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Factors to Take Notice of Ahead of Pioneer's (PXD) Q1 Earnings

Pioneer Natural Resources Company PXD is set to report first-quarter 2023 results on Apr 26, after the closing bell.

In the last reported quarter, the upstream company’s earnings of $5.91 per share (excluding one-time items) beat the Zacks Consensus Estimate of $5.83, owing to higher natural gas production volumes and lower expenses.

Pioneer beat the Zacks Consensus Estimate for earnings in the trailing four quarters, delivering an earnings surprise of 3.5%, on average. This is depicted in the graph 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

Estimate Trend

The Zacks Consensus Estimate for Pioneer’s first-quarter earnings per share of $4.91 has witnessed four upward revisions and six downward movements in the past 30 days. The consensus estimate suggests a decline of 36.6% from the year-ago reported number.

The Zacks Consensus Estimate for the to-be-reported quarter’s revenues of $5.3 billion indicates a 14.4% year-over-year decline.

Key Factors to Note

Although oil prices tumbled in the second half of 2022, the same continued to be elevated in the first quarter of 2023. Higher oil price was favorable for Pioneer’s exploration and production activities.

The Zacks Consensus Estimate for Pioneer’s average daily sales volume for oil is pegged at 357.1 thousand barrels, suggesting an increase from 355.3 thousand barrels in the year-ago quarter. Our estimate for average daily total sales volume is pegged at 357.4 thousand barrels, also indicating an increase from the prior-year quarter’s reported figure.

However, the Zacks Consensus Estimate for Pioneer’s average oil price is pegged at 77 per barrel, suggesting a decline from 95 per barrel in the year-ago quarter. Our estimate for average oil price is pegged at 79.9 per barrel, also implying a decline from the prior-year quarter’s reported figure.

Despite expecting higher production, the lower average price per barrel of oil is likely to have affected Pioneer’s profits in the to-be-reported quarter.

Earnings Whispers

Our proven model does not conclusively predict an earnings beat for Pioneer 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 has an Earnings ESP of -1.17%. This is because the Most Accurate Estimate is pegged at earnings of $4.86 per share, whereas the Zacks Consensus Estimate is pinned at $4.91 per share. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Zacks Rank: PXD currently has a Zacks Rank #3.

Stocks That Warrant a Look

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

Enterprise Products Partners L.P. EPD currently has an Earnings ESP of +3.05% and a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.

Enterprise Products is scheduled to release first-quarter earnings on May 2. The Zacks Consensus Estimate for the company’s earnings is pegged at 60 cents per share, suggesting no change from the prior-year reported figure.

TechnipFMC plc FTI has an Earnings ESP of +3.71% and a Zacks Rank #3 at present.

TechnipFMC is scheduled to release first-quarter earnings on Apr 27. The Zacks Consensus Estimate for its earnings is pegged at 4 cents per share, suggesting an increase from the prior-year reported figure.

Sunoco LP SUN has an Earnings ESP of +3.95% and is currently a Zacks #1 Ranked player.

Sunoco is scheduled to release first-quarter results on May 2. The Zacks Consensus Estimate for SUN’s earnings is pegged at $1.18 per share, suggesting a decline 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

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

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

TechnipFMC plc (FTI) : Free Stock Analysis Report

Sunoco LP (SUN) : Free Stock Analysis Report

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