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Oil Stocks' Earnings Roster for Nov 1: EOG, NBL & MPC
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A host of energy players are slated to release earnings this week. Meanwhile, bigwig like BP plc (BP - Free Report) has reported strong results on higher oil prices.
Robust Oil & Gas Prices in Q3
Per data provided by U.S. Energy Information Administration (EIA), the monthly average spot prices of West Texas Intermediate (WTI) crude for July, August and September of 2018 were recorded at $70.98 per barrel, $68.06 and $70.23, respectively.
The average commodity prices were significantly higher than $46.63, $48.04 and $49.82 for the respective months of July, August and September of 2017. Traders mostly remained bullish on oil with optimism that United States is going to implement sanctions on crude export by Iran — the third-largest producer of oil among the OPEC member countries — on Nov 4.
Natural gas also fared well on rising clean energy demand. The average monthly spot prices of the commodity for the respective months of third-quarter 2018 were $2.83 per Million Btu, $2.96 per Million Btu and $3.00 per Million Btu — representing healthier prices than third-quarter 2017.
Strong Energy Earnings Growth in the Cards
Considering all the companies that have either reported results or are yet to report, Energy is expected to see year-over-year earnings growth of 85.5% in the quarter, the strongest among all 16 Zacks Sectors defining the S&P 500 index. In fact, excluding Energy, the year-over-year growth in earnings of the elite index through the July-to-September quarter of 2018 will likely drop to 17.6% from 20% — per the latest Earnings Trends report.
Following robust commodity prices, Energy is projected to generate $20 billion earnings in third-quarter 2018, considerably higher than $17.5 billion, $15.6 billion, $11.2 billion and $10.8 billion in the respective last four quarters.
Stocks Expected to Report Earnings on Nov 1
EOG Resources, Inc. (EOG - Free Report) is likely to report third-quarter 2018 earnings after the closing bell. The Houston, TX-based upstream energy firm, with operations spreading across the United States, the United Kingdom and Trinidad, will likely benefit from higher oil and natural gas prices.
The company has a strong earnings surprise history, surpassing the Zacks Consensus Estimate in the last four quarters.
According to the Zacks model, a company with a Zacks Rank #1, 2 or 3 (Hold) has a good chance of beating estimates if it also has a positive Earnings ESP. Meanwhile, Sell-rated stocks (Zacks Rank #4 or 5) are best avoided.
Oil and gas explorer and producer Noble Energy, Inc. , scheduled to report before the opening bell, is expected to benefit from higher commodity prices.
In three of the last four quarters, the company managed to surpass the Zacks Consensus Estimate. Noble Energy, with operations in premium domestic onshore resources,has a favorable combination of a Zacks Rank #3 and an Earnings ESP of +6.59%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Marathon Petroleum Corporation (MPC - Free Report) is set to report third-quarter earnings before the opening bell. The company, with the largest refining capacity in the United States, will likely benefit from stronger volumes gathered, processed and fractionated.
The company beat the Zacks Consensus Estimate in three of the last four quarters. However, the oil refiner has an unfavorable combination of a Zacks Rank #3 and an Earnings ESP of -0.27%, possibly reflecting crack spread (or the margin for making petroleum products from crude).
Marathon Petroleum Corporation Price and EPS Surprise
The greatest discovery in this century of biology is now at the flashpoint between theory and realization. Billions of dollars in research have poured into it. Companies are already generating revenue, and cures for a variety of deadly diseases are in the pipeline.
So are big potential profits for early investors. Zacks has released an updated Special Report that explains this breakthrough and names the best 3 stocks to ride it.
Image: Bigstock
Oil Stocks' Earnings Roster for Nov 1: EOG, NBL & MPC
A host of energy players are slated to release earnings this week. Meanwhile, bigwig like BP plc (BP - Free Report) has reported strong results on higher oil prices.
Robust Oil & Gas Prices in Q3
Per data provided by U.S. Energy Information Administration (EIA), the monthly average spot prices of West Texas Intermediate (WTI) crude for July, August and September of 2018 were recorded at $70.98 per barrel, $68.06 and $70.23, respectively.
The average commodity prices were significantly higher than $46.63, $48.04 and $49.82 for the respective months of July, August and September of 2017. Traders mostly remained bullish on oil with optimism that United States is going to implement sanctions on crude export by Iran — the third-largest producer of oil among the OPEC member countries — on Nov 4.
Natural gas also fared well on rising clean energy demand. The average monthly spot prices of the commodity for the respective months of third-quarter 2018 were $2.83 per Million Btu, $2.96 per Million Btu and $3.00 per Million Btu — representing healthier prices than third-quarter 2017.
Strong Energy Earnings Growth in the Cards
Considering all the companies that have either reported results or are yet to report, Energy is expected to see year-over-year earnings growth of 85.5% in the quarter, the strongest among all 16 Zacks Sectors defining the S&P 500 index. In fact, excluding Energy, the year-over-year growth in earnings of the elite index through the July-to-September quarter of 2018 will likely drop to 17.6% from 20% — per the latest Earnings Trends report.
Following robust commodity prices, Energy is projected to generate $20 billion earnings in third-quarter 2018, considerably higher than $17.5 billion, $15.6 billion, $11.2 billion and $10.8 billion in the respective last four quarters.
Stocks Expected to Report Earnings on Nov 1
EOG Resources, Inc. (EOG - Free Report) is likely to report third-quarter 2018 earnings after the closing bell. The Houston, TX-based upstream energy firm, with operations spreading across the United States, the United Kingdom and Trinidad, will likely benefit from higher oil and natural gas prices.
The company has a strong earnings surprise history, surpassing the Zacks Consensus Estimate in the last four quarters.
However, EOG Resources is unlikely to deliver a positive earnings surprise in third-quarter 2018 as it has an Earnings ESP of -0.50% and a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
According to the Zacks model, a company with a Zacks Rank #1, 2 or 3 (Hold) has a good chance of beating estimates if it also has a positive Earnings ESP. Meanwhile, Sell-rated stocks (Zacks Rank #4 or 5) are best avoided.
EOG Resources, Inc. Price and EPS Surprise
EOG Resources, Inc. Price and EPS Surprise | EOG Resources, Inc. Quote
Oil and gas explorer and producer Noble Energy, Inc. , scheduled to report before the opening bell, is expected to benefit from higher commodity prices.
In three of the last four quarters, the company managed to surpass the Zacks Consensus Estimate. Noble Energy, with operations in premium domestic onshore resources,has a favorable combination of a Zacks Rank #3 and an Earnings ESP of +6.59%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Noble Energy Inc. Price and EPS Surprise
Noble Energy Inc. Price and EPS Surprise | Noble Energy Inc. Quote
Marathon Petroleum Corporation (MPC - Free Report) is set to report third-quarter earnings before the opening bell. The company, with the largest refining capacity in the United States, will likely benefit from stronger volumes gathered, processed and fractionated.
The company beat the Zacks Consensus Estimate in three of the last four quarters. However, the oil refiner has an unfavorable combination of a Zacks Rank #3 and an Earnings ESP of -0.27%, possibly reflecting crack spread (or the margin for making petroleum products from crude).
Marathon Petroleum Corporation Price and EPS Surprise
Marathon Petroleum Corporation Price and EPS Surprise | Marathon Petroleum Corporation Quote
3 Medical Stocks to Buy Now
The greatest discovery in this century of biology is now at the flashpoint between theory and realization. Billions of dollars in research have poured into it. Companies are already generating revenue, and cures for a variety of deadly diseases are in the pipeline.
So are big potential profits for early investors. Zacks has released an updated Special Report that explains this breakthrough and names the best 3 stocks to ride it.
See them today for free >>