WPX Energy Inc. (WPX - Free Report) is scheduled to release third-quarter 2019 results on Oct 30. In the last reported quarter, the company delivered a positive earnings surprise of 28.7%.
Let’s see how things have shaped up before the upcoming earnings announcement.
Factors to Consider
WPX Energy’s third-quarter oil production is anticipated to have improved, primarily due to the wells that were completed late in the second quarter or early July.
The company’s strategic transformation via selling off non-core assets and expanding midstream operations is likely to have had a positive impact on third-quarter performance.
The Zacks Consensus Estimate for third-quarter 2019 total production is pegged at 173,000 barrels per day, which indicates an increase of 39.5% from the year-ago reported figure. Out of the total production in the third quarter, 63% is expected to be oil.
Our proven model does not conclusively predict an earnings beat for WPX Energy this season. A stock needs to have both a positive Earnings ESP (which represents the difference between the Most Accurate Estimate and the Zacks Consensus Estimate) and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) to surpass estimates. That is not the case here as you will see below.
Earnings ESP: The company’s Earnings ESP is -13.33%.
You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Currently, WPX Energy carries a Zacks Rank #3.
Stocks to Consider
Here are a few companies worth considering from the same industry that have the right combination of elements to beat on earnings in the upcoming releases.
Pioneer Natural Resources Company (PXD - Free Report) is set to release third-quarter results on Nov 4. It has an Earnings ESP of +1.51% and a Zacks Rank of 3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Chesapeake Energy Corporation (CHK - Free Report) is slated to announce third-quarter results on Nov 5. It has an Earnings ESP of +8.24% and a Zacks Rank #3.
Noble Energy Inc. (NBL - Free Report) is set to release third-quarter results on Nov 7. It has an Earnings ESP of +4.78% and a Zacks Rank of 3.
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