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What's in Store for NextEra Energy Partners (NEP) in Q1 Earnings?
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NextEra Energy Partners, LP (NEP - Free Report) is scheduled to release first-quarter 2024 results on Apr 23, before market open. The firm delivered a negative earnings surprise of 1,266.7% in the last reported quarter.
Let’s discuss the factors that are likely to be reflected in the upcoming quarterly results.
Factors to Consider
The firm’s first-quarter earnings are expected to have benefited from the continued expansion of its high-quality portfolio of renewable energy sources. In December 2023, NextEra Energy Partners completed the sale of its Texas natural gas pipeline portfolio, which helped it to become a pure-play investment opportunity in 100% renewable energy.
The firm continues to enjoy structural tax advantages and is not likely to pay meaningful U.S. taxes for at least 15 years. This might have also boosted its earnings in the to-be-reported quarter.
Q1 Expectations
The Zacks Consensus Estimate for NextEra Energy Partners’ earnings is pegged at 17 cents per unit, implying a year-over-year increase of 200%.
The Zacks Consensus Estimate for revenues is pinned at $346.2 million, indicating a 15% improvement year over year.
What Our Quantitative Model Predicts
Our proven model does not conclusively predict an earnings beat for NextEra Energy Partners 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. That is not the case here, as you will see below.
NextEra Energy Partners, LP Price and EPS Surprise
Here are a few players from the same sector that have the right combination of elements to come up with an earnings beat this reporting cycle.
CNX Resources (CNX - Free Report) is expected to come up with an earnings beat when it reports first-quarter results on Apr 25, before market open. It has an Earnings ESP of +5.12% and a Zacks Rank #3 at present.
The Zacks Consensus Estimate for CNX’s first-quarter earnings has decreased 14.6% to 36 cents per share in the past 60 days. It delivered an average earnings surprise of 58.6% in the last four quarters.
Energy Transfer (ET - Free Report) is expected to post an earnings beat when it announces first-quarter results on May 8, after market close. It has an Earnings ESP of +14.75% and a Zacks Rank #3 at present.
The Zacks Consensus Estimate for ET’s first-quarter earnings remained unchanged at 31 cents per unit in the past 60 days. The firm delivered an average earnings surprise of 3.7% in the last four quarters.
Murphy Oil (MUR - Free Report) is likely to come up with an earnings beat when it announces first-quarter results on May 2, before market open. It has an Earnings ESP of +4.11% and a Zacks Rank #2 at present.
The Zacks Consensus Estimate for MUR’s first-quarter earnings has decreased 3.3% to 90 cents per share in the past 60 days. The company delivered an average earnings surprise of 9.97% in the last four quarters.
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What's in Store for NextEra Energy Partners (NEP) in Q1 Earnings?
NextEra Energy Partners, LP (NEP - Free Report) is scheduled to release first-quarter 2024 results on Apr 23, before market open. The firm delivered a negative earnings surprise of 1,266.7% in the last reported quarter.
Let’s discuss the factors that are likely to be reflected in the upcoming quarterly results.
Factors to Consider
The firm’s first-quarter earnings are expected to have benefited from the continued expansion of its high-quality portfolio of renewable energy sources. In December 2023, NextEra Energy Partners completed the sale of its Texas natural gas pipeline portfolio, which helped it to become a pure-play investment opportunity in 100% renewable energy.
The firm continues to enjoy structural tax advantages and is not likely to pay meaningful U.S. taxes for at least 15 years. This might have also boosted its earnings in the to-be-reported quarter.
Q1 Expectations
The Zacks Consensus Estimate for NextEra Energy Partners’ earnings is pegged at 17 cents per unit, implying a year-over-year increase of 200%.
The Zacks Consensus Estimate for revenues is pinned at $346.2 million, indicating a 15% improvement year over year.
What Our Quantitative Model Predicts
Our proven model does not conclusively predict an earnings beat for NextEra Energy Partners 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. That is not the case here, as you will see below.
NextEra Energy Partners, LP Price and EPS Surprise
NextEra Energy Partners, LP price-eps-surprise | NextEra Energy Partners, LP Quote
Earnings ESP: NEP’s Earnings ESP is 0.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Currently, the firm carries 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 players from the same sector that have the right combination of elements to come up with an earnings beat this reporting cycle.
CNX Resources (CNX - Free Report) is expected to come up with an earnings beat when it reports first-quarter results on Apr 25, before market open. It has an Earnings ESP of +5.12% and a Zacks Rank #3 at present.
The Zacks Consensus Estimate for CNX’s first-quarter earnings has decreased 14.6% to 36 cents per share in the past 60 days. It delivered an average earnings surprise of 58.6% in the last four quarters.
Energy Transfer (ET - Free Report) is expected to post an earnings beat when it announces first-quarter results on May 8, after market close. It has an Earnings ESP of +14.75% and a Zacks Rank #3 at present.
The Zacks Consensus Estimate for ET’s first-quarter earnings remained unchanged at 31 cents per unit in the past 60 days. The firm delivered an average earnings surprise of 3.7% in the last four quarters.
Murphy Oil (MUR - Free Report) is likely to come up with an earnings beat when it announces first-quarter results on May 2, before market open. It has an Earnings ESP of +4.11% and a Zacks Rank #2 at present.
The Zacks Consensus Estimate for MUR’s first-quarter earnings has decreased 3.3% to 90 cents per share in the past 60 days. The company delivered an average earnings surprise of 9.97% in the last four quarters.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.