The names on the energy docket for the pre-market Friday include the sector’s third-largest company by market cap, TransCanada Corp. The company’s stock has been range-bound for most of the past year, which could change on Friday if the company deviates considerably from the Street’s forecast of about 5 per cent earnings growth, year over year.
The energy earnings rebound will be in full force in Canadian trading on Friday, with a number of oil and gas companies reporting quarterly financial results between Thursday's close and Friday's open.
First up on Thursday after the bell was large cap Pembina Pipeline Corp., fresh off its $5.8-billlion deal to acquire Veresen Inc. announced earlier this week.
Pembina easily surpassed the Street's consensus with adjusted first-quarter earnings of 49 cents a share, compared to an average forecast of about 34 cents. Pembina's quarterly profit more than doubled over the same period last year. The company's CEO, Mick Dilger, called it a "very successful start to a transformational year."
Other energy names releasing late earnings on Thursday included Enerflex Ltd., Advantage Oil & Gas Ltd., and Baytex Energy Corp., which reported an adjusted five-cent-per-share profit in the quarter, beating the loss of 16 cents a share the Street was expecting.
The names on the energy docket for the pre-market Friday include the sector's third-largest company by market cap, TransCanada Corp. The company's stock has been range-bound for most of the past year, which could change on Friday if the company deviates considerably from the Street's forecast of about 5 per cent earnings growth, year over year.
Husky Energy Inc. and Enerplus Corp. are also expected to report before the bell, adding to the potential momentum in the energy sector in morning trading.
Non-energy stocks likely to see action on Friday include Sierra Wireless Inc., which posted a first-quarter adjusted net profit of 24 cents a share, beating the average forecast of about 17 cents. Meanwhile, both Air Canada and Brookfield Property Partners LP are expected to release results on Friday.
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