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What to Look for in Crescent Point's (CPG) Q4 Earnings?
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Crescent Point Energy Corp. (CPG - Free Report) is set to release fourth-quarter results on Feb 29. The current Zacks Consensus Estimate for the to-be-reported quarter is a profit of 31 cents per share on revenues of $752.3 million.
Let’s delve into the factors that might have influenced the Canadian oil and gas producer’s results in the December quarter. But it’s worth taking a look at CPG’s previous-quarter performance first.
Crescent Point Energy Corporation Price and EPS Surprise
In the last reported quarter, the Calgary-based upstream firm missed the consensus mark on lower commodity prices. Crescent Point had reported adjusted earnings per share of 31 cents, underperforming the Zacks Consensus Estimate of 37 cents. However, revenues of $930 million generated by the firm came in 5.9% above the Zacks Consensus Estimate on the back of strong production.
Crescent Point missed the Zacks Consensus Estimate for earnings in three of the last four quarters and beat in the other, resulting in an earnings surprise of (3.8%), on average. This is depicted in the graph below:
Trend in Estimate Revision
The Zacks Consensus Estimate for the fourth-quarter bottom line has remained unchanged in the past seven days. The estimated figure indicates a 10.7% improvement year over year. Meanwhile, the Zacks Consensus Estimate for revenues suggests a 0.5% increase from the year-ago period.
Factors to Consider
Crescent Point Energy is expected to have reaped the reward of higher production during the fourth quarter. CPG continues to churn out an impressive output from its assets in Alberta Montney and Kaybob Duvernay. In the third quarter, the company’s production rose 35.8% year over year.
The uptick is expected to have continued in the to-be-reported quarter on the back of contribution from its acquisition of Alberta Montney producer Hammerhead Energy. Consequently, the Zacks Consensus Estimate for the company’s fourth-quarter volume is pegged at some 157,890 barrels of oil equivalent per day (BOE/d), up handsomely from the year-ago quarter’s reported level of 134,124 BOE/d.
But on a somewhat bearish note, a dip in commodity realizations might have dampened the positives associated with production gains. In the third quarter of 2023, the company’s average realized oil and condensate price decreased by 5.6% from the year-ago period, while natural gas fetched 57.1% less. We expect this decline to have continued in the fourth quarter, with benchmark prices down year over year.
The increase in Crescent Point’s costs might have also dented the company’s to-be-reported bottom line. CPG’s operating expense in the third quarter climbed to C$214.2 million from C$162.9 million in the year-earlier period. The upward cost trajectory is likely to have continued in the December quarter due to inflationary pressure across the board.
What Does Our Model Say?
The proven Zacks model does not conclusively show that Crescent Point Energy is likely to beat estimates in the fourth quarter. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of beating estimates. But that’s not the case here.
You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Earnings ESP: Crescent Point has an Earnings ESP of 0.00%. This is because the Most Accurate Estimate and the Zacks Consensus Estimate are pegged at 31 cents per share each.
Zacks Rank: CPG currently carries a Zacks Rank #5 (Strong Sell).
Stocks to Consider
While an earnings beat looks uncertain for Crescent Point Energy, here are some firms that you may want to consider on the basis of our model:
GoodRx Holdings, Inc. (GDRX - Free Report) has an Earnings ESP of +17.39% and a Zacks Rank #2. The firm is scheduled to release earnings on Feb 29.
The 2024 Zacks Consensus Estimate for GoodRx Holdings indicates 15.5% year-over-year earnings per share growth. It has a trailing four-quarter earnings surprise of 18.3%, on average. Valued at around $2.6 billion, GDRX has gone up 22.5% in a year.
Best Buy Co., Inc. (BBY - Free Report) has an Earnings ESP of +0.64% and a Zacks Rank #3. The firm is scheduled to release earnings on Feb 29.
Best Buy beat the Zacks Consensus Estimate for earnings in each of the last four quarters. It has a trailing four-quarter earnings surprise of 12.8%, on average. Valued at around $16.4 billion, BBY has lost 7.7% in a year.
Compugen Ltd. (CGEN - Free Report) has an Earnings ESP of +451.63% and a Zacks Rank #2. The firm is scheduled to release earnings on Mar 5.
The 2024 Zacks Consensus Estimate for Compugen indicates 81.7% year-over-year earnings per share growth. It has a trailing four-quarter earnings surprise of 18.2%, on average. Valued at around $202.7 million, CGEN has gained 236.1% in a year.
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What to Look for in Crescent Point's (CPG) Q4 Earnings?
Crescent Point Energy Corp. (CPG - Free Report) is set to release fourth-quarter results on Feb 29. The current Zacks Consensus Estimate for the to-be-reported quarter is a profit of 31 cents per share on revenues of $752.3 million.
Let’s delve into the factors that might have influenced the Canadian oil and gas producer’s results in the December quarter. But it’s worth taking a look at CPG’s previous-quarter performance first.
Crescent Point Energy Corporation Price and EPS Surprise
Crescent Point Energy Corporation price-eps-surprise | Crescent Point Energy Corporation Quote
Highlights of Q3 Earnings & Surprise History
In the last reported quarter, the Calgary-based upstream firm missed the consensus mark on lower commodity prices. Crescent Point had reported adjusted earnings per share of 31 cents, underperforming the Zacks Consensus Estimate of 37 cents. However, revenues of $930 million generated by the firm came in 5.9% above the Zacks Consensus Estimate on the back of strong production.
Crescent Point missed the Zacks Consensus Estimate for earnings in three of the last four quarters and beat in the other, resulting in an earnings surprise of (3.8%), on average. This is depicted in the graph below:
Trend in Estimate Revision
The Zacks Consensus Estimate for the fourth-quarter bottom line has remained unchanged in the past seven days. The estimated figure indicates a 10.7% improvement year over year. Meanwhile, the Zacks Consensus Estimate for revenues suggests a 0.5% increase from the year-ago period.
Factors to Consider
Crescent Point Energy is expected to have reaped the reward of higher production during the fourth quarter. CPG continues to churn out an impressive output from its assets in Alberta Montney and Kaybob Duvernay. In the third quarter, the company’s production rose 35.8% year over year.
The uptick is expected to have continued in the to-be-reported quarter on the back of contribution from its acquisition of Alberta Montney producer Hammerhead Energy. Consequently, the Zacks Consensus Estimate for the company’s fourth-quarter volume is pegged at some 157,890 barrels of oil equivalent per day (BOE/d), up handsomely from the year-ago quarter’s reported level of 134,124 BOE/d.
But on a somewhat bearish note, a dip in commodity realizations might have dampened the positives associated with production gains. In the third quarter of 2023, the company’s average realized oil and condensate price decreased by 5.6% from the year-ago period, while natural gas fetched 57.1% less. We expect this decline to have continued in the fourth quarter, with benchmark prices down year over year.
The increase in Crescent Point’s costs might have also dented the company’s to-be-reported bottom line. CPG’s operating expense in the third quarter climbed to C$214.2 million from C$162.9 million in the year-earlier period. The upward cost trajectory is likely to have continued in the December quarter due to inflationary pressure across the board.
What Does Our Model Say?
The proven Zacks model does not conclusively show that Crescent Point Energy is likely to beat estimates in the fourth quarter. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of beating estimates. But that’s not the case here.
You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Earnings ESP: Crescent Point has an Earnings ESP of 0.00%. This is because the Most Accurate Estimate and the Zacks Consensus Estimate are pegged at 31 cents per share each.
Zacks Rank: CPG currently carries a Zacks Rank #5 (Strong Sell).
Stocks to Consider
While an earnings beat looks uncertain for Crescent Point Energy, here are some firms that you may want to consider on the basis of our model:
GoodRx Holdings, Inc. (GDRX - Free Report) has an Earnings ESP of +17.39% and a Zacks Rank #2. The firm is scheduled to release earnings on Feb 29.
You can see the complete list of today’s Zacks #1 Rank stocks here.
The 2024 Zacks Consensus Estimate for GoodRx Holdings indicates 15.5% year-over-year earnings per share growth. It has a trailing four-quarter earnings surprise of 18.3%, on average. Valued at around $2.6 billion, GDRX has gone up 22.5% in a year.
Best Buy Co., Inc. (BBY - Free Report) has an Earnings ESP of +0.64% and a Zacks Rank #3. The firm is scheduled to release earnings on Feb 29.
Best Buy beat the Zacks Consensus Estimate for earnings in each of the last four quarters. It has a trailing four-quarter earnings surprise of 12.8%, on average. Valued at around $16.4 billion, BBY has lost 7.7% in a year.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
Compugen Ltd. (CGEN - Free Report) has an Earnings ESP of +451.63% and a Zacks Rank #2. The firm is scheduled to release earnings on Mar 5.
The 2024 Zacks Consensus Estimate for Compugen indicates 81.7% year-over-year earnings per share growth. It has a trailing four-quarter earnings surprise of 18.2%, on average. Valued at around $202.7 million, CGEN has gained 236.1% in a year.