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What's in the Offing for Equinor's (EQNR) Earnings in Q1?

Equinor ASA EQNR is set to report first-quarter 2023 results on May 4.

In the last reported quarter, the integrated energy company’s earnings of $1.84 per share beat the Zacks Consensus Estimate of $1.62 on higher daily equity production of liquids and gas.

In all of the trailing four quarters, Equinor’s earnings beat the Zacks Consensus Estimate, delivering a surprise of 10.7%, on average. This is depicted in the graph below:

Equinor ASA Price and EPS Surprise

Equinor ASA Price and EPS Surprise
Equinor ASA Price and EPS Surprise

Equinor ASA price-eps-surprise | Equinor ASA Quote

Estimate Trend

The Zacks Consensus Estimate for the company’s first-quarter earnings per share of $1.08 has witnessed no movement in the past seven days. The consensus estimate suggests a decline of 32.5% from the year-ago reported number.

Factors to Consider

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 for firms like Equinor. A favorable commodity pricing scenario is likely to have aided Equinor’s oil and oil equivalent production.

Our estimate for total entitlement liquid and gas production is pegged at 2,032.3 MBoe/D, suggesting a year-over-year increase of 3.8%.

Earnings Whispers

Our proven model does not indicate an earnings beat for Equinor 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. As you can see, that is not the case here.

Earnings ESP: Equinor has an Earnings ESP of 0.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Zacks Rank: Equinor currently carries a Zacks Rank #3.

Stocks That Warrant a Look

Here are some companies from the Energy space that you may want to consider, as our model shows that these have the right combination of elements to post an earnings beat in the upcoming quarterly reports:

Magellan Midstream Partners LP MMP has an Earnings ESP of +0.70% and is currently a Zacks #3 Ranked player. You can see the complete list of today’s Zacks #1 Rank stocks here.

Magellan Midstream is scheduled to release first-quarter results on May 04. The Zacks Consensus Estimate for its earnings is pegged at $1.21 per share, suggesting an increase from the prior-year reported figure.

PBF Energy Inc. PBF has an Earnings ESP of +3.50% and a Zacks Rank #3 at present.

PBF Energy is scheduled to release first-quarter earnings on May 5. The Zacks Consensus Estimate for PBF’s earnings is pegged at $2.46 per share, suggesting a significant increase from the prior-year reported figure.

ConocoPhillips COP has an Earnings ESP of +0.13% and a Zacks Rank #3 at present.

ConocoPhillips is scheduled to release first-quarter earnings on May 4. The Zacks Consensus Estimate for COP’s earnings is pegged at $2.02 per share, suggesting a decline from the prior-year reported figure.

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

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ConocoPhillips (COP) : Free Stock Analysis Report

Magellan Midstream Partners, L.P. (MMP) : Free Stock Analysis Report

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

Equinor ASA (EQNR) : Free Stock Analysis Report

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