Evolution (EPM) Gears Up for Q1 Earnings: What's in Store?
Evolution Petroleum Corporation EPM is set to report first-quarter fiscal 2024 results on Nov 7, after the closing bell.
Evolution Petroleum beat earnings estimates in two of the prior four quarters, missed on two occasions, delivering an average surprise of 11.6%. This is depicted in the graph below:
Evolution Petroleum Corporation, Inc. Price and EPS Surprise
Evolution Petroleum Corporation, Inc. price-eps-surprise | Evolution Petroleum Corporation, Inc. Quote
Estimate Trend
The Zacks Consensus Estimate for fiscal first-quarter earnings witnessed one upward revision in the past 30 days. It is currently pegged at 8 cents per share.
The consensus mark for revenues stands at $21.6 million, implying a year-over-year decrease of 45.7%.
Factors to Consider
The pricing scenario of oil and natural gas was impressive in the September quarter of this year. Per data provided by the U.S. Energy Information Administration, the average West Texas Intermediate crude prices per barrel in July, August and September were $76.07, $81.39 and $89.43, respectively. Although the prices were not as high as in the year-ago quarter, the commodity prices were impressive and healthy.
Like oil, natural gas prices in the September quarter were healthier than in the fiscal fourth quarter of 2023. Thus, a favorable energy business environment is likely to have aided the exploration and production activities of EPM. However, production of the commodities is expected to have decreased, offsetting the positives.
Earnings Whisper
Our proven model does not predict an earnings beat for Evolution Petroleum 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. But that is not the case here.
Earnings ESP: Evolution Petroleum has an Earnings ESP of -25.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: EPM currently carries a Zacks Rank #4 (Sell).
Stocks to Consider
Here are some firms worth considering, as these have the right combination of elements to beat on earnings in the upcoming quarterly reports:
Ecopetrol SA EC currently has an Earnings ESP of +22.81% and a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
The company is scheduled to release third-quarter earnings on Nov 7. The Zacks Consensus Estimate for EC’s earnings is pegged at 53 cents per share, suggesting a decline of 50% from the prior-year reported figure.
Devon Energy Corp. DVN has an Earnings ESP of +0.72% and is currently a Zacks #2 Ranked player.
The company is scheduled to release third-quarter results on Nov 7. The Zacks Consensus Estimate for DVN’s earnings is pegged at $1.55 per share.
TC Energy Corporation TRP has an Earnings ESP of +0.37% and is a Zacks #3 Ranked player at present.
TC Energy is scheduled to release third-quarter results on Nov 8. The Zacks Consensus Estimate for TRP’s earnings is pegged at 71 cents per share, suggesting a year-over-year decline.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
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Devon Energy Corporation (DVN) : Free Stock Analysis Report
Ecopetrol S.A. (EC) : Free Stock Analysis Report
TC Energy Corporation (TRP) : Free Stock Analysis Report
Evolution Petroleum Corporation, Inc. (EPM) : Free Stock Analysis Report
