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Is a Beat in Store for ExxonMobil (XOM) in Q1 Earnings?

Exxon Mobil Corporation XOM is set to report first-quarter 2023 earnings on Apr 28, before the opening bell.

In the last reported quarter, the integrated energy giant’s earnings per share of $3.40, excluding identified items, beat the Zacks Consensus Estimate of $3.32. The strong earnings resulted from higher realized commodity prices and oil-equivalent production, and strong refining margins.

In the trailing four quarters, ExxonMobil beat the Zacks Consensus Estimate thrice and missed the same once, delivering a surprise of 4.5%, on average. This is depicted in the graph below:

Exxon Mobil Corporation Price and EPS Surprise

Exxon Mobil Corporation Price and EPS Surprise
Exxon Mobil Corporation Price and EPS Surprise

Exxon Mobil Corporation price-eps-surprise | Exxon Mobil Corporation Quote

Estimate Trend

The Zacks Consensus Estimate for first-quarter earnings per share of $2.65 has witnessed four upward movements and three downward revisions over the past 30 days. The estimated figure suggests a 28% improvement from the prior-year reported number.

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The Zacks Consensus Estimate for first-quarter revenues of $96.04 billion indicates a 6.12% increase from the year-ago reported figure.

Earnings Whispers

Our proven model predicts an earnings beat for ExxonMobil 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 just the case here.

Earnings ESP: ExxonMobil has an Earnings ESP of +0.55%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

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

Factors to Note

Compared to the prior-year quarter, the pricing scenario of oil was not healthier. But, the crude pricing environment, although not as good as a year ago, was still highly favorable for exploration and production activities for firms like ExxonMobil. A favorable commodity pricing scenario is likely to have aided XOM’s production.

The Zacks Consensus Estimate for ExxonMobil’s daily production volumes is pegged at 3,801 thousand barrels of oil equivalent per day (MBoe/d), suggesting an improvement from 3,675 MBoe/d reported in the year-ago quarter. Our estimate for the company’s daily production volumes is 3,822.1 MBoe/d, also indicating an increase from the prior-year quarter’s reported figure. Higher production and favorable price are likely to have boosted XOM’s upstream operations.

Other Stocks to Consider

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

Enterprise Products Partners L.P. EPDcurrently has an Earnings ESP of +0.28% and a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.

Enterprise is scheduled to release first-quarter earnings on May 2. The Zacks Consensus Estimate for its earnings is pegged at 61 cents per share.

TechnipFMC plc FTI currently has an Earnings ESP of +16.26% and a Zacks Rank #3.

TechnipFMC is scheduled to release first-quarter earnings on Apr 27. The Zacks Consensus Estimate for its earnings is pegged at 3 cents per share, suggesting an increase from the prior-year reported figure.

Magellan Midstream Partners LP MMP has an Earnings ESP of +0.14% and is currently a Zacks #2 Ranked player.

Magellan Midstream is scheduled to release first-quarter results on May 04. The Zacks Consensus Estimate for its earnings is pegged at $1.18 per share, suggesting an increase from the prior-year reported figure.

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

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

Exxon Mobil Corporation (XOM) : Free Stock Analysis Report

Enterprise Products Partners L.P. (EPD) : Free Stock Analysis Report

Magellan Midstream Partners, L.P. (MMP) : Free Stock Analysis Report

TechnipFMC plc (FTI) : Free Stock Analysis Report

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