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EQT Gears Up to Post Q1 Earnings: What's in the Offing?

EQT Corporation EQT is set to report first-quarter 2024 earnings on Apr 23, after the closing bell.

In the last reported quarter, the company’s earnings of 48 cents per share met the Zacks Consensus Estimate, backed by higher sales volumes. EQT’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and met the same once, delivering an average surprise of almost 104%. This is depicted in the graph below.

EQT Corporation Price and EPS Surprise

EQT Corporation Price and EPS Surprise
EQT Corporation Price and EPS Surprise

EQT Corporation price-eps-surprise | EQT Corporation Quote

Estimate Trend

The Zacks Consensus Estimate for first-quarter earnings per share of 69 cents has witnessed six downward revisions and one upward movement over the past 30 days. The estimated figure suggests a decline of 59.4% from the year-ago quarter’s reported number.

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The Zacks Consensus Estimate for first-quarter revenues of $1.66 billion indicates a 12.2% decline from the year-ago reported figure.

Factors to Consider

Per data provided by the U.S. Energy Information Administration, the average spot Henry Hub natural gas prices per million Btu in January, February and March were $3.18, $1.72 and $1.49, respectively, down from $3.27, $2.38 and $2.31 in the prior-year quarters.

On the production front, we expect the company, having a strong footprint in the prolific Marcellus shale play, to produce 15.6% year-over-year higher natural gas equivalent volumes.

Thus, although lower commodity prices are likely to have hurt EQT’s bottom line, higher production may have nullified the negative partially.

Earnings Whispers

Our proven model does not indicate an earnings beat for EQT 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: EQT’s Earnings ESP is -1.24%. 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.

PBF Energy PBF currently has an Earnings ESP of +14.86% and a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.

PBF Energy is scheduled to release first-quarter earnings on May 2. The Zacks Consensus Estimate for PBF’s quarterly earnings is pegged at 45 cents per share, implying an 83.7% decline from the prior-year reported figure.

Antero Resources AR presently has an Earnings ESP of +232.49% and a Zacks Rank #3.

Antero Resources is scheduled to release first-quarter earnings on Apr 24. The Zacks Consensus Estimate for AR’s quarterly earnings is pegged at 1 cent per share, indicating a 98% decline from the prior-year reported number.

Halliburton Company HAL currently has an Earnings ESP of +0.81% and a Zacks Rank #3.

Halliburton is scheduled to release first-quarter earnings on Apr 23. The Zacks Consensus Estimate for HAL’s quarterly earnings is pegged at 74 cents per share, indicating a 2.8% 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

Halliburton Company (HAL) : Free Stock Analysis Report

EQT Corporation (EQT) : Free Stock Analysis Report

PBF Energy Inc. (PBF) : Free Stock Analysis Report

Antero Resources Corporation (AR) : Free Stock Analysis Report

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