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Murphy Oil (MUR) to Report Q2 Earnings: What's in the Offing?
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Murphy Oil Corporation (MUR - Free Report) is slated to report second-quarter 2024 financial results on Aug 8, before market open. The company delivered an earnings surprise of 3.66% in the last reported quarter.
Let’s discuss the factors that might have impacted MUR’s quarterly performance.
Factors to Consider
Murphy Oil’s second-quarter earnings are expected to have benefited from the production ramp-up in its domestic and international assets. Murphy Oil has started to operate few Catarina wells in the second quarter, the new wells are expected to have boosted production volumes and earnings. In Kayboob Duvernay, the company has started to operate three additional wells in the second quarter, which has contributed to total production.
MUR’s ongoing debt-reduction initiatives are expected to have lowered capital servicing expenses, thus boosting margins in the to-be-reported quarter . Share buybacks are also likely to have aided the bottom line.
Quarterly production volumes are likely to have been adversely impacted by 11,700 barrels equivalent per day at Tupper Montney for plant maintenance downtime, 2,000 barrels of oil equivalent per day due to unplanned maintenance primarily related to a third-party downstream facility and 1,250 barrels equivalent per day of Eagle Ford Shale downtime.
Q2 Expectations
The Zacks Consensus Estimate for sales is pegged at $802.8 million, indicating a decline of nearly 1.45% from the year-ago reported figure. The Zacks consensus estimate for earnings per share is pegged at 73 cents, implying a decline of 7.6% from the prior-year reported figure.
Murphy Oil anticipates quarterly production in the range of 176-184 thousand barrels of oil equivalent per day (MBOEPD). Out of the expected production, 51% is anticipated to be oil. The Zacks Consensus Estimate is pegged at 181.99 MBOEPD.
What Our Quantitative Model Predicts
Our proven model does not conclusively predict an earnings beat for Murphy Oil 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, as you will see below.
Earnings ESP: Murphy Oil has an Earnings ESP of -5.07%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Murphy Oil currently carries a Zacks Rank #3.
Stocks to Consider
Investors can consider the following players from the same sector that, per our model, have the right combination to beat on earnings in this reporting cycle.
The Zacks Consensus Estimate for ARRY’s second-quarter 2024 earnings has risen 11.1% in the past 30 days.
Berry Corporation (BRY - Free Report) is set to release second-quarter numbers on Aug 9, 2024. BRY has an Earnings ESP of +37.71% and a Zacks Rank #3.
The Zacks Consensus Estimate for BRY’s second-quarter 2024 earnings implies a decline of 4.8% in the past 30 days.
Pembina Pipeline Corporation (PBA - Free Report) is scheduled to report second-quarter figures on Aug 9, 2024. PBF has an Earnings ESP of +9.09% and a Zacks Rank #2.
The Zacks Consensus Estimate for PBA’s second-quarter 2024 earnings implies an increase of 3.8% in the past 30 days.
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Murphy Oil (MUR) to Report Q2 Earnings: What's in the Offing?
Murphy Oil Corporation (MUR - Free Report) is slated to report second-quarter 2024 financial results on Aug 8, before market open. The company delivered an earnings surprise of 3.66% in the last reported quarter.
Let’s discuss the factors that might have impacted MUR’s quarterly performance.
Factors to Consider
Murphy Oil’s second-quarter earnings are expected to have benefited from the production ramp-up in its domestic and international assets. Murphy Oil has started to operate few Catarina wells in the second quarter, the new wells are expected to have boosted production volumes and earnings. In Kayboob Duvernay, the company has started to operate three additional wells in the second quarter, which has contributed to total production.
MUR’s ongoing debt-reduction initiatives are expected to have lowered capital servicing expenses, thus boosting margins in the to-be-reported quarter . Share buybacks are also likely to have aided the bottom line.
Quarterly production volumes are likely to have been adversely impacted by 11,700 barrels equivalent per day at Tupper Montney for plant maintenance downtime, 2,000 barrels of oil equivalent per day due to unplanned maintenance primarily related to a third-party downstream facility and 1,250 barrels equivalent per day of Eagle Ford Shale downtime.
Q2 Expectations
The Zacks Consensus Estimate for sales is pegged at $802.8 million, indicating a decline of nearly 1.45% from the year-ago reported figure. The Zacks consensus estimate for earnings per share is pegged at 73 cents, implying a decline of 7.6% from the prior-year reported figure.
Murphy Oil anticipates quarterly production in the range of 176-184 thousand barrels of oil equivalent per day (MBOEPD). Out of the expected production, 51% is anticipated to be oil. The Zacks Consensus Estimate is pegged at 181.99 MBOEPD.
What Our Quantitative Model Predicts
Our proven model does not conclusively predict an earnings beat for Murphy Oil 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, as you will see below.
Murphy Oil Corporation Price and EPS Surprise
Murphy Oil Corporation price-eps-surprise | Murphy Oil Corporation Quote
Earnings ESP: Murphy Oil has an Earnings ESP of -5.07%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Murphy Oil currently carries a Zacks Rank #3.
Stocks to Consider
Investors can consider the following players from the same sector that, per our model, have the right combination to beat on earnings in this reporting cycle.
Array Technologies (ARRY - Free Report) is slated to post second-quarter results on Aug 8, 2024. ARRY has an Earnings ESP of +68.42% and a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for ARRY’s second-quarter 2024 earnings has risen 11.1% in the past 30 days.
Berry Corporation (BRY - Free Report) is set to release second-quarter numbers on Aug 9, 2024. BRY has an Earnings ESP of +37.71% and a Zacks Rank #3.
The Zacks Consensus Estimate for BRY’s second-quarter 2024 earnings implies a decline of 4.8% in the past 30 days.
Pembina Pipeline Corporation (PBA - Free Report) is scheduled to report second-quarter figures on Aug 9, 2024. PBF has an Earnings ESP of +9.09% and a Zacks Rank #2.
The Zacks Consensus Estimate for PBA’s second-quarter 2024 earnings implies an increase of 3.8% in the past 30 days.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.