An Earnings Miss: Exploration and production company, Encana Corporation (ECA - Free Report) announced second-quarter 2018 net loss per share of 16 cents, as against the Zacks Consensus Estimate of earnings of 10 cents.
Revenue Lagged Estimates: Total revenues came in at $983 million, which underperformed the Zacks Consensus Estimate of $1,144 million.
Key Stats: Quarterly natural gas production declined approximately 4% year over year to 1,095 million cubic feet per day, while liquids production rose 24% year over year to 155.3 thousand barrels per day.
Encana's realized natural gas were $3.03 per thousand cubic feet, compared with the year-ago quarter level of $2.56. Meanwhile, realized oil price rose to $58 per barrel from $48.27 in the second quarter of 2017.
Estimate Revision Trend: Investors should note that the earnings estimate for Encana was revised upward by a penny in the last seven days.
Zacks Rank & Surprise History: Currently, Encana carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement. (You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.)
Coming to earnings surprise history, the company has an impressive record: the company has surpassed estimates in three of the last four quarters with an average beat of 83.27%.
Check back later for our full write up on this Encana earnings report later!
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