Markets were closed Monday in observance of Presidents Day. Even so, a couple of intrepid energy companies chose to report results when no one was around to hear them.

Oil and gas producer APA (formerly Apache) reported adjusted earnings that missed expectations by 11.6% and revenue estimates by nearly 35%. The company also doubled its dividend to $0.125 per quarter and committed to a 60% capital return plan for investors. APA’s stock traded up 4.4% in Tuesday’s premarket. Pipeline operator Williams reported beats on both the top and bottom lines and guided 2022 dividends to $1.70 annually, up from $1.64 in 2021. Shares traded up by about 2% in the premarket session Tuesday.

Before markets opened Tuesday, these three companies also reported quarterly results: Home Depot, Macy’s and Medtronic reported results. After markets close Tuesday, Palo Alto Networks, Range Resources, Teladoc and Virgin Galactic will share their results. We also have previewed four companies that report quarterly results on Wednesday: Clover Health, eBay, Skillz and TJX.

Before markets open Thursday, we shall hear from these five companies, along with a host of others.

Alibaba

Over the past 12 months, shares of Alibaba Group Holding Ltd. (NYSE: BABA) have lost about 57% of their value. Every Chinese tech stock has been hammered by tighter government regulation, and Alibaba’s financial division has been hit especially hard. The government reportedly has begun taking yet another look at Alibaba’s financial dealings with Ant Group, a firm controlled by Alibaba founder Jack Ma. Whether the probes will continue (and for how much longer) is anyone’s guess.

There are 46 analysts covering the company, and 40 have ratings of Buy or Strong Buy on the stock. The other six rate the stock at Hold. At a recent price of around $113.40 a share, the upside potential based on a median price target of $181.34 is about 60%. At the high price target of $305.36, the upside potential is 169%.

For Alibaba’s third quarter of fiscal 2022, analysts are expecting revenue of $38.88 billion, up about nearly 25% sequentially and nearly 14.8% higher year over year. Adjusted earnings per share (EPS) are expected to come in at $2.56, up 146% sequentially but down 24% year over year. For the full fiscal year ending in March, Alibaba is expected to report EPS of $8.34, up 571%, on sales of $136.83 billion, up 25%.

Shares trade at 13.6 times expected 2022 EPS, 12.2 times estimated 2023 earnings of $9.30 and 10.7 times estimated 2024 earnings of $10.57 per share. The stock’s 52-week range is $108.70 to $259.46. Alibaba does not pay a dividend. Total shareholder return for the past 12 months is negative 55.5%.

Media company Discovery Inc. (NASDAQ: DISCA) saw its shares spike to an all-time high of more than $78 in mid-March of last year, about two months before Discovery announced that it would acquire WarnerMedia from AT&T. Over the past 12 months, the stock is down nearly 42%. Warner Bros. Discovery, as the new company will be called, begins its new life with $58 billion in debt and the prospect of growing that as it tries to keep up with streaming competitors. On the bright side, the new media giant will have 94 million subscribers to such properties as HBO MAX.

Of 22 analysts covering the stock, there are 13 Hold ratings and nine ratings of Buy or Strong Buy. At a share price of around $29.70, the implied gain based on a median price target of $40 is 34.7%. At the high price target of $52, the implied gain is about 75%.

Fourth-quarter revenue is forecast at $3.13 billion, down 0.8% sequentially and up 8.3% year over year. Adjusted EPS are forecast at $0.85, up 216.6% sequentially and 11.8% year over year. The estimates for the full year call for EPS of $2.88, down 10%, on sales of $12.13 billion, up 13.6%.

Discovery stock trades at 10.3 times expected 2021 EPS, 9.2 times estimated 2022 earnings of $3.22 and 8.4 times estimated 2023 earnings of $3.54 per share. The stock’s 52-week range is $21.66 to $78.14. Discover does not pay a dividend. Total shareholder return for the past year is negative 46.4%.

Newmont

Over the past 12 months, the price of gold has increased by about 5.5%, and more than all of it since the end of January. Newmont Corp. (NYSE: NEM) has seen its share price rise by about 24% over the same 12-month period, and as with the yellow metal itself, more than all of that gain has come since mid-December. The company has bought out its partner’s stake in a Peruvian copper mine for $300 million and Newmont’s 47% stake in a gold and silver joint venture. Silver’s price has dropped by around 8% over the past year, while copper prices are up by around 10.5%.

Analysts remain cautious on Newmont stock, with 11 of 19 brokerages giving the shares a Hold rating, while the rest have Buy or Strong Buy ratings on the stock. At a share price of around $67.70, the stock has outrun its median price target of $65. At the high price target of $72, the upside potential is 6.4%.

Fourth-quarter revenue is forecast at $3.38 billion, up 16.6% sequentially and flat year over year. Adjusted EPS are forecast at $0.77, up 27.7% sequentially and down 27.4% year over year. For the full 2021 fiscal year, estimates call for EPS of $2.98, up 11.9%, on sales of $12.14 billion, up 5.6%.

Newmont stock trades at 22.8 times expected 2021 earnings, 22.6 times estimated 2022 earnings of $3.00 and 24.2 times estimated 2023 earnings of $2.80 per share. The stock’s 52-week range is $52.60 to $75.31. Newmont pays an annual dividend of $2.20 (yield of 3.24%). Total shareholder return for the past year was 22.4%.

Over the past 12 months, truck maker Nikola Corp. (NASDAQ: NKLA) has seen its share price plunge by 65%. Since reaching a peak in early June of 2020, just a week after the initial public offering, Nikola stock is down by about 90%. The company delivered its first electric truck in December and announced Tuesday morning that auto industry veteran Michael Lohscheller will be the company’s new president. In early November, Nikola agreed to pay a fine of $125 million to settle claims that founder and former CEO Trevor Milton made misleading statements about the company.

Just nine analysts cover the stock, and eight of those have a Hold rating. The other one rates the stock a Buy. At a share price of around $7.50, the upside potential based on a median price target of $14 is 86.6%. At the high price target of $25, the implied gain is 233%.

Analysts have forecast fourth-quarter revenue at $2.51 million and expect Nikola to report a loss per share of $0.31. In the prior quarter, Nikola reported a loss of $0.22 per share and no revenue. For the full year, the company is expected to lose $0.93 per share, more than the loss per share of $0.62 in 2020. Analysts also expect Nikola to report $2.47 million in revenue for the full fiscal year, up from $100,000 in 2020.

Nikola’s stock trades at an estimated sales to enterprise value multiple of 18.3 times for 2022 and 3.2 times for 2023. The stock’s 52-week range is $6.59 to $22.04. Nikola does not pay a dividend. Total shareholder return for the past 12 months is negative 64%.

Norwegian Cruise Lines

Over the past 12 months, shares of Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH) have dropped by about 23.5%. Its share price drop is double that of Carnival, and not even close to Royal Caribbean’s share price gain of 5.8% over the same period. All three are loosening their mask mandates by March 1, provided that 95% of passengers and crew are vaccinated. Shares of all three have been bouncing again since the beginning of the year, and Norwegian’s shares are trading almost flat compared to gains of 8% or better at its competitors.

Of 17 analysts covering the stock, eight have ratings of Buy or Strong Buy and eight more rating it at Hold. At a share price of around $20.60, the implied gain based on a median price target of $29.50 is 43.2%. At the high target of $38, the implied gain is about 84.5%.

Fourth-quarter revenue is forecast to come in at $596.21 million, up 289.5% sequentially and higher than the $9.58 million in the year-ago quarter. Analysts expect the company to post a per-share loss of $1.61, smaller than the prior quarter loss of $2.17 per share, and lower than the year-ago quarterly loss of $2.33. For the full year, Norwegian is expected to post a loss per share of $7.51, compared to last year’s loss of $8.64 per share. Revenue is forecast to reach $719.27 million, down about 48% from $1.28 billion in 2020.

The stock trades at 9.4 times estimated 2023 earnings of $3.17 per share. Norwegian is not expected to post a profit in either 2021 or 2022. The stock’s 52-week range is $17.78 to $34.48, and the company does not pay a dividend. Total shareholder return for the past year was negative 27.7%.

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