We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
What's in the Cards for EOG Resources' (EOG) Q1 Earnings?
Read MoreHide Full Article
EOG Resources, Inc. (EOG - Free Report) is scheduled to report first-quarter 2021 results on May 6, after the closing bell.
In the last reported quarter, the company reported adjusted earnings per share of 71 cents, beating the Zacks Consensus Estimate of 38 cents due to a decline in lease and well expenses, partially offset by lower oil equivalent production volumes.
EOG Resources beat estimates twice in the last four quarters and missed on the other two occasions, delivering an average earnings surprise of 41.7%, as shown in the chart below.
Let’s see how things have shaped up prior to the announcement.
Trend in Estimate Revision
The Zacks Consensus Estimate for the company’s first-quarter earnings per share of $1.50 has witnessed eight upward estimate revisions and one downward movement in the past 30 days. This estimate is indicative of an 172.7% increase from the year-ago reported figure.
The Zacks Consensus Estimate for its first-quarter revenues is pegged at $3.7 billion, suggesting a decrease of 22.4% from the year-ago reported figure.
Factors to Note
EOG Resources’ focus on exploration and production of oil and gas resources in the Permian, Bakken and Eagle Ford is expected to reflect on first-quarter results. However, economic slowdown caused by the coronavirus pandemic might have affected its production volumes.
The Zacks Consensus Estimate for average daily production volumes is pegged at 786 thousand barrels of oil equivalent per day (MBoe/d), indicating a significant decrease from the year-ago period’s 874.1 MBoe/d.
The Zacks Consensus Estimate for average crude oil and condensates price is pegged at $55 per barrel, which indicates a significant increase from the year-ago period’s $46.96. The same for first-quarter average natural gas liquids price is pegged at $25.14 per barrel, signaling an increase from the year-ago figure of $10.94. Also, the consensus estimate for average natural gas price is $5.15 per thousand cubic feet, indicating an increase from $1.67 in the year-ago quarter.
Although a rise in the commodities’ realized price levels might have led to a year-over-year increase in profits, the negative impacts of lower production volumes makes an earnings beat unpredictable.
Earnings Whispers
Our proven model does not conclusively predict an earnings beat for EOG Resources 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 not the case here as you will see below.
Earnings ESP: Earnings ESP for the company is -1.56%. This is because the Most Accurate Estimate of earnings of $1.48 per share is lower than the Zacks Consensus Estimate of $1.50. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: EOG Resources currently carries a Zacks Rank #2.
Energy Stocks With Favorable Combination
Here are some companies from the Energy space that you may want to consider, as our model shows that these have the right combination of elements to post an earnings beat in the upcoming quarterly reports:
Pembina Pipeline Corporation (PBA - Free Report) has an Earnings ESP of +2.22% and is a Zacks #3 Ranked player. The company is scheduled to release first-quarter results on May 6.
Cimarex Energy Co. has an Earnings ESP of +10.55% and a Zacks Rank of 3. It is scheduled to report first-quarter results on May 5.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
Image: Bigstock
What's in the Cards for EOG Resources' (EOG) Q1 Earnings?
EOG Resources, Inc. (EOG - Free Report) is scheduled to report first-quarter 2021 results on May 6, after the closing bell.
In the last reported quarter, the company reported adjusted earnings per share of 71 cents, beating the Zacks Consensus Estimate of 38 cents due to a decline in lease and well expenses, partially offset by lower oil equivalent production volumes.
EOG Resources beat estimates twice in the last four quarters and missed on the other two occasions, delivering an average earnings surprise of 41.7%, as shown in the chart below.
EOG Resources, Inc. Price and EPS Surprise
EOG Resources, Inc. price-eps-surprise | EOG Resources, Inc. Quote
Let’s see how things have shaped up prior to the announcement.
Trend in Estimate Revision
The Zacks Consensus Estimate for the company’s first-quarter earnings per share of $1.50 has witnessed eight upward estimate revisions and one downward movement in the past 30 days. This estimate is indicative of an 172.7% increase from the year-ago reported figure.
The Zacks Consensus Estimate for its first-quarter revenues is pegged at $3.7 billion, suggesting a decrease of 22.4% from the year-ago reported figure.
Factors to Note
EOG Resources’ focus on exploration and production of oil and gas resources in the Permian, Bakken and Eagle Ford is expected to reflect on first-quarter results. However, economic slowdown caused by the coronavirus pandemic might have affected its production volumes.
The Zacks Consensus Estimate for average daily production volumes is pegged at 786 thousand barrels of oil equivalent per day (MBoe/d), indicating a significant decrease from the year-ago period’s 874.1 MBoe/d.
The Zacks Consensus Estimate for average crude oil and condensates price is pegged at $55 per barrel, which indicates a significant increase from the year-ago period’s $46.96. The same for first-quarter average natural gas liquids price is pegged at $25.14 per barrel, signaling an increase from the year-ago figure of $10.94. Also, the consensus estimate for average natural gas price is $5.15 per thousand cubic feet, indicating an increase from $1.67 in the year-ago quarter.
Although a rise in the commodities’ realized price levels might have led to a year-over-year increase in profits, the negative impacts of lower production volumes makes an earnings beat unpredictable.
Earnings Whispers
Our proven model does not conclusively predict an earnings beat for EOG Resources 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 not the case here as you will see below.
Earnings ESP: Earnings ESP for the company is -1.56%. This is because the Most Accurate Estimate of earnings of $1.48 per share is lower than the Zacks Consensus Estimate of $1.50. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: EOG Resources currently carries a Zacks Rank #2.
Energy Stocks With Favorable Combination
Here are some companies from the Energy space that you may want to consider, as our model shows that these have the right combination of elements to post an earnings beat in the upcoming quarterly reports:
NOW Inc. (DNOW - Free Report) has an Earnings ESP of +39.13% and a Zacks Rank of 3. It is scheduled to report first-quarter results on May 5. You can see the complete list of today’s Zacks #1 Rank stocks here.
Pembina Pipeline Corporation (PBA - Free Report) has an Earnings ESP of +2.22% and is a Zacks #3 Ranked player. The company is scheduled to release first-quarter results on May 6.
Cimarex Energy Co. has an Earnings ESP of +10.55% and a Zacks Rank of 3. It is scheduled to report first-quarter results on May 5.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
See these 7 breakthrough stocks now>>