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EOG Resources (EOG) to Report Q3 Earnings: What's in Store?
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EOG Resources, Inc. (EOG - Free Report) is set to report third-quarter 2019 results on Nov 6, after the closing bell.
Let’s see how things are shaping up prior to the announcement.
Which Way are Estimates Headed?
Let’s take a look at the estimate revision trend to get a clear picture of what analysts feel about the upstream energy major prior to the earnings release.
The Zacks Consensus Estimate for third-quarter earnings of $1.14 per share has seen two upward and seven downward revisions in the past 30 days. The figure suggests a year-over-year decline of almost 35%.
Factors to Consider
The Zacks Consensus Estimate for the company’s third-quarter crude oil equivalent volumes is pegged at 819 thousand barrels of oil equivalent per day (MBoE/D), suggesting a rise from the year-ago quarter’s volumes of 748.8 MBoE/D on expectations of higher production from resources in the United States. However, the Zacks Consensus Estimate for the explorer’s average crude oil and condensate prices is pegged at $58 per barrel, lower than $69.55 per barrel in the year-ago quarter.
Being an exploration and production company and oil contributing majorly to its total production, higher crude equivalent volumes is likely to have backed EOG Resources’ bottom line in the third quarter. Meanwhile, lower realized oil prices are expected to have partly hurt the same.
Earnings Whispers
Our proven model does not indicate an earnings beat for EOG Resources. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases chances of an earnings beat. That is not the case here as you will see below.
Earnings ESP: The company’s Earnings ESP is -0.50% as the Most Accurate Estimate is pegged at $1.13 per share, lower than the Zacks Consensus Estimate of $1.14. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: EOG Resources currently carries a Zacks Rank #3 (Hold).
Highlights of Q2 Earnings & Earnings History
In the last reported quarter, the company delivered earnings of $1.31 per share that lagged the Zacks Consensus Estimate of $1.33 and deteriorated from the year-ago quarter earnings of $1.37.
Notably, EOG Resources has an average positive earnings surprise of almost 5% for the last four quarters, as shown in the chart below.
Though an earnings beat looks uncertain for EOG Resources, here are a few firms that you may want to consider on the basis of our model. These have the right combination of elements to post an earnings beat in the upcoming quarterly reports:
Chesapeake Energy Corporation (CHK - Free Report) has an Earnings ESP of +8.24% and a Zacks Rank of 3. The company is slated to announce third-quarter 2019 earnings on Nov 5.
Canadian Natural Resources Limited (CNQ - Free Report) has an Earnings ESP of +7.42% and is Zacks #3 Ranked. The company is scheduled to release earnings on Nov 7.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
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EOG Resources (EOG) to Report Q3 Earnings: What's in Store?
EOG Resources, Inc. (EOG - Free Report) is set to report third-quarter 2019 results on Nov 6, after the closing bell.
Let’s see how things are shaping up prior to the announcement.
Which Way are Estimates Headed?
Let’s take a look at the estimate revision trend to get a clear picture of what analysts feel about the upstream energy major prior to the earnings release.
The Zacks Consensus Estimate for third-quarter earnings of $1.14 per share has seen two upward and seven downward revisions in the past 30 days. The figure suggests a year-over-year decline of almost 35%.
Factors to Consider
The Zacks Consensus Estimate for the company’s third-quarter crude oil equivalent volumes is pegged at 819 thousand barrels of oil equivalent per day (MBoE/D), suggesting a rise from the year-ago quarter’s volumes of 748.8 MBoE/D on expectations of higher production from resources in the United States. However, the Zacks Consensus Estimate for the explorer’s average crude oil and condensate prices is pegged at $58 per barrel, lower than $69.55 per barrel in the year-ago quarter.
Being an exploration and production company and oil contributing majorly to its total production, higher crude equivalent volumes is likely to have backed EOG Resources’ bottom line in the third quarter. Meanwhile, lower realized oil prices are expected to have partly hurt the same.
Earnings Whispers
Our proven model does not indicate an earnings beat for EOG Resources. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases chances of an earnings beat. That is not the case here as you will see below.
Earnings ESP: The company’s Earnings ESP is -0.50% as the Most Accurate Estimate is pegged at $1.13 per share, lower than the Zacks Consensus Estimate of $1.14. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: EOG Resources currently carries a Zacks Rank #3 (Hold).
Highlights of Q2 Earnings & Earnings History
In the last reported quarter, the company delivered earnings of $1.31 per share that lagged the Zacks Consensus Estimate of $1.33 and deteriorated from the year-ago quarter earnings of $1.37.
Notably, EOG Resources has an average positive earnings surprise of almost 5% for the last four quarters, as shown in the chart below.
EOG Resources, Inc. Price and EPS Surprise
EOG Resources, Inc. price-eps-surprise | EOG Resources, Inc. Quote
Stocks That Warrant a Look
Though an earnings beat looks uncertain for EOG Resources, here are a few firms that you may want to consider on the basis of our model. These have the right combination of elements to post an earnings beat in the upcoming quarterly reports:
Plains All American Pipeline LP (PAA - Free Report) has an Earnings ESP of +0.43% and is Zacks #3 Ranked. The company is scheduled to release earnings on Nov 5. You can see the complete list of today’s Zacks #1 Rank stocks here.
Chesapeake Energy Corporation (CHK - Free Report) has an Earnings ESP of +8.24% and a Zacks Rank of 3. The company is slated to announce third-quarter 2019 earnings on Nov 5.
Canadian Natural Resources Limited (CNQ - Free Report) has an Earnings ESP of +7.42% and is Zacks #3 Ranked. The company is scheduled to release earnings on Nov 7.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>