Oil and gas producer Chord Energy (NASDAQ:CHRD) will be announcing earnings results this Wednesday after market hours. Here’s what investors should know.
Chord Energy beat analysts’ revenue expectations last quarter, reporting revenues of $2.17 billion, up 84% year on year. It was a very strong quarter for the company, with a miss of analysts’ EPS estimates. It reported year-on-year oil production per day growth of 5.6%.
Is Chord Energy a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Chord Energy’s revenue to grow 24% year on year, a reversal from the 9.5% decrease it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Chord Energy rarely misses Wall Street’s revenue estimates.
Looking at Chord Energy’s peers in the u.s. shale e&p segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Crescent Energy delivered year-on-year revenue growth of 55.9%, beating analysts’ expectations by 3.5%, and Cactus reported revenues up 63.2%, in line with consensus estimates. Cactus traded up 1.8% following the results.
Read our full analysis of Crescent Energy’s results here and Cactus’s results here.
Investors in the u.s. shale e&p segment have had steady hands going into earnings, with share prices flat over the last month. Chord Energy is up 8.5% during the same time and is heading into earnings with an average analyst price target of $181.75 (compared to the current share price of $151).
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