We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
EOG Resources (EOG) to Report Q3 Earnings: What's in Store?
Read MoreHide Full Article
EOG Resources, Inc. (EOG - Free Report) is slated to report third-quarter 2020 results on Nov 5, after the closing bell.
In the last-reported quarter, the company reported adjusted loss of 23 cents per share, wider than the Zacks Consensus Estimate of a loss of 14 cents. The deterioration was due to a massive drop in commodity price realizations and production volumes. Notably, EOG Resources beat estimates once in the last four quarters, as shown in the chart below.
Let’s see how things have shaped up prior to the announcement.
Trend in Estimate Revision
The Zacks Consensus Estimate for the company’s third-quarter earnings per share of 16 cents has witnessed eight upward revisions and one downward movement in the past 30 days. This estimate is indicative of an 85.8% decrease from the year-ago reported figure.
The Zacks Consensus Estimate for the company’s third-quarter revenues is pegged at $2.5 billion, suggesting a decrease of 42% from the year-ago reported figure.
Factors to Consider
Although the price of crude oil in the September quarter recovered sequentially, thanks to easing of social-distancing measures, the commodity’s price was below the year-ago quarter level.
Notably, the drop in oil prices is likely to have affected the upstream energy major’s total production volumes. The Zacks Consensus Estimate for the company’s third-quarter crude oil equivalent volumes is pegged at 699 thousand barrels of oil equivalent per day (MBoe/d), suggesting a decline from the year-ago quarter’s 834.2 MBoe/d.
The consensus mark for crude oil and condensate production volume for the quarter is pegged at 371 MBbls/d, implying a decline from the year-ago period’s 464.1 MBbls/d. As EOG Resources is an exploration and production company whose total production significantly constitutes oil, the potential decrease in crude equivalent volumes is likely to have hurt the bottom line in the third quarter.
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 the chances of an earnings beat. That is not the case here as you will see below.
Earnings ESP: The company’s Earnings ESP is +29.17% as the Most Accurate Estimate is pegged at 21 cents per share and the Zacks Consensus Estimate is pinned at 16 cents. 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 #4 (Sell).
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:
Marathon Oil Corporation (MRO - Free Report) has an Earnings ESP of +1.50% and a Zacks Rank of 3. It is scheduled to report third-quarter results on Nov 4.
DCP Midstream Partners, LP has an Earnings ESP of +4.77% and a Zacks Rank #1. The partnership is scheduled to release third-quarter earnings on Nov 4.
The Hottest Tech Mega-Trend of All
Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce ""the world's first trillionaires,"" but that should still leave plenty of money for regular investors who make the right trades early.
Image: Bigstock
EOG Resources (EOG) to Report Q3 Earnings: What's in Store?
EOG Resources, Inc. (EOG - Free Report) is slated to report third-quarter 2020 results on Nov 5, after the closing bell.
In the last-reported quarter, the company reported adjusted loss of 23 cents per share, wider than the Zacks Consensus Estimate of a loss of 14 cents. The deterioration was due to a massive drop in commodity price realizations and production volumes. Notably, EOG Resources beat estimates once in the last four quarters, as shown in the chart below.
Let’s see how things have shaped up prior to the announcement.
Trend in Estimate Revision
The Zacks Consensus Estimate for the company’s third-quarter earnings per share of 16 cents has witnessed eight upward revisions and one downward movement in the past 30 days. This estimate is indicative of an 85.8% decrease from the year-ago reported figure.
The Zacks Consensus Estimate for the company’s third-quarter revenues is pegged at $2.5 billion, suggesting a decrease of 42% from the year-ago reported figure.
Factors to Consider
Although the price of crude oil in the September quarter recovered sequentially, thanks to easing of social-distancing measures, the commodity’s price was below the year-ago quarter level.
Notably, the drop in oil prices is likely to have affected the upstream energy major’s total production volumes. The Zacks Consensus Estimate for the company’s third-quarter crude oil equivalent volumes is pegged at 699 thousand barrels of oil equivalent per day (MBoe/d), suggesting a decline from the year-ago quarter’s 834.2 MBoe/d.
The consensus mark for crude oil and condensate production volume for the quarter is pegged at 371 MBbls/d, implying a decline from the year-ago period’s 464.1 MBbls/d. As EOG Resources is an exploration and production company whose total production significantly constitutes oil, the potential decrease in crude equivalent volumes is likely to have hurt the bottom line in the third quarter.
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 the chances of an earnings beat. That is not the case here as you will see below.
Earnings ESP: The company’s Earnings ESP is +29.17% as the Most Accurate Estimate is pegged at 21 cents per share and the Zacks Consensus Estimate is pinned at 16 cents. 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 #4 (Sell).
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:
Sunoco LP (SUN - Free Report) has an Earnings ESP of +1.00% and is a Zacks #1 Ranked player. The partnership is scheduled to release third-quarter results on Nov 4. You can see the complete list of today’s Zacks #1 Rank stocks here.
Marathon Oil Corporation (MRO - Free Report) has an Earnings ESP of +1.50% and a Zacks Rank of 3. It is scheduled to report third-quarter results on Nov 4.
DCP Midstream Partners, LP has an Earnings ESP of +4.77% and a Zacks Rank #1. The partnership is scheduled to release third-quarter earnings on Nov 4.
The Hottest Tech Mega-Trend of All
Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce ""the world's first trillionaires,"" but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>