Oil and gas producer Murphy Oil (NYSE: MUR) will be reporting results this Wednesday after the bell. Here’s what to look for.
Murphy Oil missed analysts’ revenue expectations last quarter, reporting revenues of $624.6 million, down 7% year on year. It was a slower quarter for the company, with a significant miss of analysts’ EBITDA estimates. It reported 92,702 oil production per day, up 1.4% year on year.
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 6.2% year on year, a reversal from the 16.4% 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 to 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 Q1 results, giving us a hint as to what we can expect. Solaris Energy Infrastructure delivered year-on-year revenue growth of 55.3%, beating analysts’ expectations by 6.8%, and Weatherford reported a revenue decline of 3.4%, topping estimates by 0.6%. Solaris Energy Infrastructure traded up 5.4% following the results while Weatherford was also up 1.4%.
Read our full analysis of Solaris Energy Infrastructure’s results here and Weatherford’s results here.
There has been positive sentiment among investors in the mixed or offshore upstream e&p segment, with share prices up 5.1% on average over the last month. Murphy Oil’s stock price was unchanged during the same time and is heading into earnings with an average analyst price target of $41.93 (compared to the current share price of $41.67).
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