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Crescent Energy (CRGY) to Report Q2 Earnings: What's in the Cards?
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Crescent Energy Company (CRGY - Free Report) is slated to report second-quarter 2024 results on Aug 5, after market close.
In the last reported quarter, the company delivered an earnings surprise of 155.56%. It also delivered a trailing four-quarter average earnings surprise of 112.25%.
Factors to Note
Crescent Energy generates revenues primarily from the sale of its oil, natural gas and natural gas liquids (NGLs) production. Therefore, the improved sales volume of these products is expected to have boosted its quarterly top-line performance.
To this end, the consensus estimate for CRGY’s daily net sales volumes of oil, natural gas and NGL reflects a year-over-year improvement of 10.3%, 14.2% and 33.4%, respectively, for the second quarter. Notably, the Western Eagle Ford acquisition, made in July 2023, is anticipated to have been the key growth driver for the increased sales volume.
In terms of revenue expectations, solid sales volume, along with the soaring price of oil as well as NGL, must have boosted CRGY’s oil and NGL revenues in the second quarter. However, persistently low natural gas prices might have adversely impacted the revenue performance of its natural gas unit amid the benefits of improved sales volume.
Consequently, the consensus estimate for second-quarter revenues from oil, natural gas and NGL reflects a year-over-year improvement of 16%, 23.9% and 0.8%, respectively.
Q2 Expectations
Positive revenue growth projections from CRGY’s oil, natural gas and NGL units, which account for approximately 95% of the company’s total revenues, can be expected to have bolstered the overall top-line performance. The Zacks Consensus Estimate for revenues is pegged at $611.3 million, indicating a 24.2% improvement from the prior-year quarter’s reported number.
Solid sales growth expectations, along with the company’s ongoing efforts to reduce its operating costs, are likely to have bolstered its bottom-line performance. The Zacks Consensus Estimate for second-quarter earnings is pegged at 26 cents per share, implying an improvement of 73.3% from the prior-year quarter’s reported figure.
What the Zacks Model Unveils
Our proven model does not conclusively predict an earnings beat for Crescent 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, which is not the case here.
Earnings ESP: CRGY’s Earnings ESP is 0.00%. You can uncover the best stocks before they’re reported with our Earnings ESP Filter.
Zacks Rank: Crescent Energy currently carries a Zacks Rank of 4 (Sell).
Stocks to Consider
Below, we have discussed some promising players from the same sector that have the right combination of elements to beat on earnings this reporting cycle.
The Zacks Consensus Estimate for earnings is pegged at a loss of 33 cents per share. The company delivered an average earnings surprise of 45.37% in the trailing four quarters.
Array Technologies (ARRY - Free Report) is expected to report second-quarter 2024 results on Aug 8, after market close. It has an Earnings ESP of +68.42% and a Zacks Rank of 3 at present.
The Zacks Consensus Estimate for sales is pinned at $230.4 million. The company delivered an average earnings surprise of 144.80% in the trailing four quarters.
Ormat Technologies (ORA - Free Report) is slated to report second-quarter 2024 results on Aug 6, after market close. It has an Earnings ESP of +10.96% and a Zacks Rank of 3 at present.
The Zacks Consensus Estimate for sales is pegged at $211 million, implying an improvement of 8.3% from the prior-year quarter’s reported actuals. The company delivered an average earnings surprise of 10.77% in the trailing four quarters.
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Crescent Energy (CRGY) to Report Q2 Earnings: What's in the Cards?
Crescent Energy Company (CRGY - Free Report) is slated to report second-quarter 2024 results on Aug 5, after market close.
In the last reported quarter, the company delivered an earnings surprise of 155.56%. It also delivered a trailing four-quarter average earnings surprise of 112.25%.
Factors to Note
Crescent Energy generates revenues primarily from the sale of its oil, natural gas and natural gas liquids (NGLs) production. Therefore, the improved sales volume of these products is expected to have boosted its quarterly top-line performance.
Crescent Energy Company Price and EPS Surprise
Crescent Energy Company price-eps-surprise | Crescent Energy Company Quote
To this end, the consensus estimate for CRGY’s daily net sales volumes of oil, natural gas and NGL reflects a year-over-year improvement of 10.3%, 14.2% and 33.4%, respectively, for the second quarter. Notably, the Western Eagle Ford acquisition, made in July 2023, is anticipated to have been the key growth driver for the increased sales volume.
In terms of revenue expectations, solid sales volume, along with the soaring price of oil as well as NGL, must have boosted CRGY’s oil and NGL revenues in the second quarter. However, persistently low natural gas prices might have adversely impacted the revenue performance of its natural gas unit amid the benefits of improved sales volume.
Consequently, the consensus estimate for second-quarter revenues from oil, natural gas and NGL reflects a year-over-year improvement of 16%, 23.9% and 0.8%, respectively.
Q2 Expectations
Positive revenue growth projections from CRGY’s oil, natural gas and NGL units, which account for approximately 95% of the company’s total revenues, can be expected to have bolstered the overall top-line performance. The Zacks Consensus Estimate for revenues is pegged at $611.3 million, indicating a 24.2% improvement from the prior-year quarter’s reported number.
Solid sales growth expectations, along with the company’s ongoing efforts to reduce its operating costs, are likely to have bolstered its bottom-line performance. The Zacks Consensus Estimate for second-quarter earnings is pegged at 26 cents per share, implying an improvement of 73.3% from the prior-year quarter’s reported figure.
What the Zacks Model Unveils
Our proven model does not conclusively predict an earnings beat for Crescent 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, which is not the case here.
Earnings ESP: CRGY’s Earnings ESP is 0.00%. You can uncover the best stocks before they’re reported with our Earnings ESP Filter.
Zacks Rank: Crescent Energy currently carries a Zacks Rank of 4 (Sell).
Stocks to Consider
Below, we have discussed some promising players from the same sector that have the right combination of elements to beat on earnings this reporting cycle.
Sunrun (RUN - Free Report) is slated to report second-quarter 2024 results on Aug 6, after market close. It has an Earnings ESP of +173.40% and a Zacks Rank of 3 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for earnings is pegged at a loss of 33 cents per share. The company delivered an average earnings surprise of 45.37% in the trailing four quarters.
Array Technologies (ARRY - Free Report) is expected to report second-quarter 2024 results on Aug 8, after market close. It has an Earnings ESP of +68.42% and a Zacks Rank of 3 at present.
The Zacks Consensus Estimate for sales is pinned at $230.4 million. The company delivered an average earnings surprise of 144.80% in the trailing four quarters.
Ormat Technologies (ORA - Free Report) is slated to report second-quarter 2024 results on Aug 6, after market close. It has an Earnings ESP of +10.96% and a Zacks Rank of 3 at present.
The Zacks Consensus Estimate for sales is pegged at $211 million, implying an improvement of 8.3% from the prior-year quarter’s reported actuals. The company delivered an average earnings surprise of 10.77% in the trailing four quarters.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.