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EQT Corporation (EQT) to Post Q2 Earnings: What's in Store?
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EQT Corporation (EQT - Free Report) is set to report second-quarter 2023 earnings on Jul 25, after the closing bell.
In the last reported quarter, the company’s earnings of $1.70 per share beat the Zacks Consensus Estimate of $1.32, thanks to higher realized natural gas equivalent prices.
In the last four quarters, EQT’s earnings beat the Zacks Consensus Estimate thrice and missed once, the average surprise being 8.5%. This is depicted in the graph below:
The Zacks Consensus Estimate for second-quarter loss per share of 18 cents has witnessed two upward movements and eight downward revisions over the past 30 days. The estimated figure suggests a decline of 121.7% from the prior-year reported number.
The Zacks Consensus Estimate for second-quarter revenues of $1.03 billion indicates a decrease of 36.2% from the year-ago reported figure.
Factors to Note
The pricing scenario of natural gas price was significantly healthier in the year-ago quarter than in second-quarter 2023. Thus, realized natural gas price before hedging, which is one of the key metrics in determining natural gas sales, is likely to have declined. We expect the metric at $1.70 per thousand cubic feet, suggesting a year-over-year decline of 74.5%. Lower prices are likely to have hurt production volumes, and we expect natural gas volumes to decline 0.6% year over year in the June quarter of this year.
Being a leading natural gas producer with operations across the prolific Appalachian Basin, lower price and volumes are likely to have hurt EQT’s upstream operations. However, declining production expenses are expected to have offset the negatives to some extent. We expect the metric to decline 10.7% in the June quarter, thereby aiding the bottom line.
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 -30.04%. 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:
The company is scheduled to release second-quarter earnings on Jul 31. The Zacks Consensus Estimate for VNOM’s earnings is pegged at 24 cents per share, suggesting a decline from the prior-year reported figure.
Cactus, Inc. (WHD - Free Report) has an Earnings ESP of +4.41% and a Zacks #3 at present.
Cactus is scheduled to release second-quarter results on Aug 7. The Zacks Consensus Estimate for WHD’s earnings is pegged at 74 cents per share, indicating an improvement from the year-ago quarter’s reported figure.
Southwestern Energy Company (SWN - Free Report) has an Earnings ESP of +15.45% and is a Zacks #3 Ranked player at present.
Southwestern is scheduled to release second-quarter results on Aug 3. The Zacks Consensus Estimate for SWN’s earnings is pegged at 9 cents per share, suggesting a decline from the prior-year reported figure.
Image: Bigstock
EQT Corporation (EQT) to Post Q2 Earnings: What's in Store?
EQT Corporation (EQT - Free Report) is set to report second-quarter 2023 earnings on Jul 25, after the closing bell.
In the last reported quarter, the company’s earnings of $1.70 per share beat the Zacks Consensus Estimate of $1.32, thanks to higher realized natural gas equivalent prices.
In the last four quarters, EQT’s earnings beat the Zacks Consensus Estimate thrice and missed once, the average surprise being 8.5%. This is depicted in the graph below:
EQT Corporation Price, Consensus and EPS Surprise
EQT Corporation price-consensus-eps-surprise-chart | EQT Corporation Quote
Estimate Trend
The Zacks Consensus Estimate for second-quarter loss per share of 18 cents has witnessed two upward movements and eight downward revisions over the past 30 days. The estimated figure suggests a decline of 121.7% from the prior-year reported number.
The Zacks Consensus Estimate for second-quarter revenues of $1.03 billion indicates a decrease of 36.2% from the year-ago reported figure.
Factors to Note
The pricing scenario of natural gas price was significantly healthier in the year-ago quarter than in second-quarter 2023. Thus, realized natural gas price before hedging, which is one of the key metrics in determining natural gas sales, is likely to have declined. We expect the metric at $1.70 per thousand cubic feet, suggesting a year-over-year decline of 74.5%. Lower prices are likely to have hurt production volumes, and we expect natural gas volumes to decline 0.6% year over year in the June quarter of this year.
Being a leading natural gas producer with operations across the prolific Appalachian Basin, lower price and volumes are likely to have hurt EQT’s upstream operations. However, declining production expenses are expected to have offset the negatives to some extent. We expect the metric to decline 10.7% in the June quarter, thereby aiding the bottom line.
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 -30.04%. 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:
Viper Energy Partners LP (VNOM - Free Report) has an Earnings ESP of +12.50% and a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
The company is scheduled to release second-quarter earnings on Jul 31. The Zacks Consensus Estimate for VNOM’s earnings is pegged at 24 cents per share, suggesting a decline from the prior-year reported figure.
Cactus, Inc. (WHD - Free Report) has an Earnings ESP of +4.41% and a Zacks #3 at present.
Cactus is scheduled to release second-quarter results on Aug 7. The Zacks Consensus Estimate for WHD’s earnings is pegged at 74 cents per share, indicating an improvement from the year-ago quarter’s reported figure.
Southwestern Energy Company (SWN - Free Report) has an Earnings ESP of +15.45% and is a Zacks #3 Ranked player at present.
Southwestern is scheduled to release second-quarter results on Aug 3. The Zacks Consensus Estimate for SWN’s earnings is pegged at 9 cents per share, suggesting a decline from the prior-year reported figure.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.