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Enbridge Energy (EEP) Q4 Earnings & Revenues Beat Estimates

Oil and natural gas transporter Enbridge Energy Partners L.P.EEP reported fourth-quarter 2016 adjusted earnings of 14 cents per unit, which came in above the Zacks Consensus Estimate of 13 cents. The bottom line also improved from the year-earlier level of 11 cents. The upside was mainly driven by higher deliveries on the Lakehead pipeline system.

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Total revenue in the quarter increased to $1,250.8 million from the year-ago level of $1,136.7 million and also beat the Zacks Consensus Estimate of $1,100 million.

Full-year 2016 earnings of 62 cents per unit topped the Zacks Consensus Estimate of 54 cents. Enbridge Energy Partners posted earnings of 80 cents per unit in 2015.

Total revenue for the full year decreased to $4,481.9 million from $5,146.1 million in 2015. Nonetheless, it surpassed the Zacks Consensus Estimate of $4,348.0 million.

Segment Performance

Liquids : Adjusted operating income in the Liquids segment increased to $311.9 million from $282.7 million in the comparable period of 2015. The upside was driven by higher revenues due to increased Lakehead system deliveries owing to new assets placed into service as well as lower operating and administrative expenses. This was partially offset by the rise in depreciation expenses over the prior-year comparable period due to new assets placed into service.

Natural Gas : The Natural Gas unit reported adjusted loss of $3.7 million that compared unfavorably with an operating income of $5.0 million in the year-ago quarter. The deterioration mainly stemmed from lower natural gas and NGL system production volumes. Reduced system volumes were primarily attributable to the still low commodity price environment for hydrocarbons. The decrease was partially offset by lower operating and administrative expenses from due to the cost-reduction measures undertaken.

Enbridge Energy, L.P. Price, Consensus and EPS Surprise

Enbridge Energy, L.P. Price, Consensus and EPS Surprise | Enbridge Energy, L.P. Quote

Distribution

Enbridge Energy Partners declared a quarterly cash distribution of 58.3 cents per unit, or $2.332 per unit on an annualized basis. The approved distribution remained unchanged from the previous quarter. The distribution was paid on Feb 14, to unitholders on record at the close of business on Feb 7.

Zacks Rank

Enbridge Energy Partners currently carries a Zacks Rank #3 (Hold). Some better-ranked players in the same space include W&T Offshore Inc. WTI , Holly Energy Partners LP HEP and Sunrun Inc. RUN . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here .

W&T Offshore posted a positive earnings surprise of 44.19% in the preceding quarter. It beat estimates in all the four preceding quarters. It had an average positive earnings surprise of 31.49% in the four trailing quarters.

Holly Energy Partners posted a negative earnings surprise of 23.26% in the preceding quarter. It had an average negative earnings surprise of 0.96% in the four trailing quarters.

Sunrun posted a positive earnings surprise of 137.21% in the preceding quarter. It beat estimates in all the four trailing quarters with an average positive earnings surprise of 134.71%.

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Enbridge Energy, L.P. (EEP): 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.


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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