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Chesapeake Energy (CHK) to Post Q2 Earnings: What's in Store?

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Chesapeake Energy Corporation (CHK - Free Report) is set to report second-quarter 2022 results on Aug 2, after the closing bell.

In the last reported quarter, the upstream energy company’s earnings were $3.09 per share, beating the Zacks Consensus Estimate of $2.46. In the trailing four quarters, Chesapeake Energy beat the Zacks Consensus Estimate for the bottom line thrice and missed the same once, delivering an earnings surprise of 23.5%, on average. This is depicted in the graph below:

Chesapeake Energy Corporation Price and EPS Surprise

 

Chesapeake Energy Corporation Price and EPS Surprise

Chesapeake Energy Corporation price-eps-surprise | Chesapeake Energy Corporation Quote

Let’s see how things have shaped up prior to the announcement.

Estimate Trend

The Zacks Consensus Estimate for CHK’s second-quarter earnings per share of $3.74 has witnessed four upward revisions and no downward movement in the past 30 days. The consensus estimate suggests a year-over-year increase of 128%.

The Zacks Consensus Estimate for the second quarter’s revenues of $1.7 billion indicates a 147.3% improvement from the year-ago reported figure.

Factors to Consider

In the June-end quarter, crude oil and natural gas prices were significantly higher than the prior-year quarter. Healthier commodity prices are likely to have aided Chesapeake Energy since the company is a leading upstream energy player.

Earnings Whispers

Our proven model does not conclusively predict an earnings beat for Chesapeake Energy this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. As you can see, that is not the case here. 

Earnings ESP: Chesapeake Energy has an Earnings ESP of 0.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Zacks Rank: Chesapeake Energy currently carries a Zacks Rank #2.

Stocks That Warrant a Look

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:

ConocoPhillips (COP - Free Report) has an Earnings ESP of +1.21% and is a Zacks #3 Ranked player at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

ConocoPhillips is scheduled to release second-quarter results on Aug 4. The Zacks Consensus Estimate for COP’s quarterly earnings is pegged at $3.78 per share, suggesting an increase of 197.6% from the prior-year reported figure.

Callon Petroleum Company (CPE - Free Report) has an Earnings ESP of +1.85% and is a Zacks #3 Ranked player at present.

Callon is scheduled to release second-quarter results on Aug 3. The Zacks Consensus Estimate for CPE’s quarterly earnings is pegged at $3.90 per share, suggesting an increase of 161.7% from the prior-year figure.

Diamondback Energy, Inc. (FANG - Free Report) has an Earnings ESP of +0.60% and a Zacks Rank #3 at present.

Diamondback is scheduled to release second-quarter earnings on Aug 1. The Zacks Consensus Estimate for FANG’s earnings is pegged at $6.65 per unit, suggesting a massive improvement from the prior-year figure.

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

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