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What's in Store for EOG Resources (EOG) in Q2 Earnings?
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EOG Resources, Inc. (EOG - Free Report) is set to report second-quarter 2024 results on Aug 1, after market close.
In the last reported quarter, its adjusted earnings of $2.82 per share beat the Zacks Consensus Estimate of $2.70, primarily driven by higher total production volumes.
Earnings surpassed the Zacks Consensus Estimate in three of the trailing four quarters and missed the same in one, delivering an average surprise of 7.01%. This is depicted in the graph below:
The Zacks Consensus Estimate for second-quarter earnings per share of $2.98 has witnessed three downward revisions and one upward revision in the past seven days. The estimated figure suggests an improvement of 19.68% from the prior-year reported number.
The Zacks Consensus Estimate for revenues of $6.06 billion indicates an 8.82% increase from the year-ago recorded figure.
Factors to Consider
EOG Resources is expected to have maintained a stable performance in the second quarter, supported by highly productive acreages in premier oil shale plays like the Permian and Eagle Ford. The company boasts numerous untapped high-quality drilling sites, which strengthen its production outlook and lower its risk profile.
However, challenges likely arose due to the softening of natural gas prices. According to data from the U.S. Energy Information Administration, the Natural Gas Henry Hub Spot price declined 2.03% sequentially in the second quarter and 3.52% year over year, primarily due to increased natural gas production, milder weather conditions reducing demand, higher storage levels and geopolitical tensions affecting global energy markets.
These factors are anticipated to have affected demand and pricing dynamics, potentially hampering EOG Resources’ quarterly performance.
Earnings Whispers
Our proven model does not indicate an earnings beat for EOG 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 not the case here, as you will see below.
Earnings ESP: EOG Resources has an Earnings ESP of -0.71%. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
Zacks Rank: EOG currently carries a Zacks Rank #3 (Hold).
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.
Sunoco is scheduled to release second-quarter earnings on Aug 7. The Zacks Consensus Estimate for earnings is pegged at $1.79 per share, suggesting a 129.5% increase from the prior-year reported figure.
Murphy USA Inc. (MUSA - Free Report) currently has an Earnings ESP of +0.13% and a Zacks Rank #3.
MUSA is scheduled to release second-quarter earnings on Jul 31. The Zacks Consensus Estimate for earnings is pegged at $6.91 per share, suggesting an almost 15% increase from the prior-year reported figure.
Enterprise Products Partners L.P. (EPD - Free Report) currently has an Earnings ESP of +3.48% and a Zacks Rank #3.
Enterprise is scheduled to release second-quarter earnings on Jul 30. The Zacks Consensus Estimate for earnings is pegged at 65 cents per share, indicating a 14.04% increase from the prior-year reported figure.
Image: Bigstock
What's in Store for EOG Resources (EOG) in Q2 Earnings?
EOG Resources, Inc. (EOG - Free Report) is set to report second-quarter 2024 results on Aug 1, after market close.
In the last reported quarter, its adjusted earnings of $2.82 per share beat the Zacks Consensus Estimate of $2.70, primarily driven by higher total production volumes.
Earnings surpassed the Zacks Consensus Estimate in three of the trailing four quarters and missed the same in one, delivering an average surprise of 7.01%. This is depicted in the graph below:
EOG Resources, Inc. Price and EPS Surprise
EOG Resources, Inc. price-eps-surprise | EOG Resources, Inc. Quote
Estimate Trend
The Zacks Consensus Estimate for second-quarter earnings per share of $2.98 has witnessed three downward revisions and one upward revision in the past seven days. The estimated figure suggests an improvement of 19.68% from the prior-year reported number.
The Zacks Consensus Estimate for revenues of $6.06 billion indicates an 8.82% increase from the year-ago recorded figure.
Factors to Consider
EOG Resources is expected to have maintained a stable performance in the second quarter, supported by highly productive acreages in premier oil shale plays like the Permian and Eagle Ford. The company boasts numerous untapped high-quality drilling sites, which strengthen its production outlook and lower its risk profile.
However, challenges likely arose due to the softening of natural gas prices. According to data from the U.S. Energy Information Administration, the Natural Gas Henry Hub Spot price declined 2.03% sequentially in the second quarter and 3.52% year over year, primarily due to increased natural gas production, milder weather conditions reducing demand, higher storage levels and geopolitical tensions affecting global energy markets.
These factors are anticipated to have affected demand and pricing dynamics, potentially hampering EOG Resources’ quarterly performance.
Earnings Whispers
Our proven model does not indicate an earnings beat for EOG 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 not the case here, as you will see below.
Earnings ESP: EOG Resources has an Earnings ESP of -0.71%. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
Zacks Rank: EOG currently carries a Zacks Rank #3 (Hold).
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.
Sunoco LP (SUN - Free Report) currently has an Earnings ESP of +1.96% and a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
Sunoco is scheduled to release second-quarter earnings on Aug 7. The Zacks Consensus Estimate for earnings is pegged at $1.79 per share, suggesting a 129.5% increase from the prior-year reported figure.
Murphy USA Inc. (MUSA - Free Report) currently has an Earnings ESP of +0.13% and a Zacks Rank #3.
MUSA is scheduled to release second-quarter earnings on Jul 31. The Zacks Consensus Estimate for earnings is pegged at $6.91 per share, suggesting an almost 15% increase from the prior-year reported figure.
Enterprise Products Partners L.P. (EPD - Free Report) currently has an Earnings ESP of +3.48% and a Zacks Rank #3.
Enterprise is scheduled to release second-quarter earnings on Jul 30. The Zacks Consensus Estimate for earnings is pegged at 65 cents per share, indicating a 14.04% increase from the prior-year reported figure.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.