Equinor (EQNR) to Report Q4 Earnings: What's in the Cards?

Equinor ASA EQNR is set to report fourth-quarter 2023 earnings on Feb 7.

In the last reported quarter, the company’s earnings of 92 cents per share missed the Zacks Consensus Estimate of 97 cents due to reduced production volumes and lower prices of liquids and gas in Norway. EQNR’s earnings missed the Zacks Consensus Estimate in two of the trailing four quarters and beat the same twice, delivering an average surprise of 0.83%. This is depicted in the graph below.

Equinor ASA Price and EPS Surprise

Equinor ASA Price and EPS Surprise

Equinor ASA price-eps-surprise | Equinor ASA Quote

Estimate Trend

The Zacks Consensus Estimate for fourth-quarter earnings per share of $1.08 has witnessed no revisions over the past 30 days. The estimated figure suggests a significant decline from the year-ago quarter’s reported number.

The Zacks Consensus Estimate for fourth-quarter revenues of $27.4 billion indicates a 20.3% fall from the year-ago reported figure.

Factors to Consider

Per data provided by the U.S. Energy Information Administration, the average spot West Texas Intermediate crude prices per barrel in October, November and December were $85.64, $77.69 and $71.90, respectively. Although the prices were not as high as in the year-ago quarter, the commodity prices, higher than the $70 per barrel mark, were impressive and healthy. The spot average price of Brent crude oil was also lower year over year.

Like oil, natural gas prices in the December quarter also declined year over year.

While we expect total equity liquids and gas production to increase 5% year over year in the December quarter, which may have supported Equinor’s bottom line, lower commodity prices are likely to have partially offset the positive.

Earnings Whispers

Our proven model does not predict an earnings beat for Equinor 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: EQNR’s Earnings ESP is -20.00%. 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 #3.

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.

Western Midstream Partners LP WES currently has an Earnings ESP of +4.01% and a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.

The partnership is scheduled to release fourth-quarter earnings on Feb 21. The Zacks Consensus Estimate for WES’s earnings is pegged at 78 cents per share, suggesting a decline from the year-ago figure.

Cheniere Energy, Inc. LNG currently has an Earnings ESP of +5.55% and a Zacks Rank #3.

Cheniere Energy is scheduled to release fourth-quarter earnings on Feb 22. The Zacks Consensus Estimate for LNG’s earnings is pegged at $2.70 per share.

Oceaneering International Inc OII has an Earnings ESP of +5.88% and is a Zacks #1 Ranked player at present.

OII is scheduled to release fourth-quarter results on Feb 22. The Zacks Consensus Estimate for Oceaneering International’s earnings is pegged at 23 cents per share, suggesting a massive year-over-year improvement.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

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Western Midstream Partners, LP (WES) : Free Stock Analysis Report

Cheniere Energy, Inc. (LNG) : Free Stock Analysis Report

Equinor ASA (EQNR) : Free Stock Analysis Report

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