Enbridge Energy Reports Mixed Results
Enbridge Energy Partners, L.P. (NYSE:EEP) is slightly higher in morning trading after the company reported mixed earnings results for the first quarter. For the period, Enbridge earned $0.17 per share on sales of $1.06 billion, missing estimates of $0.13 per share and $1.20 billion, respectively. Although the company averaged 15% higher liquid pipeline systems deliveries in the first quarter of 2016 compared to the first quarter of 2015, sales still dropped by 25.9% year-over-year. First quarter adjusted EBITDA was $466.2 million while Discounted Cash Flow was $244.5 million. Enbridge Energy Partners, L.P. (NYSE:EEP) was in the portfolios of five top funds at the end of December out of the 786 active funds that Insider Monkey tracks in its database.
CNA Financial Rallies Despite Lower Net Income
Shares of Cna Financial Corp (NYSE:CNA) have surged by 3.2% out of the morning gate despite the company’s aforementioned lower-than-expected first quarter results. For the first three months of the year, the Loews’ subsidiary, which is a separate publicly-traded company, earned $0.34 per share, greatly missing estimates of $0.64 per share, while the company’s book value per share inched fell to $42.41 from $43.49 quarter-over-quarter. Shares could be higher this morning because the company’s underwriting performance was strong, with CNA Financial’s core P&C combined ratio improving year-over-year by 2.8 percentage points to 96.1%. With the stock trading for $32.77 a share, some investors evidently think there is more upside given that the company’s book value is over $40. Of the funds that we track, 12 of them owned $53.77 million worth of Cna Financial Corp (NYSE:CNA)’s shares on December 31, up from 11 funds with $34.61 million in holdings on September 30.
Helmerich & Payne Falls on Losses
Helmerich & Payne, Inc. (NYSE:HP) reported net income of $21 million from operating revenue of $438 million for the second quarter of fiscal year 2016, well down from the $154 million in net income on operating revenue of $886 million that it pulled in for the second quarter of fiscal year 2015. If excluding the effect of after-tax income related to a combination of items, Helmerich & Payne’s adjusted net income would have been a loss of over $0.24 per share, which has pushed shares down by 6% this morning. The oil and gas driller’s sales and earnings have struggled due to the soft energy prices. Hedge fund sentiment remained stable in the former Dividend Aristocrat during the fourth quarter. 26 elite funds held shares of Helmerich & Payne, Inc. (NYSE:HP) at the end of December, down by one from the end of September.