Oil and gas producer Murphy Oil (NYSE: MUR) will be reporting earnings this Wednesday afternoon. Here’s what to look for.
Murphy Oil beat analysts’ revenue expectations last quarter, reporting revenues of $733.6 million, up 10.2% year on year. It was a very strong quarter for the company, with a beat of analysts’ EPS estimates. It reported year-on-year oil production per day growth of 8.8%.
Is Murphy Oil 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 Murphy Oil’s revenue to grow 28.9% year on year, a reversal from the 13.4% 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. Murphy Oil has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at Murphy Oil’s peers in the mixed or offshore upstream e&p segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Black Stone Minerals’s revenues decreased 6.6% year on year, beating analysts’ expectations by 40.9%, and Vitesse Energy reported revenues up 11.3%, topping estimates by 8.2%.
Read our full analysis of Black Stone Minerals’s results here and Vitesse Energy’s results here.
There has been positive sentiment among investors in the mixed or offshore upstream e&p segment, with share prices up 6% on average over the last month. Murphy Oil is up 23.3% during the same time and is heading into earnings with an average analyst price target of $43.07 (compared to the current share price of $39.13).
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