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Oil Stocks to Watch for Earnings on Nov 2: CLR, XEC, PE, RICE

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The Q3 earnings season is at its peak with results from 291 S&P 500 members or 58.2% of the index’s total membership already on board. The overall financial performance displayed so far this earnings cycle raises optimism but a clearer picture will emerge only when more companies come out with their quarterly numbers. On a year-over-year basis, total earnings for these companies have inched up 2.2% on 1.3% higher revenues, with 73.5% positive earnings surprises and 57.4% outperformance on the top-line front (as per data from the  Earnings Trends report dated Oct 28, 2016).

However, the ‘Oils/Energy’ sector remains weak and continues to be a drag on overall growth. For the 50% sector components on the S&P 500 Index that have reported Q3 results, total earnings were down 58.8% as revenues declined 15.1%.

In spite of the persistent weakness in the sector, an overwhelming 77.8% Oils/Energy companies managed to beat earnings estimates, albeit due to very low estimates. However, the earnings picture for energy stocks look rather uncertain at a moment and we expect to get a better idea of the trends this quarter once more energy companies reveal their results.

Stocks to Watch for Earnings on Nov 1

Let’s see what’s in store for these four companies that are set to report their Q3 numbers on Nov 2.

Continental Resources, Inc. is slated to release Q3 results, after the market closes. Our proven model does not conclusively show that Continental Resources is likely to beat on earnings this quarter. This is because a stock needs to have both a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) for this to happen. The company has an Earnings ESP of -6.67% as the Most Accurate estimate stands at a loss of 16 cents and the Zacks Consensus Estimate stands at a loss of 15 cents. The company has a Zacks Rank #3 but a negative Earnings ESP makes surprise prediction difficult. Please check our Earnings ESP Filter that enables you to find stocks that are expected to come out with earnings surprises.

CONTL RESOURCES Price and EPS Surprise

 

CONTL RESOURCES Price and EPS Surprise | CONTL RESOURCES Quote

Cimarex Energy Co. is set to release Q3 results, again after the market closes. Cimarex Energy has an Earnings ESP of 0.00% as both the Most Accurate estimate and the Zacks Consensus Estimate stand at 37 cents. Our proven model does not conclusively show that the company is likely to beat on earnings this quarter as it has a Earnings ESP of 0.00% alongside a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.

Last quarter, the company delivered a positive surprise of 600.00%. The company missed the Zacks Consensus Estimate in three of the past four quarters but with an average beat of 38.93%.

CIMAREX ENERGY Price and EPS Surprise

 

CIMAREX ENERGY Price and EPS Surprise | CIMAREX ENERGY Quote

Parsley Energy Inc. is expected to release Q3 results, after the market closes. Our proven model shows that Parsley Energy is likely to beat on earnings this quarter. The company has an Earnings ESP of +50.00% the Most Accurate estimate is pegged at 3 cents while the Zacks Consensus Estimate stands at 2 cents. The company’s Zacks Rank #2 and a positive Earnings ESP are leading indicators of a likely positive earnings surprise.

PARSLEY ENGY-A Price and EPS Surprise

 

PARSLEY ENGY-A Price and EPS Surprise | PARSLEY ENGY-A Quote

Rice Energy Inc. is set to release Q3 results, after the closing bell. The company has an Earnings ESP of -66.67% and Zacks Rank #2. Though a favorable Zacks Rank increases the predictive power of ESP, the company’s negative Earnings ESP makes surprise prediction difficult. The Most Accurate estimate is pegged at 1 cent while the Zacks Consensus Estimate stands at 3 cents.

RICE ENERGY INC Price and EPS Surprise

 

RICE ENERGY INC Price and EPS Surprise | RICE ENERGY INC Quote

Please keep an eye on our full earnings articles to see how these companies finally fared.

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