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EQT Corporation (EQT) to Post Q1 Earnings: What's in Store?
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EQT Corporation (EQT - Free Report) is set to report first-quarter 2023 earnings on Apr 26, after the closing bell.
In the last reported quarter, the company’s earnings of 42 cents per missed the Zacks Consensus Estimate of 43 cents, owing to lower natural gas and liquids sales volumes.
In the last four quarters, EQT’s earnings beat the Zacks Consensus Estimate twice and missed twice, the average surprise being a negative 4.2%. This is depicted in the graph below:
The Zacks Consensus Estimate for first-quarter earnings per share of $1.37 has witnessed three upward movements and 10 downward revisions over the past 60 days. The estimated figure suggests a 69.1% improvement from the prior-year reported number.
The Zacks Consensus Estimate for first-quarter revenues of $1.99 billion indicates a 26.7% increase from the year-ago reported figure.
Factors to Note
Compared to the prior-year quarter, the pricing scenario of natural gas was not healthier. Hence, it is likely that EQT’s upstream operations, focused on the gas-rich Appalachian Basin, were not as favorable as in the year-ago quarter. This is expected to have lowered gas equivalent production. In the March quarter, we expect EQT to have produced 474,313.9 million cubic feet equivalent, suggesting a year-over-year decline.
Earnings Whispers
Our proven model does not indicate an earnings beat for EQT 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: EQT’s Earnings ESP is -10.12%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: The company currently carries a Zacks Rank #3.
Stocks to Consider
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:
Enterprise is scheduled to release first-quarter earnings on May 2. The Zacks Consensus Estimate for its earnings is pegged at 60 cents per share.
TechnipFMC plc (FTI - Free Report) currently has an Earnings ESP of +3.71% and a Zacks Rank #3.
TechnipFMC is scheduled to release first-quarter earnings on Apr 27. The Zacks Consensus Estimate for its earnings is pegged at 4 cents per share, suggesting an increase from the prior-year reported figure.
Magellan Midstream Partners LP has an Earnings ESP of +0.14% and is currently a Zacks #2 Ranked player.
Magellan Midstream is scheduled to release first-quarter results on May 04. The Zacks Consensus Estimate for its earnings is pegged at $1.18 per share, suggesting an increase from the prior-year reported figure.
Image: Bigstock
EQT Corporation (EQT) to Post Q1 Earnings: What's in Store?
EQT Corporation (EQT - Free Report) is set to report first-quarter 2023 earnings on Apr 26, after the closing bell.
In the last reported quarter, the company’s earnings of 42 cents per missed the Zacks Consensus Estimate of 43 cents, owing to lower natural gas and liquids sales volumes.
In the last four quarters, EQT’s earnings beat the Zacks Consensus Estimate twice and missed twice, the average surprise being a negative 4.2%. This is depicted in the graph below:
EQT Corporation Price and EPS Surprise
EQT Corporation price-eps-surprise | EQT Corporation Quote
Estimate Trend
The Zacks Consensus Estimate for first-quarter earnings per share of $1.37 has witnessed three upward movements and 10 downward revisions over the past 60 days. The estimated figure suggests a 69.1% improvement from the prior-year reported number.
The Zacks Consensus Estimate for first-quarter revenues of $1.99 billion indicates a 26.7% increase from the year-ago reported figure.
Factors to Note
Compared to the prior-year quarter, the pricing scenario of natural gas was not healthier. Hence, it is likely that EQT’s upstream operations, focused on the gas-rich Appalachian Basin, were not as favorable as in the year-ago quarter. This is expected to have lowered gas equivalent production. In the March quarter, we expect EQT to have produced 474,313.9 million cubic feet equivalent, suggesting a year-over-year decline.
Earnings Whispers
Our proven model does not indicate an earnings beat for EQT 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: EQT’s Earnings ESP is -10.12%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: The company currently carries a Zacks Rank #3.
Stocks to Consider
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:
Enterprise Products Partners L.P. (EPD - Free Report) currently has an Earnings ESP of +3.05% and a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
Enterprise is scheduled to release first-quarter earnings on May 2. The Zacks Consensus Estimate for its earnings is pegged at 60 cents per share.
TechnipFMC plc (FTI - Free Report) currently has an Earnings ESP of +3.71% and a Zacks Rank #3.
TechnipFMC is scheduled to release first-quarter earnings on Apr 27. The Zacks Consensus Estimate for its earnings is pegged at 4 cents per share, suggesting an increase from the prior-year reported figure.
Magellan Midstream Partners LP has an Earnings ESP of +0.14% and is currently a Zacks #2 Ranked player.
Magellan Midstream is scheduled to release first-quarter results on May 04. The Zacks Consensus Estimate for its earnings is pegged at $1.18 per share, suggesting an increase from the prior-year reported figure.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.