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Energy Stocks' Q3 Earnings Roster for Nov 7: CIVI, DVN, WTI
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We are now at the end of third-quarter earnings, with all the S&P 500 energy companies already having reported. Given solid oil prices, the overall energy business scenario was favorable for exploration and production activities in the quarter.
Q3 Oil Price
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.
Midstream Business
By its very nature, midstream operations have lower exposure to volatility in oil and gas prices since pipeline networks are utilized by shippers for transporting oil and natural gas for a length of time. Thus, in the September quarter, the midstream operations are likely to have generated stable fee-based revenues.
However, compared with the prior-year quarter, midstream business might have been relatively unhealthy. This is because year-over-year lower commodity prices in the September quarter are expected to have led to lower production, hurting demand for pipeline and storage assets.
Key Releases
Given the backdrop, let us look at how the following energy companies are placed ahead of their third-quarter earnings releases slated for Nov 7.
Per our proprietary model, a company needs to have the right combination of two key ingredients — a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) — to increase the odds of an earnings beat. You can see the complete list of today’s Zacks #1 Rank stocks here.
Civitas Resources, Inc. (CIVI - Free Report) is geared up to release third-quarter earnings after the closing bell.
Our proven model predicts an earnings beat for Civitas Resources this time around, as it has an Earnings ESP of +4.40% and a Zacks Rank #2. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
The Zacks Consensus Estimate for the firm’s earnings is pegged at $2.55 per share, suggesting a decline from the prior-year reported figure.
Devon Energy Corp. (DVN - Free Report) is set to report quarterly earnings after the closing bell. The chances of Devon Energy delivering an earnings beat this time around are low as it has an Earnings ESP of 0.00% and a Zacks Rank #2.
The Zacks Consensus Estimate for the firm’s earnings is pegged at $1.56 per share, suggesting a decline from the prior-year reported figure.
W&T Offshore, Inc. (WTI - Free Report) is scheduled to report quarterly earnings after the closing bell. Similar to Devon Energy, the chances of W&T Offshore, a leading oil and natural gas producer, delivering an earnings beat this time around are low as it has an Earnings ESP of 0.00% and a Zacks Rank #2.
The Zacks Consensus Estimate for WTI’s earnings is pegged at 4 cents per share.
Image: Shutterstock
Energy Stocks' Q3 Earnings Roster for Nov 7: CIVI, DVN, WTI
We are now at the end of third-quarter earnings, with all the S&P 500 energy companies already having reported. Given solid oil prices, the overall energy business scenario was favorable for exploration and production activities in the quarter.
Q3 Oil Price
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.
Midstream Business
By its very nature, midstream operations have lower exposure to volatility in oil and gas prices since pipeline networks are utilized by shippers for transporting oil and natural gas for a length of time. Thus, in the September quarter, the midstream operations are likely to have generated stable fee-based revenues.
However, compared with the prior-year quarter, midstream business might have been relatively unhealthy. This is because year-over-year lower commodity prices in the September quarter are expected to have led to lower production, hurting demand for pipeline and storage assets.
Key Releases
Given the backdrop, let us look at how the following energy companies are placed ahead of their third-quarter earnings releases slated for Nov 7.
Per our proprietary model, a company needs to have the right combination of two key ingredients — a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) — to increase the odds of an earnings beat. You can see the complete list of today’s Zacks #1 Rank stocks here.
Civitas Resources, Inc. (CIVI - Free Report) is geared up to release third-quarter earnings after the closing bell.
Our proven model predicts an earnings beat for Civitas Resources this time around, as it has an Earnings ESP of +4.40% and a Zacks Rank #2. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
The Zacks Consensus Estimate for the firm’s earnings is pegged at $2.55 per share, suggesting a decline from the prior-year reported figure.
Civitas Resources, Inc. Price and EPS Surprise
Civitas Resources, Inc. price-eps-surprise | Civitas Resources, Inc. Quote
Devon Energy Corp. (DVN - Free Report) is set to report quarterly earnings after the closing bell. The chances of Devon Energy delivering an earnings beat this time around are low as it has an Earnings ESP of 0.00% and a Zacks Rank #2.
The Zacks Consensus Estimate for the firm’s earnings is pegged at $1.56 per share, suggesting a decline from the prior-year reported figure.
Devon Energy Corporation Price and EPS Surprise
Devon Energy Corporation price-eps-surprise | Devon Energy Corporation Quote
W&T Offshore, Inc. (WTI - Free Report) is scheduled to report quarterly earnings after the closing bell. Similar to Devon Energy, the chances of W&T Offshore, a leading oil and natural gas producer, delivering an earnings beat this time around are low as it has an Earnings ESP of 0.00% and a Zacks Rank #2.
The Zacks Consensus Estimate for WTI’s earnings is pegged at 4 cents per share.
W&T Offshore, Inc. Price and EPS Surprise
W&T Offshore, Inc. price-eps-surprise | W&T Offshore, Inc. Quote
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.