Oil and gas producer Chord Energy (NASDAQ: CHRD) will be reporting results this Tuesday after the bell. Here’s what to look for.
Chord Energy beat analysts’ revenue expectations last quarter, reporting revenues of $1.17 billion, down 19.6% year on year. It was a strong quarter for the company, with a decent beat of analysts’ EBITDA estimates and a beat of analysts’ EPS estimates. It reported 153,000 oil production per day, flat year on year.
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 3% year on year, slowing from the 12% increase it recorded in the same quarter last year.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Chord Energy rarely misses Wall Street’s revenue estimates.
Looking at Chord Energy’s peers in the upstream & integrated segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Northern Oil and Gas’s revenues decreased 11.1% year on year, beating analysts’ expectations by 3.1%, and CNX Resources reported revenues up 67.1%, topping estimates by 44.1%. Northern Oil and Gas traded up 1.4% following the results while CNX Resources was down 3.7%.
Read our full analysis of Northern Oil and Gas’s results here and CNX Resources’s results here.
There has been positive sentiment among investors in the upstream & integrated segment, with share prices up 4.1% on average over the last month. Chord Energy is up 3.2% during the same time and is heading into earnings with an average analyst price target of $165.35 (compared to the current share price of $146.80).
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