It has been about a month since the last earnings report for Whiting Petroleum Corporation . Shares have added about 23.1% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Whiting Petroleum Corporation due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.
Whiting Petroleum Q4 Earnings and Revenues Beat Estimates
Whiting Petroleum reported fourth-quarter 2021 adjusted net income per share of $4.23, handsomely beating the Zacks Consensus Estimate of $3.68 and the sequential quarter’s earnings of $3.57 owing to better-than-expected production and significant improvement in oil prices.
Total operating revenues came in at $473.4 million, ahead of the consensus mark of $349 million. Moreover, the top line rose 18% from the quarter-ago level of $401 million.
On an encouraging note, the company’s free cash flow of $156.3 million was higher than the third-quarter 2021 figure of $127.7 million.
Production & Prices
WLL’s total oil and gas production reported a small sequential increase of 0.7% to 8,535 thousand barrels of oil equivalent/ MBOE (comprising 80% liquids). Oil volumes at 4,871 thousand barrels (MBbl) increased 2.3% from the level achieved in third-quarter 2021 but natural gas output fell 4.1% to reach 10,303 thousand cubic feet. Daily production averaged 92.8 MBOE, edging up from the previous quarter’s 92.1 MBOE and surpassing the Zacks Consensus Estimate of 90 MBOE.
The average crude oil price received during the fourth quarter was $75.75 per barrel, reflecting a 13.8% rise from the quarter-ago receipt of $66.54. Meanwhile, the average natural gas price jumped to $3.68 per thousand cubic feet (Mcf) from $2.42 in the July-September period.
Balance Sheet & Capital Expenditure
As of Dec 31, Whiting Petroleum had approximately $41.2 million in cash, cash equivalents and restricted cash, with no long-term debt. In the reported quarter, the company spent $66.2 million on its capital program.
How Have Estimates Been Moving Since Then?
It turns out, estimates revision have trended upward during the past month.
VGM Scores
Currently, Whiting Petroleum Corporation has an average Growth Score of C, however its Momentum Score is doing a bit better with a B. Following the exact same course, the stock was allocated a grade of B on the value side, putting it in the top 40% for this investment strategy.
Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise Whiting Petroleum Corporation has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.
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Whiting Petroleum Corporation (WLL) Up 23.1% Since Last Earnings Report: Can It Continue?
It has been about a month since the last earnings report for Whiting Petroleum Corporation . Shares have added about 23.1% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Whiting Petroleum Corporation due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.
Whiting Petroleum Q4 Earnings and Revenues Beat Estimates
Whiting Petroleum reported fourth-quarter 2021 adjusted net income per share of $4.23, handsomely beating the Zacks Consensus Estimate of $3.68 and the sequential quarter’s earnings of $3.57 owing to better-than-expected production and significant improvement in oil prices.
Total operating revenues came in at $473.4 million, ahead of the consensus mark of $349 million. Moreover, the top line rose 18% from the quarter-ago level of $401 million.
On an encouraging note, the company’s free cash flow of $156.3 million was higher than the third-quarter 2021 figure of $127.7 million.
Production & Prices
WLL’s total oil and gas production reported a small sequential increase of 0.7% to 8,535 thousand barrels of oil equivalent/ MBOE (comprising 80% liquids). Oil volumes at 4,871 thousand barrels (MBbl) increased 2.3% from the level achieved in third-quarter 2021 but natural gas output fell 4.1% to reach 10,303 thousand cubic feet. Daily production averaged 92.8 MBOE, edging up from the previous quarter’s 92.1 MBOE and surpassing the Zacks Consensus Estimate of 90 MBOE.
The average crude oil price received during the fourth quarter was $75.75 per barrel, reflecting a 13.8% rise from the quarter-ago receipt of $66.54. Meanwhile, the average natural gas price jumped to $3.68 per thousand cubic feet (Mcf) from $2.42 in the July-September period.
Balance Sheet & Capital Expenditure
As of Dec 31, Whiting Petroleum had approximately $41.2 million in cash, cash equivalents and restricted cash, with no long-term debt. In the reported quarter, the company spent $66.2 million on its capital program.
How Have Estimates Been Moving Since Then?
It turns out, estimates revision have trended upward during the past month.
VGM Scores
Currently, Whiting Petroleum Corporation has an average Growth Score of C, however its Momentum Score is doing a bit better with a B. Following the exact same course, the stock was allocated a grade of B on the value side, putting it in the top 40% for this investment strategy.
Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise Whiting Petroleum Corporation has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.