More than 300 companies reported earnings after markets closed Thursday and before they opened again on Friday. Of those, Apple and Amazon, both of which missed revenue estimates, are getting the most notice. One firm making a better noise is U.S. Steel, trading up about 12% after also reporting its results.
No earnings reports are scheduled for release after markets close Friday. First thing Monday morning, there are two reports we already have previewed: ON Semiconductor and PG&E.
We also have previewed two companies on the calendar to report results after markets close Monday and one more that has not announced a report date yet, but often chooses this week to report prior quarter results: AMC, Diamondback Energy and NXP Semiconductors.
Here’s a look at three companies scheduled to report results before markets open on Tuesday.
BP
U.K.-based BP PLC (NYSE: BP) has seen its share price double over the past 12 months, even including a month-long dip in June and July that saw the price drop by nearly 20%. Since then, the stock has gained 28%.
BP wants to transform itself into a clean energy company. Then-new CEO Bernard Looney announced last September that BP would cut crude oil output by 40% (1 million barrels a day) and increase its renewable generation capacity by 50 gigawatts. To achieve those goals, Looney wants to sell off some $25 billion assets.
Analysts are not entirely behind BP’s strategy. Of 15 brokerages covering the fossil-fuel giant, eight rate the stock a Buy or Strong Buy, and another six rate the shares a Hold. At a recent price of around $28.80, the upside potential based on a median price target of $34 is 18%. At the high price target of $45, the upside potential is 56%.
The consensus estimate for third-quarter revenue is $32.04 billion, which would be down 12% sequentially and 27.6% year over year. Adjusted earnings per share (EPS) are forecast at $0.92, up 10% sequentially and up from a break-even finish last year. For all of 2021, analysts currently expect BP to report EPS of $3.48, well above last year’s loss per share of $1.69, on sales of $170.67 million, down about 5.4%.
Lower oil production can’t make up for a 40% cut in production. What might help, however, is a reported windfall profit of $500 million from the company’s natural gas trading business.
BP stock trades at 1.4 times expected 2021 EPS, 1.2 times estimated 2022 and 2023 EPS. The stock’s 52-week range is $15.24 to $30.29. BP pays an annual dividend of $1.31 (yield of 4.48%).
Pfizer
Drugmaker and Dow Jones industrial average component Pfizer Inc. (NYSE: PFE) has added more than a third to its share price over the past 12 months. That gain includes a dip from a new all-time high posted in mid-August. Since then, the shares are down more than 14%.
Pfizer’s share price increase pales compared to rival coronavirus vaccine maker Moderna, which has seen a share price hike of more than 400% in the past 12 months. Pfizer recently announced that the U.S. government has purchased 50 million doses of the company’s vaccine for young children. Investors are likely to put a lot of weight on the company’s outlook for next year.
No analysts rate Pfizer stock at Sell or worse. Of 20 analysts, 16 rate the stock at Hold and the other four give the shares a Buy rating. At a share price of around $43.30, the upside potential based on a median price target of $45 is 3.9%. At the high target of $61, the upside potential is almost 41%.
Third-quarter revenue is forecast at $22.82 billion, up 20% sequentially and 88% year over year (pre-vaccine). Adjusted EPS are pegged at $1.09, up 1.5% sequentially and 27.5% year over year. For the full year, analysts expect Pfizer to report EPS of $4.06, up 83%, on sales of $81.56 billion, up 95%.
Pfizer stock trades at 10.6 times expected 2021 EPS, 11.6 times estimated 2022 earnings and 12.3 times estimated 2023 earnings. The stock’s 52-week range is $33.06 to $51.86. Pfizer pays an annual dividend of $1.56 (yield of 3.63%).
24/7 Wall St.Under Armour
Sports apparel and gear maker Under Armour Inc. (NYSE: UAA) has added about 65% to its share price over the past 12 months. Rival Nike’s share price has increased by about 36% over the same period. Under Armour’s stock price fell by about 13% in the month of September on its rival’s comment that Nike was having supply chain issues. Since then the stock has bounced up about 10%. We’ll find out Monday afternoon how Under Armour’s supply chain performed in the third quarter.
Sentiment on the stock is mixed, with 13 of 26 analysts giving the shares a Hold rating. Another 10 rate the stock a Buy or Strong Buy. At a price of around $22, the upside potential based on a median price target of $26 is 18%. At the high target of $38, the upside potential is about 73%.
Third-quarter revenue is forecast at $1.47 billion, up nearly 9% sequentially and 2.8% higher year over year. Adjusted EPS are forecast to come in at $0.15, down 38% sequentially and 35% lower year over year. For the full year, analysts have currently forecast EPS of $0.54, compared to a loss last year of $0.26, and revenue of $5.48 billion, up more than 22%.
Under Armour stock trades at 37.3 times expected 2021 EPS, 33.2 times estimated 2022 earnings and 25.6 times estimated 2023 earnings. The stock’s 52-week range is $13.52 to $26.45. Under Armour does not pay a dividend.
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