In this article, we will take a look at 10 important energy stocks making moves after earnings. You can skip our detailed analysis of these companies and go directly to 5 Important Energy Stocks Making Moves After Earnings.
The global demand for natural gas and oil has increased sharply in recent months, primarily due to the Russia-Ukraine war and travel recovery. As a result, leading energy companies capitalized on the elevated demand for their products and services.
Meanwhile, many countries have been trying to limit their dependence on Russian oil and gas, creating a massive opportunity for energy companies in the rest of the world. This is also a key reason behind most U.S. energy stocks exceeding earnings expectations for the second quarter.
Recently, important energy stocks, including Hess Corporation (NYSE:HES), NexTier Oilfield Solutions Inc. (NYSE:NEX) and Cameco Corporation (NYSE:CCJ) surpassed profit expectations for the second quarter.
In addition, Matador Resources Company (NYSE:MTDR) and Schlumberger Limited (NYSE:SLB) were also among the notable energy stocks that posted better-than-expected results for Q2.
We will discuss the key financial highlights and subsequent stock price movements of these companies in the remaining article.
10. Precision Drilling Corporation (NYSE:PDS)
Number of Hedge Fund Holders: 12
Shares of Precision Drilling Corporation (NYSE:PDS) turned green in the pre-market trading session on Wednesday, July 27, 2022, after announcing financial results for the second quarter above expectations.
Precision Drilling Corporation (NYSE:PDS) reported a loss of C$1.81 per share, significantly lower than the loss of C$5.71 per share in the year-ago period. Revenue for the quarter climbed 62 percent on a year-over-year basis to C$326 million. Analysts were looking for a loss of C$2.36 per share on revenue of C$294.95 million.
Speaking on the results, CEO of Precision Drilling Corporation (NYSE:PDS), Kevin Neveu, said in a statement:
“We remain firmly on track to deliver on our 2022 strategic priorities, which include generating free cash flow and using cash generated to strengthen our balance sheet and reinvest in our business. Our High Performance, High Value strategy is well-aligned with customer objectives and demand for our services continues to strengthen.”
9. Helix Energy Solutions Group, Inc. (NYSE:HLX)
Number of Hedge Fund Holders: 15
Helix Energy Solutions Group, Inc. (NYSE:HLX) is an offshore energy services firm based in Texas. Helix Energy shares jumped over 11 percent on Tuesday, July 26, 2022, despite missing financial estimates for the second quarter.
Helix Energy Solutions Group, Inc. (NYSE:HLX) reported a loss of 20 cents per share, narrower than the loss of 28 cents per share in the year-ago period. However, it was wider than analysts’ average estimate for a loss of 16 cents per share.
In addition, Helix Energy Solutions Group, Inc. (NYSE:HLX) generated revenue of $162.6 million in the quarter, marginally higher than $161.9 million in the comparable period of 2021. Analysts were looking for revenue of $163.43 million.
8. Liberty Energy Inc. (NYSE:LBRT)
Number of Hedge Fund Holders: 16
Liberty Energy Inc. (NYSE:LBRT) swung to a profit in the second quarter, helped by solid demand for its services. The latest results sent Liberty Energy shares up more than 7 percent on Tuesday, July 26, 2022.
The Colorado-based oilfield services firm reported earnings of 55 cents per share for the quarter, contrary to the loss of 29 cents per share in the comparable period of 2021. Revenue came in at $943 million, up 62 percent on a year-over-year basis. Analysts were expecting Liberty Energy Inc. (NYSE:LBRT) to post earnings of 19 cents per share on revenue of $875.16 million.
Among other updates, Liberty Energy Inc. (NYSE:LBRT) reported that its board has authorized a share buy-back program that will enable the company to repurchase $250 million worth of its common stock through July 2024.
7. RPC, Inc. (NYSE:RES)
Number of Hedge Fund Holders: 18
Shares of RPC, Inc. (NYSE:RES) jumped over eight percent in the pre-market trading session on Wednesday, July 27, 2022, after its Q2 profit and sales improved significantly on a year-over-year basis.
RPC, Inc. (NYSE:RES) attributed the latest performance to increased drilling activity and improved pricing. The Atlanta-based company earned 22 cents per share in the quarter, crushing expectations of 10 cents per share. The quarterly revenue of $375.5 million also surpassed the consensus of $328.6 million.
Like RPC, Inc. (NYSE:RES), Hess Corporation (NYSE:HES), NexTier Oilfield Solutions Inc. (NYSE:NEX) and Cameco Corporation (NYSE:CCJ) also came into the spotlight after posting their earnings reports.
6. ChampionX Corporation (NASDAQ:CHX)
Number of Hedge Fund Holders: 26
Shares of ChampionX Corporation (NASDAQ:CHX) marginally moved up in the pre-market trading session on Wednesday, July 27, 2022, after announcing better-than-expected financial results for the second quarter.
ChampionX Corporation (NASDAQ:CHX) reported adjusted earnings of 28 cents per share, compared to 11 cents per share in the same period last year. Revenue increased to $932.6 million, from $749.17 million in the prior year’s second quarter. The results were better than analysts’ average estimate of 26 cents per share for earnings and $890.10 million for revenue.
In addition, ChampionX Corporation (NASDAQ:CHX) also disclosed the sales results of its flagship segments. Its production chemical technologies segment was the biggest contributor, bringing in revenue of $552.4 million in the quarter. In comparison, revenue from the production & automation technologies segment came in at $242.4 million.
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Disclosure: None. 10 Important Energy Stocks Making Moves After Earnings is originally published on Insider Monkey.
