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Is a Beat in Store for Pioneer Natural (PXD) in Q3 Earnings?
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Pioneer Natural Resources Company is set to report third-quarter 2023 earnings on Nov 2, after the closing bell.
In the last reported quarter, the company’s earnings of $4.49 per share beat the Zacks Consensus Estimate of $4.12, thanks to higher oil-equivalent production volumes. PXD’s earnings surpassed the Zacks Consensus Estimate in all the trailing four quarters, the average surprise being 4.3%. This is depicted in the graph below:
Pioneer Natural Resources Company Price and EPS Surprise
The Zacks Consensus Estimate for third-quarter earnings per share of $5.51 has witnessed six upward revisions and one downward movement over the past 30 days. The estimated figure suggests a significant decline from the year-ago reported number.
The Zacks Consensus Estimate for third-quarter revenues of $5.3 billion indicates a 13.7% decline from the year-ago reported figure.
Earnings Whispers
Our proven model predicts an earnings beat for Pioneer Natural this time around. 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 just the case here.
Earnings ESP: Pioneer Natural has an Earnings ESP of +2.02%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: PXD currently carries a Zacks Rank #2.
Factors to Consider
The pricing scenario of oil and natural gas was impressive in the third quarter of this year. Per data provided by the U.S. Energy Information Administration, the average West Texas Intermediate crude prices per barrel in July, August and September were $76.07, $81.39 and $89.43, respectively. Although the prices were not as high as in the year-ago quarter, the commodity prices were impressive and healthy.
Like oil, natural gas prices in the September quarter were healthier than in the second quarter, aiding the exploration and production activities of PXD. Following higher commodity prices, we expect the total production to increase 8.1% year over year in the third quarter, aiding the bottom line.
Other Stocks to Consider
Here are some other firms that you may want to consider, as these, too, have the right combination of elements to post an earnings beat in the upcoming quarterly reports:
The partnership is scheduled to release third-quarter earnings on Nov 6. The Zacks Consensus Estimate for VNOM’s earnings is pegged at 43 cents per share, suggesting a decline from the year-ago figure.
Devon Energy Corp. (DVN - Free Report) has an Earnings ESP of +0.72% and is currently a Zacks #2 Ranked player.
The company is scheduled to release third-quarter results on Nov 7. The Zacks Consensus Estimate for DVN’s earnings is pegged at $1.55 per share.
ConocoPhillips (COP - Free Report) has an Earnings ESP of +0.50% and is a Zacks #2 Ranked player at present.
ConocoPhillips is scheduled to release third-quarter results on Nov 2. The Zacks Consensus Estimate for COP’s earnings is pegged at $2.04 per share, suggesting a significant year-over-year decline.
Image: Bigstock
Is a Beat in Store for Pioneer Natural (PXD) in Q3 Earnings?
Pioneer Natural Resources Company is set to report third-quarter 2023 earnings on Nov 2, after the closing bell.
In the last reported quarter, the company’s earnings of $4.49 per share beat the Zacks Consensus Estimate of $4.12, thanks to higher oil-equivalent production volumes. PXD’s earnings surpassed the Zacks Consensus Estimate in all the trailing four quarters, the average surprise being 4.3%. This is depicted in the graph below:
Pioneer Natural Resources Company Price and EPS Surprise
Pioneer Natural Resources Company price-eps-surprise | Pioneer Natural Resources Company Quote
Estimate Trend
The Zacks Consensus Estimate for third-quarter earnings per share of $5.51 has witnessed six upward revisions and one downward movement over the past 30 days. The estimated figure suggests a significant decline from the year-ago reported number.
The Zacks Consensus Estimate for third-quarter revenues of $5.3 billion indicates a 13.7% decline from the year-ago reported figure.
Earnings Whispers
Our proven model predicts an earnings beat for Pioneer Natural this time around. 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 just the case here.
Earnings ESP: Pioneer Natural has an Earnings ESP of +2.02%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: PXD currently carries a Zacks Rank #2.
Factors to Consider
The pricing scenario of oil and natural gas was impressive in the third quarter of this year. Per data provided by the U.S. Energy Information Administration, the average West Texas Intermediate crude prices per barrel in July, August and September were $76.07, $81.39 and $89.43, respectively. Although the prices were not as high as in the year-ago quarter, the commodity prices were impressive and healthy.
Like oil, natural gas prices in the September quarter were healthier than in the second quarter, aiding the exploration and production activities of PXD. Following higher commodity prices, we expect the total production to increase 8.1% year over year in the third quarter, aiding the bottom line.
Other Stocks to Consider
Here are some other firms that you may want to consider, as these, too, have the right combination of elements to post an earnings beat in the upcoming quarterly reports:
Viper Energy Partners LP (VNOM - Free Report) currently has an Earnings ESP of +11.25% and a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
The partnership is scheduled to release third-quarter earnings on Nov 6. The Zacks Consensus Estimate for VNOM’s earnings is pegged at 43 cents per share, suggesting a decline from the year-ago figure.
Devon Energy Corp. (DVN - Free Report) has an Earnings ESP of +0.72% and is currently a Zacks #2 Ranked player.
The company is scheduled to release third-quarter results on Nov 7. The Zacks Consensus Estimate for DVN’s earnings is pegged at $1.55 per share.
ConocoPhillips (COP - Free Report) has an Earnings ESP of +0.50% and is a Zacks #2 Ranked player at present.
ConocoPhillips is scheduled to release third-quarter results on Nov 2. The Zacks Consensus Estimate for COP’s earnings is pegged at $2.04 per share, suggesting a significant year-over-year decline.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.