Yahoo Finance The Zacks Analyst Blog Highlights ConocoPhillips, EOG Resources and PBF Energy
For Immediate Release
Chicago, IL – May 3, 2023 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: ConocoPhillips COP, EOG Resources, Inc. EOG and PBF Energy PBF.
Here are highlights from Tuesday’s Analyst Blog:
3 Energy Stocks Poised to Outshine Earnings Estimates in Q1
We are now in the middle of the first-quarter earnings, with the majority of oil companies having reported results. As the pricing scenario was highly favorable, better-than-expected results are expected from ConocoPhillips and EOG Resources, Inc. Refining firm PBF Energy is also in the spotlight.
Favorable Q1 Oil Price
Per data provided by the U.S. Energy Information Administration (“EIA”), the average West Texas Intermediate crude prices in January, February and March were recorded at $78.12 per barrel, $76.83 per barrel and $73.28 per barrel, respectively. In comparison, in the year-ago respective months, average oil prices were reported at $83.22 per barrel, $91.64 per barrel and $108.50 per barrel, according to EIA’s data.
Thus it is obvious that 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. A favorable commodity pricing scenario is likely to have aided the production of upstream energy players.
How to Pick the Right Stocks?
Given the backdrop, it is by no means an easy task for investors to arrive at picks that have the potential to deliver better-than-expected earnings from the vast universe of energy stocks.
While there is no fool-proof method of picking outperformers, our proprietary methodology — the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) — helps identify stocks that have high chances of delivering a surprise in their upcoming earnings announcement. Our research shows that for stocks with this combination, the chance of an earnings surprise is as high as 70%.
The Earnings ESP shows the percentage difference between the Most Accurate Estimate and the Zacks Consensus Estimate. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Our Choices
EOG Resources, a leading upstream firm, is likely to have witnessed gains from a favorable commodity pricing scenario and expected higher production.
EOG Resources has an Earnings ESP of +0.58% and currently carries a Zacks Rank #3. It is scheduled to release first-quarter results on May 4. You can see the complete list of today’s Zacks #1 Rank stocks here.
EOG Resources, Inc. price-eps-surprise | EOG Resources, Inc. Quote
ConocoPhillips is a well-known name in the upstream business space and is likely to have benefited from favorable commodity prices in the March quarter. The firm, scheduled to report earnings on May 4,has an Earnings ESP of +0.13% and a Zacks Rank of 3.
ConocoPhillips price-eps-surprise | ConocoPhillips Quote
In North America, PBF Energy is a leading independent refiner. The company is likely to have gained from year-over-year lower oil prices. The firm, scheduled to release first-quarter earnings on May 5, has an Earnings ESP of +3.50% and a Zacks Rank #3.
PBF Energy Inc. price-eps-surprise | PBF Energy Inc. Quote
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
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ConocoPhillips (COP) : Free Stock Analysis Report
EOG Resources, Inc. (EOG) : Free Stock Analysis Report
PBF Energy Inc. (PBF) : Free Stock Analysis Report
