We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Equinor (EQNR) Gears Up for Q1 Earnings: What's in the Cards?
Read MoreHide Full Article
Equinor ASA (EQNR - Free Report) is set to report first-quarter 2024 earnings on Apr 25.
In the last reported quarter, the company’s earnings of 64 cents per share missed the Zacks Consensus Estimate of $1.08 due to lower prices of liquids and gas in Norway. EQNR’s earnings missed the Zacks Consensus Estimate in three of the trailing four quarters and beat the same once, delivering an average negative surprise of -12.76%. This is depicted in the graph below.
The Zacks Consensus Estimate for first-quarter earnings per share of $0.78 has witnessed three downward revisions over the past 30 days. The estimated figure implies a significant decline of 30.1% from the year-ago quarter’s reported number.
The Zacks Consensus Estimate for first-quarter revenues of $25.03 billion indicates a 14.4% deterioration from the year-ago reported figure.
Factors to Consider
Equinor is anticipated to have sustained a stable performance in the first quarter of 2024, supported by its strong presence across 30 countries, holding the second-largest position in European natural gas provision.
Amid increasing demand for renewable energy, the company expects to expand its renewable production to 4-6 GW by 2026 and 12-16 GW by 2035, with the goal of achieving net-zero greenhouse gas emissions by 2050. An expanding portfolio in solar and wind projects solidifies its long-term prospects.
However, challenges are likely to have loomed due to the softening of oil and gas prices, driven by a sluggish global economy and geopolitical tensions. Per the EIA data, the West Texas Intermediate crude price declined 1.4% sequentially in the first quarter. We expect total equity liquids and gas production to have decreased 2% year over year in the quarter to be reported.
These factors are anticipated to have affected demand and pricing dynamics, which must have adversely impacted EQNR's financial performance in the quarter.
Earnings Whisper
Our proven model does not predict an earnings beat for Equinor 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: EQNR’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: The company currently carries a Zacks Rank #3.
Stocks to Consider
Here are three firms that you may want to consider, as these have the right combination of elements to post an earnings beat this reporting cycle.
PBF Energy is scheduled to release first-quarter earnings on May 2. The Zacks Consensus Estimate for PBF’s quarterly earnings is pegged at 57 cents per share, implying a 79.4% decline from the prior-year reported figure.
Antero Resources (AR - Free Report) presently has an Earnings ESP of +1580% and a Zacks Rank #3.
Antero Resources is scheduled to release first-quarter earnings on Apr 24. The Zacks Consensus Estimate for AR’s quarterly earnings is pegged at 0 cent per share, indicating a 100% decline from the prior-year reported number.
EOG Resources, Inc. (EOG - Free Report) currently has an Earnings ESP of +2.00% and a Zacks Rank #3.
EOG Resources is scheduled to release first-quarter earnings on May 2. The Zacks Consensus Estimate for EOG’s quarterly earnings is pegged at $2.73 per share, indicating a 1.5% increase from the prior-year reported figure.
Image: Bigstock
Equinor (EQNR) Gears Up for Q1 Earnings: What's in the Cards?
Equinor ASA (EQNR - Free Report) is set to report first-quarter 2024 earnings on Apr 25.
In the last reported quarter, the company’s earnings of 64 cents per share missed the Zacks Consensus Estimate of $1.08 due to lower prices of liquids and gas in Norway. EQNR’s earnings missed the Zacks Consensus Estimate in three of the trailing four quarters and beat the same once, delivering an average negative surprise of -12.76%. This is depicted in the graph below.
Equinor ASA Price and EPS Surprise
Equinor ASA price-eps-surprise | Equinor ASA Quote
Estimate Trend
The Zacks Consensus Estimate for first-quarter earnings per share of $0.78 has witnessed three downward revisions over the past 30 days. The estimated figure implies a significant decline of 30.1% from the year-ago quarter’s reported number.
The Zacks Consensus Estimate for first-quarter revenues of $25.03 billion indicates a 14.4% deterioration from the year-ago reported figure.
Factors to Consider
Equinor is anticipated to have sustained a stable performance in the first quarter of 2024, supported by its strong presence across 30 countries, holding the second-largest position in European natural gas provision.
Amid increasing demand for renewable energy, the company expects to expand its renewable production to 4-6 GW by 2026 and 12-16 GW by 2035, with the goal of achieving net-zero greenhouse gas emissions by 2050. An expanding portfolio in solar and wind projects solidifies its long-term prospects.
However, challenges are likely to have loomed due to the softening of oil and gas prices, driven by a sluggish global economy and geopolitical tensions. Per the EIA data, the West Texas Intermediate crude price declined 1.4% sequentially in the first quarter. We expect total equity liquids and gas production to have decreased 2% year over year in the quarter to be reported.
These factors are anticipated to have affected demand and pricing dynamics, which must have adversely impacted EQNR's financial performance in the quarter.
Earnings Whisper
Our proven model does not predict an earnings beat for Equinor 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: EQNR’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: The company currently carries a Zacks Rank #3.
Stocks to Consider
Here are three firms that you may want to consider, as these have the right combination of elements to post an earnings beat this reporting cycle.
PBF Energy (PBF - Free Report) currently has an Earnings ESP of +5.29% and a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
PBF Energy is scheduled to release first-quarter earnings on May 2. The Zacks Consensus Estimate for PBF’s quarterly earnings is pegged at 57 cents per share, implying a 79.4% decline from the prior-year reported figure.
Antero Resources (AR - Free Report) presently has an Earnings ESP of +1580% and a Zacks Rank #3.
Antero Resources is scheduled to release first-quarter earnings on Apr 24. The Zacks Consensus Estimate for AR’s quarterly earnings is pegged at 0 cent per share, indicating a 100% decline from the prior-year reported number.
EOG Resources, Inc. (EOG - Free Report) currently has an Earnings ESP of +2.00% and a Zacks Rank #3.
EOG Resources is scheduled to release first-quarter earnings on May 2. The Zacks Consensus Estimate for EOG’s quarterly earnings is pegged at $2.73 per share, indicating a 1.5% increase from the prior-year reported figure.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.