An Earnings Beat: Exploration and production company, Encana Corporation (ECA - Free Report) announced second-quarter 2019 net earnings per share of 21 cents, surpassing the Zacks Consensus Estimate of earnings of 18 cents.
Revenues Top: Total revenues came in at $1,848 million, ahead of the Zacks Consensus Estimate of $1,746 million.
Key Stats: Quarterly natural gas production increased approximately 6% year over year to 1,607 million cubic feet per day, while liquids production rose 15.7% year over year to 324 thousand barrels per day.
Encana's realized natural gas were $2.22 per thousand cubic feet, compared with the year-ago quarter level of $3.03. Meanwhile, realized oil price rose to $60.14 per barrel from $58 in the second quarter of 2018.
Estimate Revision Trend: Investors should note that the earnings estimate for Encana was revised downward by a penny in the last 30 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 each of the last four quarters with an average beat of 77.34%.
Check back later for our full write up on this Encana earnings report later!
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