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GeoPark (GPRK) Gears Up for Q2 Earnings: What's in Store?
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GeoPark Limited (GPRK - Free Report) is set to report second-quarter 2024 earnings on Aug 14, after the closing bell.
In the last reported quarter, the company’s earnings of 54 cents per share missed the Zacks Consensus Estimate of 59 cents. GPRK’s earnings lagged the Zacks Consensus Estimate in three of the trailing four quarters and met the same once, with the average negative surprise being 16.57%. This is depicted in the graph below.
The Zacks Consensus Estimate for second-quarter earnings per share of 78 cents has witnessed one downward movement over the past 30 days. The estimated figure suggests an improvement of 32.2% from the year-ago quarter’s reported number.
The Zacks Consensus Estimate for second-quarter revenues of $182.7 million indicates a marginal 0.2% increase from the year-ago reported figure.
Factors to Consider
According to the U.S. Energy Information Administration, the average spot prices for West Texas Intermediate crude at Cushing, OK, were $85.35 per barrel in April, $80.02 in May and $79.77 in June. EIA data also suggested that the average spot prices for Europe Brent crude spot price were $89.94 per barrel in April, $81.75 in May and $82.25 in June. This indicates that the crude pricing environment in the second quarter was highly favorable for exploration and production activities for GeoPark – a leading independent oil and gas explorer in Latin America.
Despite this favorable pricing, drilling activities declined internationally. Baker Hughes Company (BKR - Free Report) reported that in the international market, the count of rigs was 963 in the second quarter, which fell from the prior quarter. The rotary rig count, issued by Baker Hughes, is usually published in major newspapers and trade publications.
The decrease in drilling activities in international markets suggests that explorers and producers like GeoPark have likely spent less on upstream activities, affecting production. In its second-quarter operational update, the company reported a total production of 35,608 barrels of oil equivalent per day, reflecting a decline of 3% year over year.
Earnings Whispers
Our proven model does not indicate an earnings beat for GeoPark 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: GPRK’s Earnings ESP is 0.00%. 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 #4 (Sell).
Stocks to Consider
Here are two firms that you may want to consider, as these have the right combination of elements to post an earnings beat this reporting cycle.
AFRM is scheduled to release earnings on Aug 28. The Zacks Consensus Estimate for its loss is pegged at 45 cents per share, suggesting an almost 35% improvement from the prior-year reported figure.
Abercrombie & Fitch Co. (ANF - Free Report) presently has an Earnings ESP of +5.40% and a Zacks Rank #1.
Abercrombie & Fitch is scheduled to release earnings on Aug 28. The Zacks Consensus Estimate for its earnings is pegged at $2.13 per share, suggesting almost 94% increase from the prior-year reported figure.
Image: Bigstock
GeoPark (GPRK) Gears Up for Q2 Earnings: What's in Store?
GeoPark Limited (GPRK - Free Report) is set to report second-quarter 2024 earnings on Aug 14, after the closing bell.
In the last reported quarter, the company’s earnings of 54 cents per share missed the Zacks Consensus Estimate of 59 cents. GPRK’s earnings lagged the Zacks Consensus Estimate in three of the trailing four quarters and met the same once, with the average negative surprise being 16.57%. This is depicted in the graph below.
Geopark Ltd Price and EPS Surprise
Geopark Ltd price-eps-surprise | Geopark Ltd Quote
Estimate Trend
The Zacks Consensus Estimate for second-quarter earnings per share of 78 cents has witnessed one downward movement over the past 30 days. The estimated figure suggests an improvement of 32.2% from the year-ago quarter’s reported number.
The Zacks Consensus Estimate for second-quarter revenues of $182.7 million indicates a marginal 0.2% increase from the year-ago reported figure.
Factors to Consider
According to the U.S. Energy Information Administration, the average spot prices for West Texas Intermediate crude at Cushing, OK, were $85.35 per barrel in April, $80.02 in May and $79.77 in June. EIA data also suggested that the average spot prices for Europe Brent crude spot price were $89.94 per barrel in April, $81.75 in May and $82.25 in June. This indicates that the crude pricing environment in the second quarter was highly favorable for exploration and production activities for GeoPark – a leading independent oil and gas explorer in Latin America.
Despite this favorable pricing, drilling activities declined internationally. Baker Hughes Company (BKR - Free Report) reported that in the international market, the count of rigs was 963 in the second quarter, which fell from the prior quarter. The rotary rig count, issued by Baker Hughes, is usually published in major newspapers and trade publications.
The decrease in drilling activities in international markets suggests that explorers and producers like GeoPark have likely spent less on upstream activities, affecting production. In its second-quarter operational update, the company reported a total production of 35,608 barrels of oil equivalent per day, reflecting a decline of 3% year over year.
Earnings Whispers
Our proven model does not indicate an earnings beat for GeoPark 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: GPRK’s Earnings ESP is 0.00%. 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 #4 (Sell).
Stocks to Consider
Here are two firms that you may want to consider, as these have the right combination of elements to post an earnings beat this reporting cycle.
Affirm Holdings Inc (AFRM - Free Report) currently has an Earnings ESP of +19.64% and a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
AFRM is scheduled to release earnings on Aug 28. The Zacks Consensus Estimate for its loss is pegged at 45 cents per share, suggesting an almost 35% improvement from the prior-year reported figure.
Abercrombie & Fitch Co. (ANF - Free Report) presently has an Earnings ESP of +5.40% and a Zacks Rank #1.
Abercrombie & Fitch is scheduled to release earnings on Aug 28. The Zacks Consensus Estimate for its earnings is pegged at $2.13 per share, suggesting almost 94% increase from the prior-year reported figure.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.