Encana Corp. , based in Calgary, Alberta, is a focused pure-play natural gas exploration and production (E&P) company. It is one of the largest gas producers in North America, and holds a highly competitive land and resource position in a number of the region's most promising shale and tight gas resource plays.
Currently, Encana has a Zacks Rank #3 (Hold) but that could change following its second quarter 2016 earnings report which has just released. Coming to earnings surprise history, the company has a dismal record: its beaten estimates in just 1 of the last four quarters.
We have highlighted some of the key details from the just-released announcement below:
Earnings: Encana earnings crush loss estimate. The company announced operating earnings per share of 10 cents, contrary to the Zacks Consensus Estimate for a loss of 8 cents.
Revenue: Revenue below expectations. Revenues (net of royalties) came in at $364 million, which underperformed the Zacks Consensus Estimate of $775.32 million.
Key Stats: Quarterly natural gas production declined approximately 10% year over year to 1,418 million cubic feet per day. However, liquid production improved 4% year over year to 132.0 thousand barrels per day.
Encana's realized natural gas price were $1.86 per thousand cubic feet, almost halving from the year-ago quarter level of $3.52. Realized liquids price fell to $38.47 per barrel from $43.78 in the second quarter of 2015.
Rise in Planned Capex: Encana plans to utilize a part of its divestment proceeds to increase its 2016 capital expenditure budget by $200 million.
Check back later for our full write up on this Encana earnings report later!
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Encana Corp. , based in Calgary, Alberta, is a focused pure-play natural gas exploration and production (E&P) company. It is one of the largest gas producers in North America, and holds a highly competitive land and resource position in a number of the region's most promising shale and tight gas resource plays.
Currently, Encana has a Zacks Rank #3 (Hold) but that could change following its second quarter 2016 earnings report which has just released. Coming to earnings surprise history, the company has a dismal record: its beaten estimates in just 1 of the last four quarters.
We have highlighted some of the key details from the just-released announcement below:
Earnings: Encana earnings crush loss estimate. The company announced operating earnings per share of 10 cents, contrary to the Zacks Consensus Estimate for a loss of 8 cents.
Revenue: Revenue below expectations. Revenues (net of royalties) came in at $364 million, which underperformed the Zacks Consensus Estimate of $775.32 million.
Key Stats: Quarterly natural gas production declined approximately 10% year over year to 1,418 million cubic feet per day. However, liquid production improved 4% year over year to 132.0 thousand barrels per day.
Encana's realized natural gas price were $1.86 per thousand cubic feet, almost halving from the year-ago quarter level of $3.52. Realized liquids price fell to $38.47 per barrel from $43.78 in the second quarter of 2015.
Rise in Planned Capex: Encana plans to utilize a part of its divestment proceeds to increase its 2016 capital expenditure budget by $200 million.
Check back later for our full write up on this Encana earnings report later!
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free report >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>