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Is a Beat in Store for Pioneer Natural (PXD) in Q2 Earnings?
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Pioneer Natural Resources Company (PXD - Free Report) is set to report second-quarter 2022 results on Aug 2, after the closing bell.
In the last reported quarter, Pioneer Natural posted earnings of $7.74 per share, beating the Zacks Consensus Estimate of $7.32, owing to higher oil-equivalent production volumes and commodity price realizations.
In the trailing four quarters, Pioneer Natural beat the Zacks Consensus Estimate thrice and missed once, delivering an earnings surprise of 5.7%, on average. This is depicted in the graph below:
Pioneer Natural Resources Company Price and EPS Surprise
The Zacks Consensus Estimate for Pioneer Natural’s second-quarter earnings per share of $8.81 has witnessed five upward and four downward movements in the past 30 days. The consensus estimate suggests an increase of 245.5% from the year-ago reported number.
The Zacks Consensus Estimate for the to-be-reported quarter’s revenues of $6.9 billion indicates a 102.6% year-over-year improvement.
Earnings Whispers
Our proven model predicts 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 chances of an earnings beat.
Earnings ESP: Pioneer Natural has an Earnings ESP of +0.37%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: PXD currently has a Zacks Rank #2.
Key Factors
The pricing scenario of West Texas Intermediate (WTI) crude was considerably higher in the second quarter of this year compared to the year-ago period. Per data from the U.S. Energy Information Administration, the monthly WTI crude spot prices for this year’s April, May and June were $101.78 per barrel, $109.55 per barrel and $114.84 per barrel, respectively. The commodity prices were higher than last year’s prices of $61.72 per barrel, $65.17 per barrel and $71.38 per barrel, respectively. The significant crude price improvement was primarily supported by the invasion of Ukraine by Russia.
Higher oil price was favorable for the exploration and production activities of Pioneer Natural. Natural gas price was also healthier, thereby favoring PXD’s exploration and production businesses. These are likely to have aided Pioneer Natural’s second-quarter performance.
The Zacks Consensus Estimate for Pioneer Natural’s average daily total sales volume is pegged at 635,604 barrels of oil equivalent, suggesting an increase from 629,468 barrels of oil equivalent in the year-ago quarter. Our estimate for average daily total sales volume is pegged at 637.6 thousand barrels of oil equivalent, also suggesting an improvement from the prior-year quarter figure.
Higher production amid favorable oil price is likely to have aided the bottom line.
Other Stocks That Warrant a Look
Here are some other firms that you may want to consider as these too have the right combination of elements to post an earnings beat in the upcoming quarterly reports:
Suncor is scheduled to release second-quarter results on Aug 4. The Zacks Consensus Estimate for SU’s quarterly earnings is pegged at $1.14 per share, suggesting a decline from the prior-year figure.
Cactus Inc (WHD - Free Report) has an Earnings ESP of +3.74% and currently carries a Zacks Rank #2.
Cactus is scheduled to release second-quarter earnings on Aug 4. The Zacks Consensus Estimate for WHD’s earnings is pegged at 36 cents per share, suggesting a significant increase from the prior-year reported figure.
Occidental Petroleum Corporation (OXY - Free Report) has an Earnings ESP of +1.78% and it currently carries a Zacks Rank #2.
Occidental is scheduled to release second-quarter earnings on Aug 2. The Zacks Consensus Estimate for OXY’s earnings is pegged at $2.93 per share, suggesting a significant increase from the prior-year reported figure.
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Is a Beat in Store for Pioneer Natural (PXD) in Q2 Earnings?
Pioneer Natural Resources Company (PXD - Free Report) is set to report second-quarter 2022 results on Aug 2, after the closing bell.
In the last reported quarter, Pioneer Natural posted earnings of $7.74 per share, beating the Zacks Consensus Estimate of $7.32, owing to higher oil-equivalent production volumes and commodity price realizations.
In the trailing four quarters, Pioneer Natural beat the Zacks Consensus Estimate thrice and missed once, delivering an earnings surprise of 5.7%, on average. This is depicted in the graph below:
Pioneer Natural Resources Company Price and EPS Surprise
Pioneer Natural Resources Company price-eps-surprise | Pioneer Natural Resources Company Quote
Estimate Trend
The Zacks Consensus Estimate for Pioneer Natural’s second-quarter earnings per share of $8.81 has witnessed five upward and four downward movements in the past 30 days. The consensus estimate suggests an increase of 245.5% from the year-ago reported number.
The Zacks Consensus Estimate for the to-be-reported quarter’s revenues of $6.9 billion indicates a 102.6% year-over-year improvement.
Earnings Whispers
Our proven model predicts 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 chances of an earnings beat.
Earnings ESP: Pioneer Natural has an Earnings ESP of +0.37%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: PXD currently has a Zacks Rank #2.
Key Factors
The pricing scenario of West Texas Intermediate (WTI) crude was considerably higher in the second quarter of this year compared to the year-ago period. Per data from the U.S. Energy Information Administration, the monthly WTI crude spot prices for this year’s April, May and June were $101.78 per barrel, $109.55 per barrel and $114.84 per barrel, respectively. The commodity prices were higher than last year’s prices of $61.72 per barrel, $65.17 per barrel and $71.38 per barrel, respectively. The significant crude price improvement was primarily supported by the invasion of Ukraine by Russia.
Higher oil price was favorable for the exploration and production activities of Pioneer Natural. Natural gas price was also healthier, thereby favoring PXD’s exploration and production businesses. These are likely to have aided Pioneer Natural’s second-quarter performance.
The Zacks Consensus Estimate for Pioneer Natural’s average daily total sales volume is pegged at 635,604 barrels of oil equivalent, suggesting an increase from 629,468 barrels of oil equivalent in the year-ago quarter. Our estimate for average daily total sales volume is pegged at 637.6 thousand barrels of oil equivalent, also suggesting an improvement from the prior-year quarter figure.
Higher production amid favorable oil price is likely to have aided the bottom line.
Other Stocks That Warrant a Look
Here are some other firms that you may want to consider as these too have the right combination of elements to post an earnings beat in the upcoming quarterly reports:
Suncor Energy, Inc. (SU - Free Report) has an Earnings ESP of +16.67% and is currently a Zacks #3 Ranked player. You can see the complete list of today’s Zacks #1 Rank stocks here.
Suncor is scheduled to release second-quarter results on Aug 4. The Zacks Consensus Estimate for SU’s quarterly earnings is pegged at $1.14 per share, suggesting a decline from the prior-year figure.
Cactus Inc (WHD - Free Report) has an Earnings ESP of +3.74% and currently carries a Zacks Rank #2.
Cactus is scheduled to release second-quarter earnings on Aug 4. The Zacks Consensus Estimate for WHD’s earnings is pegged at 36 cents per share, suggesting a significant increase from the prior-year reported figure.
Occidental Petroleum Corporation (OXY - Free Report) has an Earnings ESP of +1.78% and it currently carries a Zacks Rank #2.
Occidental is scheduled to release second-quarter earnings on Aug 2. The Zacks Consensus Estimate for OXY’s earnings is pegged at $2.93 per share, suggesting a significant increase from the prior-year reported figure.