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Amplify Energy (AMPY) to Post Q3 Earnings: What's in Store?
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Amplify Energy Corp. (AMPY - Free Report) is set to report third-quarter 2023 results on Nov 6, after the closing bell.
In the last reported quarter, the independent oil and natural gas company’s earnings of 24 cents per share beat the Zacks Consensus Estimate of 7 cents. Amplify Energy’s bottom line beat estimates in three of the trailing four quarters and missed on one occasion, delivering an average earnings surprise of 422.1%. This is depicted in the graph below:
The Zacks Consensus Estimate for third-quarter earnings witnessed one upward revision in the past 30 days. It is currently pegged at 20 cents per share.
The consensus mark for revenues stands at $74.3 million, implying a year-over-year decline of 41.2%.
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 AMPY. However, owing to scheduled maintenance turnaround, Amplify Energy expects its production at Bairoil to decline in the September quarter, partially offsetting the positives.
Earnings Whisper
Our proven model does not predict an earnings beat for Amplify Energy 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: Amplify Energy 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: Amplify Energy 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 company is scheduled to release third-quarter earnings on Nov 7. The Zacks Consensus Estimate for EC’s earnings is pegged at 53 cents per share, suggesting a decline of 50% from the prior-year reported 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.
TC Energy Corporation (TRP - Free Report) has an Earnings ESP of +0.37% and is a Zacks #3 Ranked player at present.
TC Energy is scheduled to release third-quarter results on Nov 8. The Zacks Consensus Estimate for TRP’s earnings is pegged at 71 cents per share, suggesting a year-over-year decline.
Image: Shutterstock
Amplify Energy (AMPY) to Post Q3 Earnings: What's in Store?
Amplify Energy Corp. (AMPY - Free Report) is set to report third-quarter 2023 results on Nov 6, after the closing bell.
In the last reported quarter, the independent oil and natural gas company’s earnings of 24 cents per share beat the Zacks Consensus Estimate of 7 cents. Amplify Energy’s bottom line beat estimates in three of the trailing four quarters and missed on one occasion, delivering an average earnings surprise of 422.1%. This is depicted in the graph below:
Amplify Energy Corp. Price and EPS Surprise
Amplify Energy Corp. price-eps-surprise | Amplify Energy Corp. Quote
Estimate Trend
The Zacks Consensus Estimate for third-quarter earnings witnessed one upward revision in the past 30 days. It is currently pegged at 20 cents per share.
The consensus mark for revenues stands at $74.3 million, implying a year-over-year decline of 41.2%.
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 AMPY. However, owing to scheduled maintenance turnaround, Amplify Energy expects its production at Bairoil to decline in the September quarter, partially offsetting the positives.
Earnings Whisper
Our proven model does not predict an earnings beat for Amplify Energy 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: Amplify Energy 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: Amplify Energy 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:
Ecopetrol SA (EC - Free Report) currently has an Earnings ESP of +22.81% and a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
The company is scheduled to release third-quarter earnings on Nov 7. The Zacks Consensus Estimate for EC’s earnings is pegged at 53 cents per share, suggesting a decline of 50% from the prior-year reported 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.
TC Energy Corporation (TRP - Free Report) has an Earnings ESP of +0.37% and is a Zacks #3 Ranked player at present.
TC Energy is scheduled to release third-quarter results on Nov 8. The Zacks Consensus Estimate for TRP’s earnings is pegged at 71 cents per share, suggesting a year-over-year decline.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.