Q2, it missed on both EPS and revenue. On its August call, management reaffirmed its full-year forecast and outlined capital investments intended to support long-term rate-base growth. Truist Securities started coverage at Buy with a $41 target in October.
Plains All American Pipeline (NASDAQ:PAA) — Q3 — 7:30 a.m. ET
- EPS: $0.44 est. vs. $0.39 a year ago (+13%)
- Revenue: $15.45 billion est. vs. $11.58 billion a year ago (+33%)
- Stock: +2.4% past month, +37.3% YTD, 8.7% below its 52-week high
- Analyst view: Buy consensus, $26 target (12 analysts)
Plains All American Pipeline has beaten estimates in just three of its past eight quarters, with the report set to test whether strong volumes and recent portfolio changes can support its earnings outlook. In Q2, it missed on EPS but beat revenue. On its August call, management maintained its full-year EBITDA guidance, highlighted the sale of its Canadian NGL business and pointed to leverage reduction and Cactus 3 synergies. Jefferies maintained its Buy rating while raising its target to $30 from $27 in October.
Franklin Templeton (NYSE:BEN) — Q4 — 8:30 a.m. ET
- EPS: $0.77 est. vs. $0.67 a year ago (+15%)
- Revenue: $2.41 billion est. vs. $2.34 billion a year ago (+3%)
- Stock: -1.4% past month, +34.0% YTD, 11.7% below its 52-week high
- Analyst view: Hold consensus, $36 target (6 analysts)
Franklin Templeton has beaten estimates in six of its past eight quarters, with investor flows, assets under management and the integration of public and private-market capabilities driving the setup. In Q3, it beat on both EPS and revenue. On its July call, management highlighted strong long-term inflows, record assets under management and expansion in private markets and fixed income. Barclays maintained its Equal-Weight rating while lowering its target to $34 from $36 in October.
Brookfield Infrastructure Partners (NYSE:BIP) — Q3 — 7:00 a.m. ET
- EPS: $0.29 est. vs. $0.44 a year ago (-34%)
- Revenue: $3.05 billion est. vs. $5.97 billion a year ago (-49%)
- Stock: +1.4% past month, +9.3% YTD, 14.0% below its 52-week high
- Analyst view: Buy consensus, $44 target (3 analysts)
Brookfield Infrastructure Partners has beaten estimates in just one of its past eight quarters, making funds from operations, asset sales and the contribution from recent acquisitions the main pressure points. In Q2, it missed on EPS but beat revenue. On its July call, management cited growth across transport, midstream and data assets, alongside capital recycling and further AI infrastructure opportunities. Morgan Stanley maintained its Overweight rating while lowering its target to $48 from $50 in October.
Emera (NYSE:EMA) — Q3 — 6:00 a.m. ET
- EPS: $0.64 est. vs. $0.64 a year ago
- Stock: +11.2% past month, +3.5% YTD, 8.1% below its 52-week high
- Analyst view: Hold, $50 target (1 analyst)
The utility’s report will be judged against the durability of earnings after the New Mexico Gas sale and the company’s efforts to improve financial flexibility. In Q2, it missed the EPS estimate. On its August call, management said the asset sale would generate proceeds for debt reduction and greater financial flexibility while reaffirming its growth targets.
Also Reporting Before The Bell
- Charter Communications (NASDAQ:CHTR) — $9.16 EPS on $14.64 billion revenue
- Elanco Animal Health (NYSE:ELAN) — $0.20 EPS on $1.21 billion revenue
- Fluor (NYSE:FLR) — $0.81 EPS on $4.28 billion revenue
- Essent Group (NYSE:ESNT) — $1.87 EPS on $357.8 million revenue
- TeraWulf (NASDAQ:WULF) — -$0.32 EPS on $65.3 million revenue
- VEON (NASDAQ:VEON) — $1.77 EPS on $1.31 billion revenue
- Plains GP Holdings (NASDAQ:PAGP) — $0.60 EPS on $14.09 billion revenue
- Starwood Property Trust (NYSE:STWD) — $0.28 EPS on $529.2 million revenue
- Algonquin Power & Utilities (NYSE:AQN) — $0.10 EPS on $657.9 million revenue
- Telephone and Data Systems (NYSE:TDS) — $0.11 EPS on $309.0 million revenue
- Oklo (NYSE:OKLO) — -$0.26 EPS on $1.3 million revenue
- Delek US Holdings (NYSE:DK) — $8.01 EPS on $3.94 billion revenue
Industrials: Atmus Filtration Technologies (ATMU) and Interface (TILE).
Energy: Calumet (CLMT) and Delek Logistics Partners (DKL).
Communication services: Kyivstar Group (KYIV) and Array Digital Infrastructure (AD).
Also on the calendar: Brookdale Senior Living (BKD), Under Armour (UAA) and Sunstone Hotel Investors (SHO).
Plus 20 companies valued between $100 million and $2 billion, including Alpha Metallurgical Resources, Global Partners and Sylvamo.
Also Reporting After The Bell
Plus 1 company valued between $100 million and $2 billion: Hawaiian Electric Industries.