Permian Resources Corporation PR is set to report third-quarter 2022 results on Nov 8, after the closing bell.
In the last reported quarter, PR beat the Zacks Consensus Estimate. It outpaced the consensus estimate thrice and missed once in the prior four quarters, the average earnings surprise being 22.6%. This is depicted in the graph below:
Permian Resources Corporation Price and EPS Surprise
Permian Resources Corporation price-eps-surprise | Permian Resources Corporation Quote
Trend in Estimate Revision
The Zacks Consensus Estimate for the company’s third-quarter earnings per share of 43 cents has witnessed no revisions in the past seven days. The estimated figure suggests an improvement of 72% from the prior-year number.
Factors to Consider
Per data provided by the U.S. Energy Information Administration (“EIA”), the average West Texas Intermediate crude prices in July, August and September were recorded at $101.62 per barrel, $93.67 per barrel and $84.26 per barrel, respectively. In comparison, in the year-ago respective months, average oil prices were reported at $72.49 per barrel, $67.73 per barrel and $71.65 per barrel, per the EIA’s data.
Higher oil price was favorable for the exploration and production activities of Permian Resources. Natural gas price was also healthier, thereby favoring PR’s exploration and production businesses. These are likely to have aided the company’s third-quarter performance.
Our proven model does not conclusively predict an earnings beat for Permian Resources 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: Permian Resources’ Earnings ESP is 0.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: It currently carries a Zacks Rank #3.
Stocks That Warrant a Look
Here are two 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:
Diamondback Energy, Inc. FANG has an Earnings ESP of +0.25% and a Zacks Rank of 3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Diamondback is scheduled to report third-quarter results on Nov 7. The Zacks Consensus Estimate for FANG’s earnings is pegged at $6.51 per share, suggesting a significant increase from the prior-year quarter’s reported figure.
Cactus, Inc. WHD has an Earnings ESP of +2.74% and a Zacks Rank #1.
Cactus is scheduled to release third-quarter earnings on Nov 7. The Zacks Consensus Estimate for WHD’s earnings is pegged at 49 cents per share, suggesting an increase of 157.9% from the prior-year quarter’s reported figure.
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