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Earthstone Energy (ESTE) to Post Q2 Earnings: What's in Store?
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Earthstone Energy, Inc. is set to report second-quarter 2022 results on Aug 5, before the opening bell.
In the last reported quarter, Earthstone comfortably beat the Zacks Consensus Estimate. It topped the consensus estimate in each of the prior four quarters, the average earnings surprise being 34.9%. This is depicted in the graph below:
The Zacks Consensus Estimate for the company’s second-quarter earnings per share of $1.23 has witnessed one upward revision in the past 30 days. The estimated figure suggests an improvement of 373.1% from the prior-year number.
The consensus estimate for second-quarter revenues of $364.9 million indicates a 307% improvement from the year-ago reported figure.
Factors to Consider
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 Earthstone. Natural gas price was also healthier, thereby favoring ESTE’s exploration and production businesses. These are likely to have aided Earthstone’s second-quarter performance.
Earnings Whispers
Our proven model does not conclusively predict an earnings beat for Earthstone 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. That is not the case here, as you will see below.
Earnings ESP: Earthstone’s Earnings ESP is 0.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Earthstone currently sports a Zacks Rank #1.
Stocks That Warrant a Look
Here are some firms that you may want to consider as these 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 $1.74 per share, suggesting an improvement from the prior-year figure.
ConocoPhillips (COP - Free Report) has an Earnings ESP of +1.21% and currently carries a Zacks Rank #3.
ConocoPhillips is scheduled to release second-quarter earnings on Aug 4. The Zacks Consensus Estimate for COP’s earnings is pegged at $3.78 per share, suggesting a significant increase from the prior-year reported figure.
Murphy Oil Corporation (MUR - Free Report) currently has an Earnings ESP of +3.32% and a Zacks Rank #3.
Murphy Oil is scheduled to release second-quarter earnings on Aug 4. The Zacks Consensus Estimate for MUR’s earnings is pegged at $1.42 per share, suggesting a significant improvement from the prior-year reported figure.
Image: Bigstock
Earthstone Energy (ESTE) to Post Q2 Earnings: What's in Store?
Earthstone Energy, Inc. is set to report second-quarter 2022 results on Aug 5, before the opening bell.
In the last reported quarter, Earthstone comfortably beat the Zacks Consensus Estimate. It topped the consensus estimate in each of the prior four quarters, the average earnings surprise being 34.9%. This is depicted in the graph below:
Earthstone Energy, Inc. Price and EPS Surprise
Earthstone Energy, Inc. price-eps-surprise | Earthstone Energy, Inc. Quote
Trend in Estimate Revision
The Zacks Consensus Estimate for the company’s second-quarter earnings per share of $1.23 has witnessed one upward revision in the past 30 days. The estimated figure suggests an improvement of 373.1% from the prior-year number.
The consensus estimate for second-quarter revenues of $364.9 million indicates a 307% improvement from the year-ago reported figure.
Factors to Consider
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 Earthstone. Natural gas price was also healthier, thereby favoring ESTE’s exploration and production businesses. These are likely to have aided Earthstone’s second-quarter performance.
Earnings Whispers
Our proven model does not conclusively predict an earnings beat for Earthstone 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. That is not the case here, as you will see below.
Earnings ESP: Earthstone’s Earnings ESP is 0.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Earthstone currently sports a Zacks Rank #1.
Stocks That Warrant a Look
Here are some firms that you may want to consider as these 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 +11.91% and is currently a Zacks #2 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 $1.74 per share, suggesting an improvement from the prior-year figure.
ConocoPhillips (COP - Free Report) has an Earnings ESP of +1.21% and currently carries a Zacks Rank #3.
ConocoPhillips is scheduled to release second-quarter earnings on Aug 4. The Zacks Consensus Estimate for COP’s earnings is pegged at $3.78 per share, suggesting a significant increase from the prior-year reported figure.
Murphy Oil Corporation (MUR - Free Report) currently has an Earnings ESP of +3.32% and a Zacks Rank #3.
Murphy Oil is scheduled to release second-quarter earnings on Aug 4. The Zacks Consensus Estimate for MUR’s earnings is pegged at $1.42 per share, suggesting a significant improvement from the prior-year reported figure.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.