EOG Resources (EOG) Beats Q2 Earnings Estimates

Core Insights - EOG Resources reported quarterly earnings of $3.16 per share, exceeding the Zacks Consensus Estimate of $2.98 per share, and up from $2.49 per share a year ago, representing an earnings surprise of 6.04% [1] - The company posted revenues of $6.03 billion for the quarter ended June 2024, slightly missing the Zacks Consensus Estimate by 0.66%, but up from $5.57 billion year-over-year [2] - EOG Resources has surpassed consensus EPS estimates three times over the last four quarters, while also topping consensus revenue estimates three times in the same period [2] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $3.27, with expected revenues of $6.27 billion, and for the current fiscal year, the estimates are $12.14 EPS on $24.72 billion in revenues [7] - The sustainability of the stock's price movement will depend on management's commentary during the earnings call and the trends in earnings estimate revisions [3][4] Industry Context - The Oil and Gas - Exploration and Production - United States industry is currently ranked in the bottom 27% of over 250 Zacks industries, indicating potential challenges for stocks in this sector [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked using tools like the Zacks Rank [5][6]