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Health Net now expects earnings for 2007 to be $3.65 per share, up from the earlier issued outlook of $3.60 per share.

Fifteen analysts polled by First Call/Thomson Financial expect earnings of $3.54 per share, with estimates ranging from $3.45 to $3.

61 a share. The revised outlook is based on an expected lower diluted share count in 2007 of approximately 114 million as a result of completed and anticipated share repurchases, compared to 117 million shares as of November 3. The company bought back 2.

8 million of its shares on the open market through December 12, 2006, under its previously announced $450 million share repurchase program. For 2007, Health Net targets revenue to be between $14 and $15 billion. Ten Wall Street analysts' consensus revenue estimate came in at $13.

84 billion, with low and high-end estimates at $13.20 and $14.54 billion, respectively.

The company estimates that Medicare Advantage enrollment should rise more than 10% from in 2007 and Medicaid enrollment should be flat compared with 2006. Medicare Part D enrollment is projected to increase between 15 and 20% from 2006. In addition, for 2007, Health Net predicts a 9% upside in commercial Per Member Per Month ( | | | ) premium yields and expects that commercial PMPM health care costs should increase 30 to 50 basis points less than the yields compared to 2006.

Meanwhile, the administrative ratio is expected to be approximately 11%, while commercial enrollment is projected to increase by 1 - 2%. The Woodland Hills, California-based company also reaffirmed its full year 2006 earnings outlook. Earlier, Health Net guided 2006 earnings of $2.

94 - $2.98, including items. Excluding items, the company expected earnings to be in the range of $3.

02 - $3.06 per share. Fifteen analysts, on average, expect earnings of $3.

03 per share, with estimates ranging between $2.99 and $3.06 per share.

Health Net closed Tuesday's trading session at $45.83. The stock is currently up $1.

58 or 3.45% and trading at $47.41.