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Energy Stocks Q4 Earnings on Feb 9: EGN, OXY, PTEN, CDEV
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We are in the thick of the Q4 earnings season, with results on board from 275 S&P 500 members that account for almost 55% of the index’s total membership. According to the latest Earnings Outlook, overall earnings for these companies are up 6.9% from the year-ago comparable period on 4.2% higher revenues. While 68% companies delivered positive earnings surprises, 54.5% beat revenue estimates.
The overall financial performance displayed so far this earnings cycle raises optimism. Following eight back-to-back quarters of bottom-line decline, analysts anticipated the Energy sector to show improvement in Q4 and clock its first positive earnings growth after years. True to predictions, the sector has turned to positive growth. For the 41.7% sector components on the S&P 500 Index that have reported Q4 results, total earnings are up 19.4% on 3.4% revenue growth. While 60% of the companies have been successful in beating earnings estimates, 66.7% have outperformed the top line.
Stocks to Watch for Earnings on Feb 9
Let’s see what’s in store for these four energy companies when they come up with Q4 numbers on Thursday, Feb 9. Let’s take a look at how things are shaping up at their end.
Diversified energy holding company, Energen Corporation , is engaged in natural gas distribution and oil and natural gas exploration and production activities in the Permian Basin in west Texas and the San Juan Basin in New Mexico. The company is expected to report Q4 results after the closing bell.
Coming to earnings surprise history, this Birmingham, AL-based upstream operator has a good record. The company beat estimates in three of the last four quarters with an average positive surprise of 2.15%.
Our proven model shows that Energen is likely to beat on earnings because it has the right combination of two key ingredients. This is because the stock has a Zacks Rank #3 (Hold) and an Earnings ESP of +4.17%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
It is to be noted that for an earnings beat a stock needs to have both a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3.
Conversely, we caution against stocks with a Zacks Rank #4 or 5 (Sell-rated) going into the earnings announcement, especially when the company is seeing negative estimate revisions.
Occidental Petroleum Corporation (OXY - Free Report) , an integrated oil and gas company with significant exploration and production exposure, is slated to report Q4 results before the opening bell.
In Q3, this Houston, TX-based upstream operator lagged estimates. It an average negative surprise of 15.85%.
According to our proven model, Occidental Petroleum is unlikely to post an earnings beat in Q4. This is because the company the company has an Earnings ESP of -50.00% and Zacks Rank #3. Though a Zacks Rank #3 increases the predictive power of ESP, a negative ESP makes surprise prediction difficult (Read more: What Awaits Occidental Petroleum This Earnings Season?).
Occidental Petroleum Corporation Price and EPS Surprise
Patterson-UTI Energy, Inc. (PTEN - Free Report) , one of the largest onshore contract drillers in the U.S., is scheduled to report Q4 results before the opening bell. The company delivered an average positive earnings surprise of 9.35% over the last four quarters.
Centennial Resource Development, Inc. focuses on the development and acquisition of unconventional oil and associated liquids-rich natural gas reserves in the Permian Basin.
Our proven model does not conclusively show that Centennial Resource Development will beat estimates this quarter. This is because the company has a Zacks Rank #2 but an Earnings ESP of 0.00%.
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Energy Stocks Q4 Earnings on Feb 9: EGN, OXY, PTEN, CDEV
We are in the thick of the Q4 earnings season, with results on board from 275 S&P 500 members that account for almost 55% of the index’s total membership. According to the latest Earnings Outlook, overall earnings for these companies are up 6.9% from the year-ago comparable period on 4.2% higher revenues. While 68% companies delivered positive earnings surprises, 54.5% beat revenue estimates.
The overall financial performance displayed so far this earnings cycle raises optimism. Following eight back-to-back quarters of bottom-line decline, analysts anticipated the Energy sector to show improvement in Q4 and clock its first positive earnings growth after years. True to predictions, the sector has turned to positive growth. For the 41.7% sector components on the S&P 500 Index that have reported Q4 results, total earnings are up 19.4% on 3.4% revenue growth. While 60% of the companies have been successful in beating earnings estimates, 66.7% have outperformed the top line.
Stocks to Watch for Earnings on Feb 9
Let’s see what’s in store for these four energy companies when they come up with Q4 numbers on Thursday, Feb 9. Let’s take a look at how things are shaping up at their end.
Diversified energy holding company, Energen Corporation , is engaged in natural gas distribution and oil and natural gas exploration and production activities in the Permian Basin in west Texas and the San Juan Basin in New Mexico. The company is expected to report Q4 results after the closing bell.
Coming to earnings surprise history, this Birmingham, AL-based upstream operator has a good record. The company beat estimates in three of the last four quarters with an average positive surprise of 2.15%.
Our proven model shows that Energen is likely to beat on earnings because it has the right combination of two key ingredients. This is because the stock has a Zacks Rank #3 (Hold) and an Earnings ESP of +4.17%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Energen Corporation Price and EPS Surprise
Energen Corporation Price and EPS Surprise | Energen Corporation Quote
It is to be noted that for an earnings beat a stock needs to have both a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3.
Conversely, we caution against stocks with a Zacks Rank #4 or 5 (Sell-rated) going into the earnings announcement, especially when the company is seeing negative estimate revisions.
Occidental Petroleum Corporation (OXY - Free Report) , an integrated oil and gas company with significant exploration and production exposure, is slated to report Q4 results before the opening bell.
In Q3, this Houston, TX-based upstream operator lagged estimates. It an average negative surprise of 15.85%.
According to our proven model, Occidental Petroleum is unlikely to post an earnings beat in Q4. This is because the company the company has an Earnings ESP of -50.00% and Zacks Rank #3. Though a Zacks Rank #3 increases the predictive power of ESP, a negative ESP makes surprise prediction difficult (Read more: What Awaits Occidental Petroleum This Earnings Season?).
Occidental Petroleum Corporation Price and EPS Surprise
Occidental Petroleum Corporation Price and EPS Surprise | Occidental Petroleum Corporation Quote
Patterson-UTI Energy, Inc. (PTEN - Free Report) , one of the largest onshore contract drillers in the U.S., is scheduled to report Q4 results before the opening bell. The company delivered an average positive earnings surprise of 9.35% over the last four quarters.
For the quarter to be reported, Patterson-UTI Energy has a Zacks Rank #2 but an Earnings ESP of 0.00% (Read more: Patterson-UTI Energy: What to Expect in Q4 Earnings?).
Patterson-UTI Energy, Inc. Price and EPS Surprise
Patterson-UTI Energy, Inc. Price and EPS Surprise | Patterson-UTI Energy, Inc. Quote
Centennial Resource Development, Inc. focuses on the development and acquisition of unconventional oil and associated liquids-rich natural gas reserves in the Permian Basin.
Our proven model does not conclusively show that Centennial Resource Development will beat estimates this quarter. This is because the company has a Zacks Rank #2 but an Earnings ESP of 0.00%.
CENTENNIAL RES Price and EPS Surprise
CENTENNIAL RES Price and EPS Surprise | CENTENNIAL RES Quote
You can see the complete list of today’s Zacks #1 Rank stocks here.
Just Released – Driverless Cars: Your Roadmap to Mega-Profits Today
In this latest Special Report, Zacks’ Aggressive Growth Strategist Brian Bolan explores a full-blown technological breakthrough in the making – autonomous cars. He also spotlights 8 stocks with tremendous gain potential to feed off this phenomenon. Click to see the stocks right now >>