More than 900 publicly traded companies are scheduled to report March quarter earnings next week, with heavy representation from energy exploration and production companies. Other top brands, like Google, Ferrari, Pfizer and T-Mobile, are on deck as well.
Looking ahead to companies reporting earnings before Monday’s opening bell, we have previewed Enterprise Products and Estée Lauder.
The companies previewed in this story include two scheduled to report earnings after Monday’s closing bell and three others set to report before Tuesday’s open.
Hydrogen fuel-cell maker Ballard Power Systems Inc. (NASDAQ: BLDP) added more than 225% to its share price in 2020. Since the start of 2021, though, the stock has dipped by more than 5%. In March alone, the stock dumped about 18% of its value, following a less-than-glamorous fourth-quarter earnings report. Part of the problem is that the rush into alternative energy stocks last year outran these companies’ prospects. Ballard Power is among those that ended up either fully valued or overvalued, depending on one’s point of view.
Ten of 14 analysts have Buy or Strong Buy ratings on the shares and the others rate the stock a Hold. The consensus price target on the stock is $31.92, implying a potential gain of nearly 44% to a current price near $22.20. At the high target of $42.10, the upside potential is 90%.
Ballard Power is expected to report a first-quarter loss of $0.04 after markets close Monday. That’s 50% better than the six-cent loss per share in the first quarter of last year. Revenue rose 7.1% to $25.73 million year over year. For the full year, analysts are forecasting a loss per share of $0.17 on sales of $121.87 million. That’s an improvement of four cents per share year over year and 17.3% in revenue.
The company is not expected to post a profit in either 2022 or 2023. The stock’s 52-week range is $8.87 to $42.28, and Ballard Power does not pay a dividend.
Israel-based SolarEdge Technologies Inc. (NASDAQ: SEDG) also is scheduled to report March quarter results after markets close Monday. The maker of inverters and other products for solar energy installations saw its share price rise by about 200% in early January, although the 12-month gain currently sits at around 120%. Like most tech-focused firms, the stock has not had a good start to the year, with share prices down more than 15% for the year to date.
Of 18 brokerages covering the firm, seven have a Hold rating on the stock, while nine have a Buy or Strong Buy rating. The stock currently trades near $269.00, implying upside potential of 14.5% relative to the consensus price target. At the high target of $435, upside potential is almost 62%.
SolarEdge is expected to report earnings per share (EPS) of $0.99 for the first quarter, a four-cent increase year over year. Revenue is forecast at $396.21 million, down 8.1% compared with the year-ago quarter. For the full fiscal year, analysts are looking for EPS of $4.85, a year-over-year increase of 18%, on sales of $1.85 billion, up 27.1% year over year.
At the current price, SolarEdge shares trade at 55.2 times expected 2021 earnings, 42.0 times estimated 2022 earnings and 33.2 times estimated 2023 earnings. The stock trades in a 52-week range of $101.19 to $377.00. The company does not pay a dividend.
Pharmacy and health plan services giant CVS Health Corp. (NYSE: CVS) is scheduled to report quarterly earnings before Tuesday’s opening bell. Shares dropped more than 5% last year, largely as a result of stay-at-home orders and lockdowns. Shares have risen more than 13% so far this year, yielding a 16-month share price gain of around 7.5%.
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