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Is a Beat in Store for EOG Resources (EOG) in Q4 Earnings?
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EOG Resources, Inc. (EOG - Free Report) is set to report fourth-quarter 2022 results on Feb 23, after the closing bell.
In the last reported quarter, the upstream energy company’s earnings per share of $3.71 missed the Zacks Consensus Estimate of $3.75.
EOG Resources beat the Zacks Consensus Estimate once and missed thrice in the trailing four quarters, the average earnings surprise being a negative 1.2%. This is depicted in the graph below:
Let’s see how things have shaped up prior to the announcement.
Estimate Trend
The Zacks Consensus Estimate for the company’s fourth-quarter earnings per share of $3.31 has witnessed seven downward revisions in the past 30 days. This suggests an improvement of 7.1% from the year-ago reported number.
The Zacks Consensus Estimate for EOG’s revenues for the December quarter is pegged at $6.4 billion, implying a year-over-year increase of 5.8%.
Earnings Whispers
Our proven model predicts 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. As you can see, that is the case here.
Earnings ESP: EOG Resources has an Earnings ESP of +0.21%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: EOG currently carries a Zacks Rank #3.
Factors to Note
Per data provided by the U.S. Energy Information Administration (“EIA”), the average West Texas Intermediate crude prices in October, November and December were recorded at $87.55 per barrel, $84.37 per barrel and $76.44 per barrel, respectively. In comparison, in the year-ago respective months, average oil prices were reported at $81.48 per barrel, $79.15 per barrel and $71.71 per barrel, per the EIA’s data.
Higher oil prices are likely to have favored the exploration and production activities of EOG Resources and are expected to have aided the company in increasing production. The Zacks Consensus Estimate for EOG’s total oil equivalent production is pegged at 85 MMBoe, suggesting an improvement from 79.4 MMBoe in a year-ago quarter. Our estimate for the metric is pegged at 83.9 MMBoe, indicating a year-over-year increase.
Other Stocks That Warrant a Look
Here are some other firms that you may want to consider, as these have too the right combination of elements to post an earnings beat this time around:
Occidental is scheduled to release fourth-quarter results on Feb 27. The Zacks Consensus Estimate for its earnings is pegged at $1.83 per share, suggesting an increase of 23.7% from the prior-year reported figure.
PDC Energy, Inc. has an Earnings ESP of +1.64% and a Zacks Rank of 3.
PDC Energy is scheduled to release fourth-quarter results on Feb 22. The Zacks Consensus Estimate for its quarterly earnings is pegged at $3.05 per share, suggesting an increase from the prior-year reported figure.
Par Pacific Holdings, Inc. (PARR - Free Report) has an Earnings ESP of +6.79% and a Zacks Rank #1.
Par Pacific is scheduled to release fourth-quarter earnings on Feb 22. The Zacks Consensus Estimate for its earnings is pegged at $1.79 per share, suggesting a massive increase from the prior-year reported figure.
Image: Bigstock
Is a Beat in Store for EOG Resources (EOG) in Q4 Earnings?
EOG Resources, Inc. (EOG - Free Report) is set to report fourth-quarter 2022 results on Feb 23, after the closing bell.
In the last reported quarter, the upstream energy company’s earnings per share of $3.71 missed the Zacks Consensus Estimate of $3.75.
EOG Resources beat the Zacks Consensus Estimate once and missed thrice in the trailing four quarters, the average earnings surprise being a negative 1.2%. This is depicted in the graph below:
EOG Resources, Inc. Price and EPS Surprise
EOG Resources, Inc. price-eps-surprise | EOG Resources, Inc. Quote
Let’s see how things have shaped up prior to the announcement.
Estimate Trend
The Zacks Consensus Estimate for the company’s fourth-quarter earnings per share of $3.31 has witnessed seven downward revisions in the past 30 days. This suggests an improvement of 7.1% from the year-ago reported number.
The Zacks Consensus Estimate for EOG’s revenues for the December quarter is pegged at $6.4 billion, implying a year-over-year increase of 5.8%.
Earnings Whispers
Our proven model predicts 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. As you can see, that is the case here.
Earnings ESP: EOG Resources has an Earnings ESP of +0.21%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: EOG currently carries a Zacks Rank #3.
Factors to Note
Per data provided by the U.S. Energy Information Administration (“EIA”), the average West Texas Intermediate crude prices in October, November and December were recorded at $87.55 per barrel, $84.37 per barrel and $76.44 per barrel, respectively. In comparison, in the year-ago respective months, average oil prices were reported at $81.48 per barrel, $79.15 per barrel and $71.71 per barrel, per the EIA’s data.
Higher oil prices are likely to have favored the exploration and production activities of EOG Resources and are expected to have aided the company in increasing production. The Zacks Consensus Estimate for EOG’s total oil equivalent production is pegged at 85 MMBoe, suggesting an improvement from 79.4 MMBoe in a year-ago quarter. Our estimate for the metric is pegged at 83.9 MMBoe, indicating a year-over-year increase.
Other Stocks That Warrant a Look
Here are some other firms that you may want to consider, as these have too the right combination of elements to post an earnings beat this time around:
Occidental (OXY - Free Report) has an Earnings ESP of +1.82% and is a Zacks #3 Ranked player. You can see the complete list of today’s Zacks #1 Rank stocks here.
Occidental is scheduled to release fourth-quarter results on Feb 27. The Zacks Consensus Estimate for its earnings is pegged at $1.83 per share, suggesting an increase of 23.7% from the prior-year reported figure.
PDC Energy, Inc. has an Earnings ESP of +1.64% and a Zacks Rank of 3.
PDC Energy is scheduled to release fourth-quarter results on Feb 22. The Zacks Consensus Estimate for its quarterly earnings is pegged at $3.05 per share, suggesting an increase from the prior-year reported figure.
Par Pacific Holdings, Inc. (PARR - Free Report) has an Earnings ESP of +6.79% and a Zacks Rank #1.
Par Pacific is scheduled to release fourth-quarter earnings on Feb 22. The Zacks Consensus Estimate for its earnings is pegged at $1.79 per share, suggesting a massive increase from the prior-year reported figure.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.