An Earnings Miss: Exploration and production company, Encana Corporation announced second-quarter 2018 net loss per share of 16 cents, as against the Zacks Consensus Estimate of earnings of 10 cents.
Revenue Lagged Estimates: Total revenues came in at $983 million, which underperformed the Zacks Consensus Estimate of $1,144 million.
Key Stats: Quarterly natural gas production declined approximately 4% year over year to 1,095 million cubic feet per day, while liquids production rose 24% year over year to 155.3 thousand barrels per day.
Encana's realized natural gas were $3.03 per thousand cubic feet, compared with the year-ago quarter level of $2.56. Meanwhile, realized oil price rose to $58 per barrel from $48.27 in the second quarter of 2017.
Estimate Revision Trend: Investors should note that the earnings estimate for Encana was revised upward by a penny in the last seven days.
Zacks Rank & Surprise History: Currently, Encana carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement. (You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.)
Coming to earnings surprise history, the company has an impressive record: the company has surpassed estimates in three of the last four quarters with an average beat of 83.27%.
Check back later for our full write up on this Encana earnings report later!
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An Earnings Miss: Exploration and production company, Encana Corporation announced second-quarter 2018 net loss per share of 16 cents, as against the Zacks Consensus Estimate of earnings of 10 cents.
Revenue Lagged Estimates: Total revenues came in at $983 million, which underperformed the Zacks Consensus Estimate of $1,144 million.
Key Stats: Quarterly natural gas production declined approximately 4% year over year to 1,095 million cubic feet per day, while liquids production rose 24% year over year to 155.3 thousand barrels per day.
Encana's realized natural gas were $3.03 per thousand cubic feet, compared with the year-ago quarter level of $2.56. Meanwhile, realized oil price rose to $58 per barrel from $48.27 in the second quarter of 2017.
Estimate Revision Trend: Investors should note that the earnings estimate for Encana was revised upward by a penny in the last seven days.
Zacks Rank & Surprise History: Currently, Encana carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement. (You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.)
Coming to earnings surprise history, the company has an impressive record: the company has surpassed estimates in three of the last four quarters with an average beat of 83.27%.
Check back later for our full write up on this Encana earnings report later!
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot trades we're targeting>>
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 >>