Back to top

The Zacks Analyst Blog Highlights: Bed Bath & Beyond, ExxonMobil, Ocean Rig UDW, Eni SpA and Repsol

Read MoreHide Full Article

For Immediate Release

Chicago, IL – September 18, 2012 – announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include Bed Bath & Beyond Inc. (BBBY - Free Report) , ExxonMobil Corporation (XOM - Free Report) , Ocean Rig UDW Inc. , Eni SpA (E - Free Report) and Repsol S.A (REPYY - Free Report) .


Get the most recent insight from Zacks Equity Research with the free Profit from the Pros newsletter:

Here are highlights from Monday’s Analyst Blog:


Earnings Preview: Bed Bath & Beyond


Bed Bath & Beyond Inc. (BBBY - Free Report) , one of the leading operators of specialty retail stores in the U.S. and Canada, is scheduled to report its second-quarter 2012 financial results following the close of trade on September 19, 2012.

We presently expect earnings of $1.02 per share for the quarter, which is near the higher end of the company’s projected earnings range of 97 cents and $1.03. Meanwhile, the Zacks Consensus Estimate for revenues is $2,538 million.

Looking Back - First-Quarter 2012

Bed Bath & Beyond reported a solid first-quarter 2012 result with respect to earnings growth, cash flow generation and overall financial strength. Earnings in the first quarter rose approximately 24% to 89 cents per share from the year-ago earnings of 72 cents, handily surpassing its earnings guidance range of 79 cents and 85 cents per share. Bed Bath & Beyond also outpaced the Zacks Consensus Estimate of 84 cents per share.

Bed Bath & Beyond's top line augmented almost 5.1% to $2,218.3 million in the first quarter from $2,110 million in the year-ago quarter. However, the company's top line missed the Zacks Consensus Estimate of $2,243 million.


Accounting for the additional 53rd week in fiscal 2012, management forecasts a comparable-store sales increase of 2% to 4% for both the second quarter and fiscal 2012. Consequently, the company expects comparable-store sales to boost net sales by 5% to 7% in the second quarter and 6% to 8% in fiscal 2012.

Bed Bath & Beyond expects to deliver second-quarter 2012 earnings per share between 97 cents and $1.03. Moreover, the company continues to expect fiscal 2012 earnings per share to increase by a high-single to a low-double-digit percentage, including one additional week this fiscal year.

In addition to 12 stores opened so far in 2012, the company expects to open a total of 40 stores across all concepts in fiscal 2012. The company expects the 2012 mix of store openings by concept to remain similar to fiscal 2011.

Agreement of Estimate

For the second quarter of 2012, 1 of the 20 estimates was revised upwards in the last 30 days and 1 was revised in the opposite direction. In the last 7 days, 1 estimate moved up, while none moved down. Estimates for fiscal 2012 witnessed 1 and 2 (out of 19) upward revisions in the last 7 and 30 days, respectively, with no downward movements.




Exxon Hires Rig for Ireland Drilling


ExxonMobil Exploration and Production Ireland (Offshore) Limited, a unit of ExxonMobil Corporation (XOM - Free Report) , has formally informed partner Providence Resources P.l.c. the signing of a letter of intent with offshore drilling contractor Ocean Rig UDW Inc. for the ultra deepwater semisubmersible drilling rig, Eirik Raude.

Per the terms of the Letter of Intent, the rig Eirik Raude will be employed to spud an exploration well at Dunquin, situated in Frontier Exploration Licence (FEL) 3/04, offshore Ireland. The rig is expected to be operational in the first quarter of 2013 and drilling will likely be completed in about 6 months. However, the contract is subject to agreeable contract and corporate and co-venturer consent.

ExxonMobil Exploration and Production Ireland (Offshore) Limited, the operator of FEL 3/04, holds an interest of 27.5%. The other co-partners Eni SpA (E - Free Report) , Repsol S.A (REPYY - Free Report) , Providence Resources and Sosina Exploration Limited hold 27.5%, 25%, 16% and 4% stakes, respectively.

The deal will augment ExxonMobil’s operations as Dunquin forms a vital part of Dublin-based Providence's ongoing Irish multi-basin, multi-well drilling program. The company’s venture with Providence Resources – which controls most of Ireland’s offshore acreage – will allow joint development of oil fields in offshore Ireland as well as access to the know-how for developing unreachable resources. The deal could unlock huge oil reserves in the unexploited offshore province of Ireland. These developments will boost Exxon’s earnings in the near future.

ExxonMobil boasts diversified operations across the world with several new projects expected to come online through 2013. While Exxon functions in all corners of the globe, the main areas of focus for the coming years include the U.S., Canada, Kazakhstan, West Africa, Australia, Russia, Angola and Iraq for new volumes. On the exploration front, it includes unconventional natural gas across North America as well as offshore regions, including the Gulf of Mexico.

ExxonMobil carries a Zacks #3 Rank, which is equivalent to a Hold rating for a period of one to three months. Longer term, we maintain our Neutral recommendation.






Want more from Zacks Equity Research? Subscribe to the free Profit from the Pros newsletter:

About Zacks Equity Research

Zacks Equity Research provides the best of quantitative and qualitative analysis to help investors know what stocks to buy and which to sell for the long-term.

Continuous coverage is provided for a universe of 1,150 publicly traded stocks. Our analysts are organized by industry which gives them keen insights to developments that affect company profits and stock performance. Recommendations and target prices are six-month time horizons.

Zacks "Profit from the Pros" e-mail newsletter provides highlights of the latest analysis from Zacks Equity Research. Subscribe to this free newsletter today:

About Zacks is a property of Zacks Investment Research, Inc., which was formed in 1978 by Leon Zacks. As a PhD from MIT Len knew he could find patterns in stock market data that would lead to superior investment results. Amongst his many accomplishments was the formation of his proprietary stock picking system; the Zacks Rank, which continues to outperform the market by nearly a 3 to 1 margin. The best way to unlock the profitable stock recommendations and market insights of Zacks Investment Research is through our free daily email newsletter; Profit from the Pros. In short, it's your steady flow of Profitable ideas GUARANTEED to be worth your time! Register for your free subscription to Profit from the Pros at

Visit for information about the performance numbers displayed in this press release.

Follow us on Twitter:

Join us on Facebook:

Disclaimer: Past performance does not guarantee future results. Investors should always research companies and securities before making any investments. Nothing herein should be construed as an offer or solicitation to buy or sell any security.

Media Contact
Zacks Investment Research

800-767-3771 ext. 9339

In-Depth Zacks Research for the Tickers Above

Normally $25 each - click below to receive one report FREE:

Bed Bath & Beyond Inc. (BBBY) - free report >>

Exxon Mobil Corporation (XOM) - free report >>

Eni SpA (E) - free report >>

Repsol SA (REPYY) - free report >>

More from Zacks Press Releases

You May Like