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EOG Resources (EOG) to Report Q3 Earnings: What's in Store?
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EOG Resources, Inc. (EOG - Free Report) is set to report third-quarter 2022 results on Nov 3, after the closing bell.
In the last reported quarter, EOG Resources missed the Zacks Consensus Estimate. It outpaced the consensus estimate twice and missed twice in the prior four quarters, the average earnings surprise being 0.9%. This is depicted in the graph below:
The Zacks Consensus Estimate for the company’s third-quarter earnings per share of $3.88 has witnessed one downward revision in the past seven days. The estimated figure suggests an improvement of 79.6% from the prior-year number.
The consensus estimate for third-quarter revenues of $7.3 billion indicates a 53.4% improvement from the year-ago reported figure.
Factors to Consider
Per data provided by the U.S. Energy Information Administration (“EIA”), the average West Texas Intermediate crude prices in July, August and September were recorded at $101.62 per barrel, $93.67 per barrel and $84.26 per barrel, respectively. In comparison, in the year-ago respective months, average oil prices were reported at $72.49 per barrel, $67.73 per barrel and $71.65 per barrel, per the EIA’s data.
Higher oil price was favorable for the exploration and production activities of EOG Resources. Natural gas price was also healthier, thereby favoring EOG’s exploration and production businesses. These are likely to have aided the company’s third-quarter performance.
The Zacks Consensus Estimate for EOG Resources’ total production is pegged at 84 million barrels of oil equivalent (MMBoE), suggesting an improvement from 78 MMBoE in a year-ago quarter. Our estimate for total production is pegged at 83.4 MMBoE, also indicating a rise from the prior-year quarter figure.
Higher production amid favorable oil price is likely to have aided the bottom line.
Earnings Whispers
Our proven model does not conclusively predict an earnings beat for EOG Resources 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: EOG Resources’ Earnings ESP is -0.95%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: It currently carries a Zacks Rank #3.
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:
Cheniere Energy is scheduled to release third-quarter results on Nov 3. The Zacks Consensus Estimate for LNG’s earnings is pegged at $5.45 per share, suggesting an increase of almost 479.8% from the prior-year quarter’s reported figure.
Diamondback Energy, Inc. (FANG - Free Report) has an Earnings ESP of +0.63% and a Zacks Rank of 3.
Diamondback is scheduled to report third-quarter results on Nov 7. The Zacks Consensus Estimate for FANG’s earnings is pegged at $6.45 per share, suggesting a significant increase from the prior-year quarter’s reported figure.
Cactus, Inc. (WHD - Free Report) has an Earnings ESP of +2.74% and a Zacks Rank #1.
Cactus is scheduled to release third-quarter earnings on Nov 7. The Zacks Consensus Estimate for WHD’s earnings is pegged at 49 cents per share, suggesting an increase of 157.9% from the prior-year quarter’s reported figure.
Image: Bigstock
EOG Resources (EOG) to Report Q3 Earnings: What's in Store?
EOG Resources, Inc. (EOG - Free Report) is set to report third-quarter 2022 results on Nov 3, after the closing bell.
In the last reported quarter, EOG Resources missed the Zacks Consensus Estimate. It outpaced the consensus estimate twice and missed twice in the prior four quarters, the average earnings surprise being 0.9%. This is depicted in the graph below:
EOG Resources, Inc. Price and EPS Surprise
EOG Resources, Inc. price-eps-surprise | EOG Resources, Inc. Quote
Trend in Estimate Revision
The Zacks Consensus Estimate for the company’s third-quarter earnings per share of $3.88 has witnessed one downward revision in the past seven days. The estimated figure suggests an improvement of 79.6% from the prior-year number.
The consensus estimate for third-quarter revenues of $7.3 billion indicates a 53.4% improvement from the year-ago reported figure.
Factors to Consider
Per data provided by the U.S. Energy Information Administration (“EIA”), the average West Texas Intermediate crude prices in July, August and September were recorded at $101.62 per barrel, $93.67 per barrel and $84.26 per barrel, respectively. In comparison, in the year-ago respective months, average oil prices were reported at $72.49 per barrel, $67.73 per barrel and $71.65 per barrel, per the EIA’s data.
Higher oil price was favorable for the exploration and production activities of EOG Resources. Natural gas price was also healthier, thereby favoring EOG’s exploration and production businesses. These are likely to have aided the company’s third-quarter performance.
The Zacks Consensus Estimate for EOG Resources’ total production is pegged at 84 million barrels of oil equivalent (MMBoE), suggesting an improvement from 78 MMBoE in a year-ago quarter. Our estimate for total production is pegged at 83.4 MMBoE, also indicating a rise from the prior-year quarter figure.
Higher production amid favorable oil price is likely to have aided the bottom line.
Earnings Whispers
Our proven model does not conclusively predict an earnings beat for EOG Resources 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: EOG Resources’ Earnings ESP is -0.95%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: It currently carries a Zacks Rank #3.
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:
Cheniere Energy, Inc. (LNG - Free Report) has an Earnings ESP of +1.01% and is a Zacks #2 Ranked player. You can see the complete list of today’s Zacks #1 Rank stocks here.
Cheniere Energy is scheduled to release third-quarter results on Nov 3. The Zacks Consensus Estimate for LNG’s earnings is pegged at $5.45 per share, suggesting an increase of almost 479.8% from the prior-year quarter’s reported figure.
Diamondback Energy, Inc. (FANG - Free Report) has an Earnings ESP of +0.63% and a Zacks Rank of 3.
Diamondback is scheduled to report third-quarter results on Nov 7. The Zacks Consensus Estimate for FANG’s earnings is pegged at $6.45 per share, suggesting a significant increase from the prior-year quarter’s reported figure.
Cactus, Inc. (WHD - Free Report) has an Earnings ESP of +2.74% and a Zacks Rank #1.
Cactus is scheduled to release third-quarter earnings on Nov 7. The Zacks Consensus Estimate for WHD’s earnings is pegged at 49 cents per share, suggesting an increase of 157.9% from the prior-year quarter’s reported figure.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.