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Berry (BRY) to Report Q3 Earnings: What's in the Offing?
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Berry Corporation (BRY - Free Report) is set to report third-quarter 2023 results on Nov 1, before the opening bell.
In the last reported quarter, the upstream energy player’s earnings of 15 cents per share beat the Zacks Consensus Estimate of 1 cent.
Berry’s earnings beat estimates in three of the trailing four quarters and missed in one, delivering an average surprise of 419.8 %. This is depicted in the graph below:
Let’s delve into the factors that are expected to have influenced BRY’s performance in the to-be-reported quarter.
The Zacks Consensus Estimate for third-quarter earnings witnessed three upward revisions in the past 30 days. It is currently pegged at 33 cents per share.
The consensus mark for revenues is pinned at $174.1 million, implying a 53.8% year-over-year decline.
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 BRY. However, the Zacks Consensus Estimate for total production is pegged at 25.55 thousand barrels of oil equivalent per day (MBOE/D), suggesting a decline from 25.80 MBOE/D in a year-ago quarter.
Earnings Whisper
Our proven model does not predict an earnings beat for Berry 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. But that is not the case here.
Earnings ESP: Berry has an Earnings ESP of 0.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: The company currently carries a Zacks Rank #2.
Stocks to Consider
Here are some firms worth considering, as these have the right combination of elements to beat on earnings 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
Berry (BRY) to Report Q3 Earnings: What's in the Offing?
Berry Corporation (BRY - Free Report) is set to report third-quarter 2023 results on Nov 1, before the opening bell.
In the last reported quarter, the upstream energy player’s earnings of 15 cents per share beat the Zacks Consensus Estimate of 1 cent.
Berry’s earnings beat estimates in three of the trailing four quarters and missed in one, delivering an average surprise of 419.8 %. This is depicted in the graph below:
Let’s delve into the factors that are expected to have influenced BRY’s performance in the to-be-reported quarter.
Berry Corporation Price and EPS Surprise
Berry Corporation price-eps-surprise | Berry Corporation Quote
Estimate Trend
The Zacks Consensus Estimate for third-quarter earnings witnessed three upward revisions in the past 30 days. It is currently pegged at 33 cents per share.
The consensus mark for revenues is pinned at $174.1 million, implying a 53.8% year-over-year decline.
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 BRY. However, the Zacks Consensus Estimate for total production is pegged at 25.55 thousand barrels of oil equivalent per day (MBOE/D), suggesting a decline from 25.80 MBOE/D in a year-ago quarter.
Earnings Whisper
Our proven model does not predict an earnings beat for Berry 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. But that is not the case here.
Earnings ESP: Berry has an Earnings ESP of 0.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: The company currently carries a Zacks Rank #2.
Stocks to Consider
Here are some firms worth considering, as these have the right combination of elements to beat on earnings 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.