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Evolution (EPM) to Report Q1 Earnings: What's in Store?
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Evolution Petroleum (EPM - Free Report) is set to report fiscal first-quarter 2023 results on Nov 8, after the closing bell.
In the last reported quarter, Evolution beat the Zacks Consensus Estimate. It outpaced the consensus estimate twice, missed once and met once in the prior four quarters, the average earnings surprise being 2.3%. This is depicted in the graph below:
Evolution Petroleum Corporation, Inc. Price and EPS Surprise
The Zacks Consensus Estimate for the company’s fiscal first-quarter earnings per share of 38 cents has witnessed no revisions in the past seven days. The estimated figure suggests an improvement of 137.5% from the prior-year number.
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 Evolution. Natural gas price was also healthier, thereby favoring EPM’s exploration and production businesses. These are likely to have aided the company’s bottom line.
Earnings Whispers
Our proven model does not conclusively predict an earnings beat for Evolution 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: Evolution’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: It currently carries a Zacks Rank #2.
3 Upstream Firms That Beat Estimates
Three leading upstream players that have benefited from the favorable commodity prices in the September quarter are Range Resources Corporation (RRC - Free Report) , Southwestern Energy Company (SWN - Free Report) and ConocoPhillips (COP - Free Report) .
In the third quarter, Range Resources reported earnings per share of $1.37, beating the Zacks Consensus Estimate of $1.36.
Southwestern Energy reported earnings per share of 32 cents, surpassing the Zacks Consensus Estimate of 30 cents.
ConocoPhillips reported earnings per share of $3.6, surpassing the Zacks Consensus Estimate of $3.41.
Image: Bigstock
Evolution (EPM) to Report Q1 Earnings: What's in Store?
Evolution Petroleum (EPM - Free Report) is set to report fiscal first-quarter 2023 results on Nov 8, after the closing bell.
In the last reported quarter, Evolution beat the Zacks Consensus Estimate. It outpaced the consensus estimate twice, missed once and met once in the prior four quarters, the average earnings surprise being 2.3%. This is depicted in the graph below:
Evolution Petroleum Corporation, Inc. Price and EPS Surprise
Evolution Petroleum Corporation, Inc. price-eps-surprise | Evolution Petroleum Corporation, Inc. Quote
Trend in Estimate Revision
The Zacks Consensus Estimate for the company’s fiscal first-quarter earnings per share of 38 cents has witnessed no revisions in the past seven days. The estimated figure suggests an improvement of 137.5% from the prior-year number.
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 Evolution. Natural gas price was also healthier, thereby favoring EPM’s exploration and production businesses. These are likely to have aided the company’s bottom line.
Earnings Whispers
Our proven model does not conclusively predict an earnings beat for Evolution 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: Evolution’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: It currently carries a Zacks Rank #2.
3 Upstream Firms That Beat Estimates
Three leading upstream players that have benefited from the favorable commodity prices in the September quarter are Range Resources Corporation (RRC - Free Report) , Southwestern Energy Company (SWN - Free Report) and ConocoPhillips (COP - Free Report) .
In the third quarter, Range Resources reported earnings per share of $1.37, beating the Zacks Consensus Estimate of $1.36.
Southwestern Energy reported earnings per share of 32 cents, surpassing the Zacks Consensus Estimate of 30 cents.
ConocoPhillips reported earnings per share of $3.6, surpassing the Zacks Consensus Estimate of $3.41.
All the stocks carry a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.