More than 1,500 publicly traded companies are scheduled to report March quarter earnings this 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 at companies reporting earnings following Monday’s closing bell and before markets open again Tuesday morning, we have previewed CVS, Pfizer, Under Armour and more. We also have taken a look at some stocks that report results after markets close Tuesday: Activision Blizzard, Devon Energy, Lyft, Skillz and more.
The five companies previewed in this story are scheduled to report earnings before Wednesday’s opening bell.
Barrick
Gold miner Barrick Gold Corp. (NYSE: GOLD) added 24% to its share price last year, but that was a bit disappointing considering the shares were up about 65% in early September. The yellow metal had reached a three-year high of more than $2,000 an ounce in early August but has been trending downward ever since. Whether gold retains its status as a hedge against inflation could be tested as cryptocurrencies gain increasing acceptance as a store of value.
Analysts are bullish on Barrick, with 19 of 23 rating the stock a Buy or Strong Buy. At a recent price of around $22.00, shares are trading with a potential upside of 34% to the consensus price target of $29.57 and a potential upside of 66% to the high target of $36.50.
Barrick is expected to post March quarter earnings per share (EPS) of $0.27, a year-over-year increase of nearly 69%. Revenue is expected to rise by 10.6% to $3.01 billion. For the full year, EPS is forecast at $1.22, up by 5.7% year over year on sales of $12.48, down nearly 1% from 2020 sales.
At the current price, Barrick stock trades at 19.4 times expected 2021 EPS, 18.2 times estimated 2022 earnings and 17.0 times estimated 2023 earnings. The stock’s 52-week trading range is $18.64 to $31.22. The company pays an annual dividend of $0.36 (yield of 1.69%), and the average daily trading volume is 18.3 million shares.
Exelon
Regulated electricity and natural gas supplier Exelon Corp. (NYSE: EXC) saw its share price dip by nearly 4% last year. For the year to date, the stock is up about 8.4%, and over the past 12 months, shares have gained nearly 32%. The company is the second-largest diversified utility in the country and the most actively traded of the U.S. stocks. Its share price growth and relatively high dividend stand out among the firms in this sector.
Analysts are upbeat on Exelon, with 14 of 17 firms rating the shares a Buy or Strong Buy. At a price of around $45.30, the upside potential is nearly 9% at the consensus price target of $49.27 and around 22% at the high target of $59.
For the March quarter, Exelon is expected to report EPS of $0.36, down nearly 59% year over year, on revenue of $8.38 billion, down 4.2% for the quarter. For the full fiscal year, analysts have forecast EPS of $2.79, 13% lower year over year, on revenue of $31.24 billion, down about 5.4%.
Exelon stock trades at 14.4 times expected 2021 EPS, 16.1 times estimated 2022 earnings and 15.1 times estimated 2023 earnings. The stock’s 52-week range is $33.97 to $46.37. The company pays an annual dividend of $1.53 (yield of 3.4%), and the average daily trading volume is about 5.2 million shares.
General Motors
Automaker General Motors Co. (NYSE: GM) had a pretty good year in 2020. Its share price rose by more than 15% as demand for new vehicles soared along with federal stimulus payments. Despite an expected shortage of computer chips for most of this year, the shares have added nearly 37% to their value since January. Many investors see continuing strong demand for new vehicles, giving GM and other automakers solid pricing power.
Analysts are more cautious about GM’s future, with just nine of 24 firms rating the shares as a Buy or Strong Buy. At a price of around $56.90, the implied upside on the shares is 18% at the consensus price target of $67.19 and 49% at the high target of $85.
For the March quarter, analysts are expecting EPS of $1.04, up about 67% year over year, on sales of $32.67 billion, a slight decline in revenue. For the full year, analysts are looking for EPS of $5.24, which would be a gain of nearly 7%.
GM stock trades at 10.8 times expected 2021 EPS, 8.9 times estimated 2022 earnings and 9.0 times estimated 2023 earnings. The stock’s 52-week range is 20.12 to $63.44. GM has suspended its dividend. Average daily trading volume is more than 20 million shares.
SunPower
Solar panel maker SunPower Corp. (NASDAQ: SPWR) saw its share price rise by more than 400% in 2020. The rocket did not begin to lose altitude until late January, after adding another 110% to the stock price in the first month of the year. As of last Friday’s close, the shares are down about 2.2% for the year to date.
Analysts are doing a good job of curbing their enthusiasm for the shares, as just three of 13 rate SunPower stock as a Buy or Strong Buy. At a trading price of around $25.00, the upside potential is almost 22% at the consensus price target of $30.43 and 96% at the high target of $49.
The consensus estimate for the March quarter calls for SunPower to report a break-even quarter, better than the $0.09 per share loss a year ago. Revenue is expected to be down by nearly a third at $305.14 million. For the full year, EPS is forecast at $0.29, compared to a loss of $0.07 per share last year. Revenue is forecast to rise by nearly 34% to $1.51 billion.
SunPower trades at around 62.9 times expected 2021 EPS, 37.9 times estimated 2022 earnings and 25.0 times estimated 2023 earnings. The stock’s 52-week range is $3.99 to $57.52. SunPower does not pay a dividend, and the average daily trading volume is more than 5 million shares.
Stratasys
3D printer maker Stratasys Ltd. (NASDAQ: SSYS) had a wild ride in 2020, as shares plummeted 40% by late October but recovered all that and a bit more to end the year 2.5% higher. For the year to date, shares are up nearly 5% after shooting higher by more than 160% in mid-February. ARK Invest, the investment management firm led by Cathie Woods, holds nearly 12% of the company’s stock in four of its funds.
Analysts have taken a wait-and-see position on Stratasys stock, with 13 of 18 rating the shares as a Hold. At a current trading price of around $21.70, the shares have upside potential of 47% to the consensus price target of $32 and an upside potential of 84% to the high target of $40.
Analysts expect Stratasys to post a loss per share of $0.06 in the March quarter, a sharp improvement from the $0.19 per share loss a year ago. Revenue is expected to be down less than 1% at $132.2 million. For the full year, analysts are forecasting a loss per share of $0.05, an improvement over the $0.25 loss per share a year ago. Revenue is forecast to rise by more than 8%.
Stratasys is not expected to post a profit in either 2021 or 2022. The shares trade at 84.8 times estimated 2023 earnings. The stock’s 52-week range is $11.89 to $56.95. The company does not pay a dividend, and the average daily trading volume is about 2.3 million shares.
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