Noble Midstream Partners LP (NBLX - Free Report) is scheduled to release second-quarter 2020 results on Aug 3. In the last reported quarter, the firm delivered an earnings surprise of 133.3%.
Let’s discuss the factors that are likely to get reflected in the upcoming quarterly results.
Factors to Consider
Noble Midstream responded to the unprecedented economic crisis caused by the novel coronavirus outbreak by reducing organic capital, deferring project expenditures and reducing quarterly cash distribution. All these initiatives are expected to positively impact second-quarter results.
Also, these factors are expected to have offset weaker cash flow due to a decline in production from E&P companies in the second quarter and aided the firm in debt reduction.
The Zacks Consensus Estimate for second-quarter earnings is pegged at 38 cents per unit, while the same for revenues is $164.4 million.
What the Zacks Model Unveils
Our proven model predicts an earnings beat for Noble Midstream this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That is the case here as you will see below.
Earnings ESP: The firm’s Earnings ESP is +18.42%.
You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Currently, Noble Midstream carries a Zacks Rank #2.
Other Stocks to Consider
Here are a few other companies worth considering from the same industry that too have the right combination of elements to beat on earnings in the upcoming releases.
Noble Energy (NBL - Free Report) is set to release second-quarter results on Aug 3. It has an Earnings ESP of +9.62% and a Zacks Rank of 1. You can see the complete list of today’s Zacks #1 Rank stocks here.
Diamondback Energy, Inc. (FANG - Free Report) is scheduled to release second-quarter results on Aug 3. It has an Earnings ESP of +6.69% and a Zacks Rank of 3.
Range Resources Corporation (RRC - Free Report) is set to release second-quarter results on Aug 3. It has an Earnings ESP of +2.61% and a Zacks Rank of 2.
5 Stocks Set to Double
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