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Enerplus (ERF) to Report Q3 Earnings: What's in the Cards?

Zacks Equity Research
·3 min read

Enerplus Corporation ERF is set to report third-quarter 2022 results on Nov 3, after the closing bell.

In the last reported quarter, Enerplus missed the Zacks Consensus Estimate. It outpaced the consensus estimate once and missed thrice in the prior four quarters, the average negative earnings surprise being 8.1%. This is depicted in the graph below:

Enerplus Corporation Price and EPS Surprise

Enerplus Corporation Price and EPS Surprise
Enerplus Corporation Price and EPS Surprise

Enerplus Corporation price-eps-surprise | Enerplus Corporation Quote

Trend in Estimate Revision

The Zacks Consensus Estimate for the company’s third-quarter earnings per share of 89 cents has witnessed no revisions in the past seven days. The estimated figure suggests an improvement of 178.1% 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.

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Higher oil price was favorable for the exploration and production activities of Enerplus. Natural gas price was also healthier, thereby favoring ERF’s exploration and production businesses. These are likely to have aided the company’s third-quarter performance.

Earnings Whispers

Our proven model does not conclusively predict an earnings beat for Enerplus 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: Enerplus’ 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 some 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:

Cheniere Energy, Inc. LNG has an Earnings ESP of +1.01% and is a Zacks #2 Ranked player. You can see the complete list of today’s Zacks #1 Rank stocks here.

Cheniere Energy is scheduled to release third-quarter results on Nov 3. The Zacks Consensus Estimate for LNG’s earnings is pegged at $5.45 per share, suggesting an increase of almost 479.8% from the prior-year quarter’s reported figure.

Diamondback Energy, Inc. FANG has an Earnings ESP of +0.63% and a Zacks Rank of 3.

Diamondback is scheduled to report third-quarter results on Nov 7. The Zacks Consensus Estimate for FANG’s earnings is pegged at $6.45 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.

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


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Cheniere Energy, Inc. (LNG) : Free Stock Analysis Report
 
Enerplus Corporation (ERF) : Free Stock Analysis Report
 
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Cactus, Inc. (WHD) : Free Stock Analysis Report
 
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Zacks Investment Research