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Energy Stock's Q3 Earnings to Watch on Nov 3: COP, EOG & CNQ
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Being one of the most economically mature commodity markets in the world, the price of crude oil has a significant influence on the global economy. Big oil producers have been recovering financially from the pandemic-led disruptions due to the upward march in oil prices. Hence, the overall energy business scenario is expected to have improved in the September-end quarter.
Oil Price Surge
Despite retreating from its peak, oil prices were significantly higher in the third quarter of 2022 than the prior-year period.The pricing environment of natural gas also improved dramatically in the third quarter from the year-ago period. Strong commodity prices are likely to have aided exploration and production businesses, leading to a bumper quarter for the upstream energy players.
Higher commodity prices have led to an increase in drilling activities in U.S. resources. Rig count data, as reported by Baker Hughes Company (BKR - Free Report) , revealed that the monthly count of rigs in the United States in the September-end quarter of 2022 was significantly higher than the year-earlier quarter.
Baker Hughes also publishes monthly rig count data. The rotary rig count, issued by Baker Hughes, usually gets published in major newspapers and trade publications.
Baker Hughes’ data, issued at the end of every week since 1944, helps energy service providers gauge the overall business environment of the oil and gas industry. The number of active rigs compared with the prior-week figure indicates the demand trajectory for Baker Hughes’ oilfield services from exploration and production companies.
Factors to Influence Q3 Earnings
Upstream energy companies are likely to have generated handsome earnings in the third quarter as the global economy rebounded and fuel demand increased. The continued growth in fuel consumption is likely to have aided energy companies’ refining operations. This has resulted as more people have socialized and gone to work in the quarter under review than in the prior-year quarter.
Per the latest Zacks Earnings Trends report, the energy sector is likely to have generated earnings of $57.2 billion for the September-end quarter of this year, indicating a massive year-over-year improvement.
Energy Companies’ Earnings in Focus
Given the backdrop, let us look at how the following energy companies are placed ahead of their third-quarter earnings releases slated for Nov 3.
Our proprietary model indicates that a company needs to have the right combination of two key ingredients — a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) — to increase the odds of an earnings beat. You can see the complete list of today’s Zacks #1 Rank stocks here.
ConocoPhillips (COP - Free Report) is geared up to release third-quarter earnings before the opening bell.
Our proven model doesn’t predict an earnings beat for ConocoPhillips this time around as it has an Earnings ESP of -1.24% and a Zacks Rank #3. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
The Zacks Consensus Estimate for ConocoPhillips’ earnings is pegged at $3.41 per share, suggesting a massive improvement from the prior-year reported figure.
EOG Resources Inc. (EOG - Free Report) is set to report quarterly earnings after the closing bell. The chances of EOG Resources delivering an earnings beat this time around are low as it has an Earnings ESP of -1.09% and a Zacks Rank #3.
The Zacks Consensus Estimate for EOG Resources’ earnings is pegged at $3.83 per share, suggesting a significant increase from the prior-year quarter’s reported figure.
Canadian Natural Resources Limited (CNQ - Free Report) is scheduled to report quarterly earnings before the opening bell. Unlike ConocoPhillips and EOG Resources, the chances of CNQ delivering an earnings beat this time around are high as it has an Earnings ESP of +0.48% and a Zacks Rank #3.
Being one of the largest independent energy companies in Canada, CNQ is likely to have benefitted from the surging oil prices. The Zacks Consensus Estimate for Canadian Natural Resources’ earnings is pegged at $2.09 per share, suggesting an improvement from the prior-year reported figure.
Canadian Natural Resources Limited Price and EPS Surprise
Image: Bigstock
Energy Stock's Q3 Earnings to Watch on Nov 3: COP, EOG & CNQ
Being one of the most economically mature commodity markets in the world, the price of crude oil has a significant influence on the global economy. Big oil producers have been recovering financially from the pandemic-led disruptions due to the upward march in oil prices. Hence, the overall energy business scenario is expected to have improved in the September-end quarter.
Oil Price Surge
Despite retreating from its peak, oil prices were significantly higher in the third quarter of 2022 than the prior-year period.The pricing environment of natural gas also improved dramatically in the third quarter from the year-ago period. Strong commodity prices are likely to have aided exploration and production businesses, leading to a bumper quarter for the upstream energy players.
Higher commodity prices have led to an increase in drilling activities in U.S. resources. Rig count data, as reported by Baker Hughes Company (BKR - Free Report) , revealed that the monthly count of rigs in the United States in the September-end quarter of 2022 was significantly higher than the year-earlier quarter.
Baker Hughes also publishes monthly rig count data. The rotary rig count, issued by Baker Hughes, usually gets published in major newspapers and trade publications.
Baker Hughes’ data, issued at the end of every week since 1944, helps energy service providers gauge the overall business environment of the oil and gas industry. The number of active rigs compared with the prior-week figure indicates the demand trajectory for Baker Hughes’ oilfield services from exploration and production companies.
Factors to Influence Q3 Earnings
Upstream energy companies are likely to have generated handsome earnings in the third quarter as the global economy rebounded and fuel demand increased. The continued growth in fuel consumption is likely to have aided energy companies’ refining operations. This has resulted as more people have socialized and gone to work in the quarter under review than in the prior-year quarter.
Per the latest Zacks Earnings Trends report, the energy sector is likely to have generated earnings of $57.2 billion for the September-end quarter of this year, indicating a massive year-over-year improvement.
Energy Companies’ Earnings in Focus
Given the backdrop, let us look at how the following energy companies are placed ahead of their third-quarter earnings releases slated for Nov 3.
Our proprietary model indicates that a company needs to have the right combination of two key ingredients — a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) — to increase the odds of an earnings beat. You can see the complete list of today’s Zacks #1 Rank stocks here.
ConocoPhillips (COP - Free Report) is geared up to release third-quarter earnings before the opening bell.
Our proven model doesn’t predict an earnings beat for ConocoPhillips this time around as it has an Earnings ESP of -1.24% and a Zacks Rank #3. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
The Zacks Consensus Estimate for ConocoPhillips’ earnings is pegged at $3.41 per share, suggesting a massive improvement from the prior-year reported figure.
ConocoPhillips Price and EPS Surprise
ConocoPhillips price-eps-surprise | ConocoPhillips Quote
EOG Resources Inc. (EOG - Free Report) is set to report quarterly earnings after the closing bell. The chances of EOG Resources delivering an earnings beat this time around are low as it has an Earnings ESP of -1.09% and a Zacks Rank #3.
The Zacks Consensus Estimate for EOG Resources’ earnings is pegged at $3.83 per share, suggesting a significant increase from the prior-year quarter’s reported figure.
EOG Resources, Inc. Price and EPS Surprise
EOG Resources, Inc. price-eps-surprise | EOG Resources, Inc. Quote
Canadian Natural Resources Limited (CNQ - Free Report) is scheduled to report quarterly earnings before the opening bell. Unlike ConocoPhillips and EOG Resources, the chances of CNQ delivering an earnings beat this time around are high as it has an Earnings ESP of +0.48% and a Zacks Rank #3.
Being one of the largest independent energy companies in Canada, CNQ is likely to have benefitted from the surging oil prices. The Zacks Consensus Estimate for Canadian Natural Resources’ earnings is pegged at $2.09 per share, suggesting an improvement from the prior-year reported figure.
Canadian Natural Resources Limited Price and EPS Surprise
Canadian Natural Resources Limited price-eps-surprise | Canadian Natural Resources Limited Quote
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.