NEW YORK (TheStreet) -- Spectra Energy (SE - Get Report) shares are up 2.11% to $29.58 in afternoon trading on Wednesday following the release of the company's second quarter earnings results today before the opening bell.
The Houston-based firm reported net income of $18 million, or 23 cents per share on an adjusted basis, on operating revenue that fell 4.9% to $1.192 billion.
Analysts on average were expecting the company to report earnings of 18 cents per share on revenue of $1.403 billion.
"Spectra Energy Partners continues to perform ahead of expectations for the year, with DCF up 34% over the prior year quarter. Our business model, with virtually no volume or commodity exposure, continues to differentiate us among energy MLPs and gives us strength and resilience in varied market conditions," said CEO Greg Ebel.
Shares are trading on heavy volume today with 4 million shares changing hands so far versus its daily average of 4.1 million shares.
TheStreet Ratings team rates SPECTRA ENERGY CORP as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate SPECTRA ENERGY CORP (SE) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its expanding profit margins and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, generally higher debt management risk and disappointing return on equity."SE data by YCharts