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EQT Gears Up to Report Q2 Earnings: Is a Beat in the Cards?
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EQT Corporation (EQT - Free Report) is set to report second-quarter 2024 earnings on Jul 23, after the closing bell.
In the last reported quarter, the company’s earnings of 82 cents per share beat the Zacks Consensus Estimate of 65 cents, backed by higher sales volumes. EQT’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and met the same once, delivering an average surprise of almost 103.3%. This is depicted in the graph below.
The Zacks Consensus Estimate for second-quarter loss per share of 14 cents has witnessed seven downward revisions and one upward movement over the past 30 days. The estimated figure suggests an improvement of 17.7% from the year-ago quarter’s reported number.
The Zacks Consensus Estimate for second-quarter revenues of $1.2 billion indicates an 18.9% improvement from the year-ago reported figure.
Factors to Consider
Based on data from the U.S. Energy Information Administration, spot prices for Henry Hub natural gas averaged $1.60, $2.12, and $2.53 per million Btu in April, May and June, respectively, compared with $2.16, $2.15 and $2.18 in the same months last year. Prices were lower year over year in the first two months of the second quarter but improved in the final month.
On the production front, we expect the company, having a strong footprint in the prolific Marcellus shale play, to produce 6% year-over-year higher natural gas equivalent volumes.
With commodity prices having improved in the final month of the June quarter, production is likely to have increased, aiding the company’s bottom line.
Earnings Whispers
Our proven model predicts an earnings beat for EQT 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 the case here, as you will see below.
Earnings ESP: EQT’s Earnings ESP is +11.35%. 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 three firms that you may want to consider, as these have the right combination of elements to post an earnings beat this reporting cycle.
EOG is scheduled to release second-quarter earnings on Aug 1. The Zacks Consensus Estimate for EOG’s earnings is pegged at $3.01 per share, suggesting an almost 21% increase from the prior-year reported figure.
Marathon Oil Corporation (MRO - Free Report) presently has an Earnings ESP of +3.89% and a Zacks Rank #3.
Marathon Oil is scheduled to release second-quarter earnings on Aug 7. The Zacks Consensus Estimate for MRO’s earnings is pegged at 72 cents per share, suggesting a 50% increase from the prior-year reported figure.
Baker Hughes (BKR - Free Report) currently has an Earnings ESP of +1.59% and a Zacks Rank #3.
Baker Hughes is scheduled to release second-quarter earnings on Jul 25. The Zacks Consensus Estimate for BKR’s earnings is pegged at 49 cents per share, suggesting a 25.6% improvement from the prior-year reported figure.
Image: Shutterstock
EQT Gears Up to Report Q2 Earnings: Is a Beat in the Cards?
EQT Corporation (EQT - Free Report) is set to report second-quarter 2024 earnings on Jul 23, after the closing bell.
In the last reported quarter, the company’s earnings of 82 cents per share beat the Zacks Consensus Estimate of 65 cents, backed by higher sales volumes. EQT’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and met the same once, delivering an average surprise of almost 103.3%. This is depicted in the graph below.
EQT Corporation Price and EPS Surprise
EQT Corporation price-eps-surprise | EQT Corporation Quote
Estimate Trend
The Zacks Consensus Estimate for second-quarter loss per share of 14 cents has witnessed seven downward revisions and one upward movement over the past 30 days. The estimated figure suggests an improvement of 17.7% from the year-ago quarter’s reported number.
The Zacks Consensus Estimate for second-quarter revenues of $1.2 billion indicates an 18.9% improvement from the year-ago reported figure.
Factors to Consider
Based on data from the U.S. Energy Information Administration, spot prices for Henry Hub natural gas averaged $1.60, $2.12, and $2.53 per million Btu in April, May and June, respectively, compared with $2.16, $2.15 and $2.18 in the same months last year. Prices were lower year over year in the first two months of the second quarter but improved in the final month.
On the production front, we expect the company, having a strong footprint in the prolific Marcellus shale play, to produce 6% year-over-year higher natural gas equivalent volumes.
With commodity prices having improved in the final month of the June quarter, production is likely to have increased, aiding the company’s bottom line.
Earnings Whispers
Our proven model predicts an earnings beat for EQT 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 the case here, as you will see below.
Earnings ESP: EQT’s Earnings ESP is +11.35%. 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 three firms that you may want to consider, as these have the right combination of elements to post an earnings beat this reporting cycle.
EOG Resources Inc (EOG - Free Report) currently has an Earnings ESP of +0.61% and a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
EOG is scheduled to release second-quarter earnings on Aug 1. The Zacks Consensus Estimate for EOG’s earnings is pegged at $3.01 per share, suggesting an almost 21% increase from the prior-year reported figure.
Marathon Oil Corporation (MRO - Free Report) presently has an Earnings ESP of +3.89% and a Zacks Rank #3.
Marathon Oil is scheduled to release second-quarter earnings on Aug 7. The Zacks Consensus Estimate for MRO’s earnings is pegged at 72 cents per share, suggesting a 50% increase from the prior-year reported figure.
Baker Hughes (BKR - Free Report) currently has an Earnings ESP of +1.59% and a Zacks Rank #3.
Baker Hughes is scheduled to release second-quarter earnings on Jul 25. The Zacks Consensus Estimate for BKR’s earnings is pegged at 49 cents per share, suggesting a 25.6% improvement from the prior-year reported figure.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.