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Pioneer Natural (PXD) to Report Q1 Earnings: A Beat in Store?

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Pioneer Natural Resources Company PXD is scheduled to report first-quarter 2021 results on May 4, after the closing bell.

In the last reported quarter, the company reported earnings of $1.07 per share, beating the Zacks Consensus Estimate of 66 cents on increased crude oil equivalent production volumes. This was partially offset by lower crude price realizations.

Pioneer Natural beat bottom-line estimates thrice and missed once in the last four quarters, with the average surprise being 19.2%, as shown in the chart below.

Pioneer Natural Resources Company Price and EPS Surprise

Pioneer Natural Resources Company Price and EPS Surprise
Pioneer Natural Resources Company Price and EPS Surprise

Pioneer Natural Resources Company price-eps-surprise | Pioneer Natural Resources Company Quote

Let’s see how things have shaped up prior to the announcement.

Trend in Estimate Revision

The Zacks Consensus Estimate for first-quarter earnings of $1.92 per share has seen three upward movements and five downward revisions in the past 30 days. The figure suggests a year-over-year increase of 66.9%.

Further, the Zacks Consensus Estimate for revenues is pegged at $2.5 billion for the quarter, indicating an increase of 10.8% from the year-ago reported figure.

What the Quantitative Model Suggests

Our proven model predicts an earnings beat for Pioneer Natural 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.

Earnings ESP: Pioneer Natural has an Earnings ESP of +4.63%. This is because the Most Accurate Estimate for the quarter is currently pegged at $2.01 per share and the Zacks Consensus Estimate at $1.92 per share. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.

Zacks Rank: It currently carries a Zacks Rank #3.

Factors Driving Better-Than-Expected Earnings

In the first quarter of this year, the price of crude oil improved significantly, thanks to the rolling out of coronavirus vaccines, which brightened up the outlook for global fuel demand. In fact, for the first time amid the coronavirus crisis, the commodity’s price reached the pre-pandemic mark in the March quarter.

The improved commodity pricing scenario is likely to have backed the upstream energy company, with a strong presence in the Permian – the most prolific basin in the United States – to increase crude production volumes. Notably, the Zacks Consensus Estimate for average crude oil production volumes is pegged at 270 thousand barrels per day (MBbls/d), indicating an increase from the prior-year quarter level of 223 MBbls/d. Also, the consensus estimate for oil equivalent production is pegged at 464 thousand barrels of oil equivalent per day (MBoE/D), suggesting an improvement from the prior-year quarter level of 375 MBoE/D.

Other Stocks That Warrant a Look

Here are some other energy firms that you may want to consider as these have the right combination of elements to post an earnings beat in the upcoming quarterly reports:

NOW Inc. DNOW has an Earnings ESP of +31.37% and is a Zacks #2 Ranked player. The company is scheduled to release first-quarter results on May 5. You can see the complete list of today’s Zacks #1 Rank stocks here.

Cimarex Energy XEC has an Earnings ESP of +14.43% and a Zacks Rank of 3. It is scheduled to report first-quarter results on May 5.

EQT Corporation EQT has an Earnings ESP of +4.40% and a Zacks Rank #3. The firm is scheduled to release first-quarter earnings on May 5.

5 Stocks Set to Double

Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.

Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.

Today, See These 5 Potential Home Runs >>


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

EQT Corporation (EQT) : Free Stock Analysis Report

Pioneer Natural Resources Company (PXD) : Free Stock Analysis Report

Cimarex Energy Co (XEC) : Free Stock Analysis Report

NOW Inc. (DNOW) : Free Stock Analysis Report

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