Kimbell (KRP) to Report Q3 Earnings: What's in the Offing?
Kimbell Royalty Partners LP KRP is set to report third-quarter 2023 results on Nov 2, before the opening bell.
In the last reported quarter, the oil and gas mineral and royalty player’s earnings of 23 cents per share beat the Zacks Consensus Estimate of 12 cents.
The partnership’s earnings beat estimates in the trailing four quarters, delivering an average surprise of 96.9%. This is depicted in the graph below:
Kimbell Royalty Price and EPS Surprise
Kimbell Royalty price-eps-surprise | Kimbell Royalty Quote
Estimate Trend
The Zacks Consensus Estimate for third-quarter earnings witnessed one upward revision and one downward movement in the past 30 days. It is currently pegged at 35 cents per share.
The consensus mark for revenues stands at $72.6 million, implying a marginal year-over-year decline.
Factors to Consider
The pricing scenario of oil and natural gas was impressive in the third 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 second quarter, aiding the exploration and production activities of this leading oil and gas mineral and royalty player. The Zacks Consensus Estimate for total third quarter production is pegged at 19,733 barrels of oil equivalent per day (Boe/d), suggesting an increase from 14,985 Boe/d in a year-ago quarter.
Earnings Whisper
Our proven model does not predict an earnings beat for Kimbell Royalty 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: Kimbell Royalty has an Earnings ESP of 0.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: KRP currently carries a Zacks Rank #3.
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:
Cenovus Energy Inc. CVE currently has an Earnings ESP of +6.53% 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 2. The Zacks Consensus Estimate for CVE’s earnings is pegged at 59 cents per share, suggesting a decline 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.
ConocoPhillips COP has an Earnings ESP of +0.50% and is a Zacks #2 Ranked player at present.
ConocoPhillips is scheduled to release third-quarter results on Nov 2. The Zacks Consensus Estimate for COP’s earnings is pegged at $2.04 per share, suggesting a significant 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
ConocoPhillips (COP) : Free Stock Analysis Report
Cenovus Energy Inc (CVE) : Free Stock Analysis Report
Kimbell Royalty (KRP) : Free Stock Analysis Report
