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What's in the Offing for Pioneer Natural (PXD) in Q1 Earnings?

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Pioneer Natural Resources Company (PXD - Free Report) is set to report first-quarter 2022 results on May 4, after the closing bell.

In the last reported quarter, the upstream energy player’s earnings of $4.58 per share (excluding one-time items) beat the Zacks Consensus Estimate of $4.05, owing to higher oil-equivalent production volumes and commodity price realizations.

In the trailing four quarters, Pioneer Natural’s earnings beat the Zacks Consensus Estimate thrice and missed the same on one occasion, the average surprise being 8.8%. This is depicted in the graph below:

 

Let’s see how things have shaped up prior to the first-quarter earnings announcement.

Estimate Trend

The Zacks Consensus Estimate for first-quarter earnings per share of $7.32 has witnessed ten upward revisions and no downward movement in the past 30 days. The estimated figure suggests a year-over-year improvement of 313.6%.

The consensus estimate for first-quarter revenues of $5.8 billion indicates a 138% increase from the year-ago reported figure.

Factors to Consider

In the first quarter of 2022, the oil price scenario improved drastically from the year-ago quarter. The natural gas price also improved significantly in the March-end quarter from the year-ago period. The massive improvement resulted from Russia’s aggressive and unprovoked invasion of Ukraine.

The rise in oil and natural gas prices is likely to have aided Pioneer Natural’s upstream businesses. This is because, in the high-margin Midland basin, Pioneer Natural is the only large-cap exploration and production pure play.

Earnings Whispers

Our proven model does not conclusively predict an earnings beat for Pioneer Natural 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 0.00%. This is because the Most Accurate Estimate is currently pegged at $7.32 per share, the same as the Zacks Consensus Estimate. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.  

Zacks Rank: Pioneer Natural currently flaunts a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.

Energy Stock With Favorable Combination

Here’s a company from the Energy space that you may want to consider, as our model shows that it has the right combination of elements to post an earnings beat in the upcoming quarterly report:

Callon Petroleum Company (CPE - Free Report) has an Earnings ESP of +0.11% and is currently a Zacks #2 Ranked player.

Callon is scheduled to release first-quarter results on May 4. The Zacks Consensus Estimate for CPE’s quarterly earnings is pegged at $3.28 per share, suggesting a massive increase from the prior-year reported figure.

Cheniere Energy Inc. (LNG - Free Report) has an Earnings ESP of +7.18% and is currently a Zacks #3 Ranked player.

Cheniere is scheduled to release first-quarter results on May 4. The Zacks Consensus Estimate for LNG’s quarterly earnings is pegged at $3.16 per share, suggesting a significant increase from the prior-year figure.

Murphy USA Inc. (MUSA - Free Report) has an Earnings ESP of +18.49% and it currently carries a Zacks Rank #2.

Murphy USA is scheduled to release first-quarter earnings on May 3. The Zacks Consensus Estimate for MUSA’s earnings is pegged at $2.65 per share, suggesting a significant increase from the prior-year reported figure.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.