SUN - SUN

最新ニュース Sunoco (NYSE:SUN) 株価情報

Sunoco

Sunoco LP engaged in the distribution of motor fuels to independent dealers, distributors, and other commercial customers as well as the distribution of motor fuels to end-use customers at retail sites operated by commission agents. It is a growth-oriented master limited partnership (MLP) that operates as a wholesale and retail fuel distributor in the United States. The firm operates through the Fuel Distribution and Marketing segment. It distributes motor fuel to convenience stores, dealers, and commercial customers in various states. The operating convenience stores are under the APlus, Stripes, Aloha Island Mart, and Tigermarket brands.

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Mizuho analyst Gabriel Moreen maintains Sunoco (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SUN#NYSE">SUN</a>) with a Outperform and raises the price target from $61 to $66.

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Analyst Ratings

Mizuho Maintains Outperform on Sunoco, Raises Price Target to $66

Barclays analyst Theresa Chen maintains Sunoco (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SUN#NYSE">SUN</a>) with a Overweight and raises the price target from $60 to $63.

Barclays Maintains Overweight on Sunoco, Raises Price Target to $63

Sunoco's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SUN#NYSE">SUN</a>) short percent of float has risen 30.4% since its last report. The company recently reported that it has 1.75 million shares sold short, which is 1.63% of all regular shares that are available for trading. Based on its trading volume, it would take traders 3.99 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Sunoco Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1733757311_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Sunoco has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing Sunoco's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Sunoco's peer group average for short interest as a percentage of float is 7.27%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Short Sellers

Short Ideas

Trading Ideas

Looking Into Sunoco's Recent Short Interest

RBC Capital analyst Elvira Scotto maintains Sunoco (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SUN#NYSE">SUN</a>) with a Outperform and raises the price target from $63 to $64.

RBC Capital Maintains Outperform on Sunoco, Raises Price Target to $64

Sunoco LP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SUN#NYSE">SUN</a>) shares are trading lower after it reported&nbsp;third-quarter revenues&nbsp;of&nbsp;$5.75 billion, which&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/11/n41769798/sunoco-lp-reports-third-quarter-2024-financial-and-operating-results" rel="noreferrer noopener">missed the consensus of&nbsp;$6.508 billion</a>.
Adjusted distributable cash flow of&nbsp;$349 million was higher than&nbsp;$181 million a year ago. Adjusted EBITDA increased to&nbsp;$456 million from&nbsp;$257&nbsp;million a year ago.
The Fuel Distribution segment sold around 2.1&nbsp;billion gallons of fuel (+1% year over year), with the fuel margin for all gallons sold at 12.8&nbsp;cents per gallon versus 12.5&nbsp;cents per gallon in the prior year quarter.
Adjusted EBITDA for the Fuel Distribution segment increased to $253 million compared to $234 million in the prior year quarter. Loss per share of $0.26 missed <a href="https://www.benzinga.com/calendars/earnings" target="_blank" rel="noreferrer noopener">the EPS consensus of $1.55</a>.
Total capital expenditures were&nbsp;$93&nbsp;million, including&nbsp;$67&nbsp;million&nbsp;for growth capital and&nbsp;$26&nbsp;million&nbsp;for maintenance capital.
Distribution:&nbsp;On October 28, Sunoco&nbsp;declared a distribution of&nbsp;$0.8756&nbsp;per unit, payable on November 19, to unitholders of record as of November 8.
As of September 30, the company had long-term debt of about&nbsp;$7.3&nbsp;billion&nbsp;and approximately&nbsp;$1.4 billion&nbsp;in liquidity remaining on its&nbsp;$1.5 billion&nbsp;revolving credit facility.
Investors can gain exposure to the stock via&nbsp;InfraCap MLP ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMZA#NYSE">AMZA</a>) and&nbsp;Alerian MLP ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMLP#NYSE">AMLP</a>).
Price Action: Sunoco shares are down 2.37% at $52.00 premarket at the last check Wednesday.
Photo via Shutterstock
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</ul>

Earnings

Equities

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Movers

AMLP

AMZA

Sunoco Q3 Earnings: Revenue Drop, Stronger Cash Flow & More

Sunoco (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SUN#NYSE">SUN</a>) reported quarterly losses of $(0.26) per share which missed the analyst consensus estimate of $1.55 by 116.77 percent. This is a 108.81 percent decrease over earnings of $2.95 per share from the same period last year. The company reported quarterly sales of $5.750 billion which missed the analyst consensus estimate of $6.508 billion by 11.64 percent. This is a 9.02 percent decrease over sales of $6.320 billion the same period last year.

Earnings Misses

Sunoco Q3 2024 GAAP EPS $(0.26) Misses $1.55 Estimate, Sales $5.750B Miss $6.508B Estimate

RBC Capital analyst Elvira Scotto maintains Sunoco (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SUN#NYSE">SUN</a>) with a Outperform and raises the price target from $60 to $63.

RBC Capital Maintains Outperform on Sunoco, Raises Price Target to $63

Sunoco's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SUN#NYSE">SUN</a>) short percent of float has fallen 4.82% since its last report. The company recently reported that it has 850 thousand shares sold short, which is 0.79% of all regular shares that are available for trading. Based on its trading volume, it would take traders 2.98 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Sunoco Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1727808318_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Sunoco has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing Sunoco's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Sunoco's peer group average for short interest as a percentage of float is 7.28%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

The new partnership strengthens AtoB's Over-the-Road and Local offerings with access to 5,000+ Sunoco locations across over 40 states
AtoB, the fintech payments platform modernizing the trucking industry's financial systems, today announced a new partnership with Sunoco, bringing its 5,000 locations into its fuel card network. This collaboration significantly enhances AtoB's already extensive fuel card network, providing customers with access to Sunoco locations across over 40 states and exclusive discounts.
Starting today, AtoB customers will benefit from discounts at over 5,000 Sunoco locations across over 40 states. Trucking fleets will now enjoy discounts at over 100 truck diesel locations including premier discounts at twelve key Sunoco stations along the highly trafficked New Jersey Turnpike. These twelve Sunoco truck diesel locations are part of the AMBEST network, a nationwide member-owned network of high-quality truck stops and service stations. With Sunoco's extensive presence, this partnership is designed to offer substantial savings and enhance convenience for AtoB's users.

AtoB Partners With Sunoco To Expand Nationwide Network And Deliver Enhanced Fuel Discounts; New Partnership Strengthens AtoB's Over-The-Road And Local Offerings With Access To 5,000+ Sunoco Locations Across Over 40 States

Sunoco LP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SUN#NYSE">SUN</a>) shares closed slightly higher <a href="https://www.benzinga.com/quote/SUN/earnings">during Friday's session</a>.
On Sept. 4, JP Morgan analyst Jeremy Tonet maintained Sunoco with an Overweight rating and raised the price target from $61 to $63.
Sunoco, on Aug. 7, reported quarterly earnings of $3.85 per share which beat the analyst consensus estimate of $1.30 per share. The company reported quarterly sales of $6.174 billion which beat the analyst consensus estimate of $5.822 billion, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro.</a>
With the recent buzz around Sunoco, some investors may be eyeing potential gains from the company's dividends. As of now, Sunoco has a dividend yield of 6.55%. That&#8217;s a quarterly dividend amount of 87.56 cents a share ($3.502 a year).
To figure out how to earn $500 monthly from Sunoco, we start with the yearly target of $6,000 ($500 x 12 months).
Next, we take this amount and divide it by Sunoco's $3.502 dividend: $6,000 / $3.502 = 1,713 shares
So, an investor would need to own approximately $91,646 worth of Sunoco, or 1,713 shares to generate a monthly dividend income of $500.
Assuming a more conservative goal of $100 monthly ($1,200 annually), we do the same calculation: $1,200 / $3.502 = 343 shares, or $18,351 to generate a monthly dividend income of $100.
Note that dividend yield can change on a rolling basis, as the dividend payment and the stock price both fluctuate over time.
The dividend yield is calculated by dividing the annual dividend payment by the current stock price. As the stock price changes, the dividend yield will also change.
For example, if a stock pays an annual dividend of $2 and its current price is $50, its dividend yield would be 4%. However, if the stock price increases to $60, the dividend yield would decrease to 3.33% ($2/$60).
Conversely, if the stock price decreases to $40, the dividend yield would increase to 5% ($2/$40).
Further, the dividend payment itself can also change over time, which can also impact the dividend yield. If a company increases its dividend payment, the dividend yield will increase even if the stock price remains the same. Similarly, if a company decreases its dividend payment, the dividend yield will decrease.
SUN Price Action: Shares of Sunoco rose 0.4% to close at $53.50 on Friday.
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Image: Shutterstock

Long Ideas

Markets

How To Earn $500 A Month From Sunoco Stock

JP Morgan analyst Jeremy Tonet maintains Sunoco (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SUN#NYSE">SUN</a>) with a Overweight and raises the price target from $61 to $63.

JP Morgan Maintains Overweight on Sunoco, Raises Price Target to $63

W&amp;T Offshore, Inc.&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/wti#NYSE">WTI</a>) reported a second-quarter 2024 loss of 5 cents per share (excluding one item), wider than the Zacks Consensus Estimate of a loss of 3 cents. However, the bottom line improved from the year-ago quarter&#39;s reported loss of 8 cents.
Total quarterly revenues of $142.8 million missed the Zacks Consensus Estimate of $152 million. However, the top line increased from $126 million reported in the prior-year quarter.
The weaker-than-expected quarterly earnings were due to low oil-equivalent production and rising operating expenses. This was partially offset by higher average realized prices for oil-equivalent production.
<div class="chart_embed">
<h3>W&amp;T Offshore, Inc. Price, Consensus and EPS Surprise</h3>
<img alt="W&amp;T Offshore, Inc. Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/71/1723027552.png" style="height:265px; width:573px" title="" />
W&amp;T Offshore, Inc. price-consensus-eps-surprise-chart | W&amp;T Offshore, Inc. Quote
</div>
<h3>Production Statistics</h3>
Production for the quarter averaged 34.9 thousand barrels of oil equivalent per day (MBoe/d), down from 37 MBoe/d in the corresponding period of 2023. The reported metric was lower than our estimate of 37 Mboe/d. The production was negatively impacted by the company&#39;s primary Mobile Bay processing plant getting shut down by the third-party operator to perform a turnaround. The decrease was partially offset by increased production from wells acquired in January 2024 and September 2023.
Oil production totaled 1,382 thousand barrels (MBbls), up from 1,254 MBbls in the year-ago quarter. The figure missed our estimate of 1,387 MBbls.
Natural gas liquids&#39; output totaled 334 MBbls, which decreased from 443 MBbls a year ago but surpassed our estimate of 312 MBbls.
Natural gas production of 8,769 million cubic feet (MMcf) was lower than 10,023 MMcf in the prior-year quarter. The figure missed our estimate of 10,017 MMcf.
<h3>Realized Commodity Prices</h3>
The average realized price for oil in the second quarter was $80.29 per barrel, higher than the year-ago level of $71.76. Our estimate for the same was pegged at $81.46.
The average realized price of NGL increased to $24.43 per barrel from $23.44 in the second quarter of 2023. Our estimate for the same was pinned at $20.69 per barrel.
The average realized price of natural gas in the June-end quarter was $2.50 per thousand cubic feet, up from $2.34 in the corresponding period of 2023 and above our estimate of $2.33.
The average realized price for oil-equivalent output increased to $44.40 per barrel from $36.76 a year ago. The figure also beat our estimate of $42.38.
<h3>Operating Expenses</h3>
Lease operating expenses increased to $23.29 per Boe from $19.60 in the year-ago period. The reported figure was lower than our estimate of $25.98.
Also, general and administrative expenses increased to $6.72 per Boe from $5.16 a year ago. The figure was higher than our estimate of $5.44.
<h3>Cash Flow</h3>
Net cash from operations totaled $37.4 million, up from $26.2 million in the year-ago quarter.
The free cash flow increased to $18.7 million from $9.7 million in the year-earlier quarter.
<h3>Capital Spending &amp; Balance Sheet</h3>
For the reported quarter, W&amp;T Offshore spent $8.8 million on oil and gas resources and equipment.
As of Jun 30, 2024, the company&#39;s cash and cash equivalents amounted to $123.4 million and net long-term debt totaled $376.9 million. The current portion of the long-term debt is $14.9 million.
<h3>Guidance</h3>
For the third quarter of 2024, W&amp;T Offshore expects production to be in the band of 2,842-3,208 Mboe. For 2024, its production is anticipated to be in the 11,900-13,267 Mboe range.
<h3>Zacks Rank &amp; Stocks to Consider</h3>
Currently, WTI carries a Zacks Rank #3 (Hold).
Investors interested in the&nbsp;energy&nbsp;sector may look at some better-ranked stocks like Sunoco LP&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sun#NYSE">SUN</a>), SM Energy Company&nbsp;and Baker Hughes Company (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/bkr#NASDAQ">BKR</a>). While Sunoco and SM Energy currently sport a Zacks Rank #1 (Strong Buy) each, Baker Hughes carries a Zacks Rank #2 (Buy).
Sunoco is a leading wholesale motor fuel distributor in the United States, boasting a vast distribution network spanning 40 states. With long-term contracts servicing more than 10,000 convenience stores, it distributes over 10 fuel brands, ensuring a stable revenue stream. SUN currently has a Value Score of A.
The Zacks Consensus Estimate for 2024 and 2025 earnings per unit is pegged at $7.29 and $7.26, respectively. The partnership has witnessed upward earnings estimate revisions for 2025 in the past 30 days.
SM Energy is set to expand its oil-centered operations in the coming years, with an increasing focus on crude oil, especially in the Permian Basin and Eagle Ford regions. The company&#39;s attractive oil and gas investments should create long-term value for shareholders.
The Zacks Consensus Estimate for SM&#39;s 2024 EPS is pegged at $7.09. The company has a Zacks Style Score of A for Value. It has witnessed upward earnings estimate revisions for 2024 in the past 30 days.
Baker Hughes, a leading player in the oilfield service sector, is known for its advanced technologies and equipment catering to the needs of upstream companies. The company expects substantial growth from LNG contracts globally due to the strong demand outlook.
The Zacks Consensus Estimate for BKR&#39;s 2024 EPS is pegged at $2.20. The company has a Zacks Style Score of A for Value. It has witnessed upward earnings estimate revisions for 2024 in the past seven days.
<a href="https://www.zacks.com/stock/news/2318212/w-t-offshore-wti-q2-earnings-lag-estimates-on-lower-production?cid=CS-BENZ-FT-analyst_blog|earnings_article-2318212">To read this article on Zacks.com click here.</a>

Penny Stocks

Guidance

Small Cap

W&T Offshore Q2 Earnings Lag Estimates on Lower Production

Sunoco LP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SUN#NYSE">SUN</a>) shares are trading higher after it reported&nbsp;second-quarter&nbsp;FY24 revenues&nbsp;of&nbsp;$6.17 billion, which&nbsp;exceeded <a target="_blank" href="https://www.benzinga.com/pressreleases/24/08/n40215377/sunoco-lp-reports-record-second-quarter-2024-financial-and-operating-results" rel="noreferrer noopener">the consensus of&nbsp;$5.82 billion</a>.
The partnership sold over 2.2 billion gallons of fuel (+5%&nbsp;Y/Y), with the fuel margin for all gallons sold at 11.8 cents per gallon (vs 11.9 cents per gallon in the prior year quarter).
Adjusted distributable cash flow of&nbsp;$295 million&nbsp;was higher than&nbsp;$175 million&nbsp;a year ago.
Adjusted EBITDA increased to&nbsp;$320 million&nbsp;from&nbsp;$250 million&nbsp;a year ago. EPS of&nbsp;$3.85&nbsp;surpassed&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">the consensus of&nbsp;$1.30</a>.
Total capital expenditures were&nbsp;$78 million, including&nbsp;$52 million for growth capital and&nbsp;$26 million for maintenance capital.
Distribution:&nbsp;On July 25, 2024, Sunoco&nbsp;declared a distribution of&nbsp;$0.8756 per unit, payable on August 19, to unitholders of record as of August 9.
As of June 30, 2024, the company had long-term debt of about $7.3 billion and approximately $1.4 billion in liquidity remaining on its $1.5 billion revolving credit facility.
Outlook: Sunoco reaffirmed FY24&nbsp;guidance&nbsp;for adjusted EBITDA of&nbsp;$1.46 billion to&nbsp;$1.52 billion, excluding <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">synergies and transaction-related expenses</a>.
The company expects NuStar&nbsp;deal to realize expense synergies of $200 million (vs. at least&nbsp;$150 million prior) and <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">financial synergies of $60 million</a>.
In July, Sunoco and Energy Transfer LP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ET#NYSE">ET</a>) formed a joint venture to merge their crude oil and produced water-gathering assets in the <a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/b39793150/energy-transfer-and-sunoco-announce-strategic-permian-basin-crude-oil-joint-venture" rel="noreferrer noopener">Permian Basin, effective July 1, 2024</a>.
Investors can gain exposure to the stock via&nbsp;InfraCap MLP ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMZA#NYSE">AMZA</a>) and&nbsp;Global X MLP ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MLPA#NYSE">MLPA</a>).
Price Action: Sunoco shares are up 1.42% at $54.36 at the last check Wednesday.
Photo via Shutterstock
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</ul>

MLPA

Sunoco's Increased Fuel Sale Boosts Q2 Results: Details

Full Year 2024 Business Outlook
For the full year 2024, the Partnership expects:
<ul>
<li>Adjusted EBITDA(1)(3) of $1.46 billion to $1.52 billion, excluding synergies and transaction-related expenses(2).</li>
<li>Approximately $50 million in synergies related to the acquisition of NuStar.</li>
<li>Approximately $100 million in transaction-related expenses.</li>
<li>Growth capital expenditures to be greater than $300 million and maintenance capital expenditures to be approximately $120 million.</li>
</ul>

Sunoco Reaffirms FY24 Adj. EBITDA Outlook Of $1.46B-$1.52B

Sunoco (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SUN#NYSE">SUN</a>) reported quarterly earnings of $3.85 per share which beat the analyst consensus estimate of $1.30 by 196.15 percent. This is a 393.59 percent increase over earnings of $0.78 per share from the same period last year. The company reported quarterly sales of $6.174 billion which beat the analyst consensus estimate of $5.822 billion by 6.04 percent. This is a 7.47 percent increase over sales of $5.745 billion the same period last year.

Earnings Beats

Sunoco Q2 2024 GAAP EPS $3.85 Beats $1.30 Estimate, Sales $6.174B Beat $5.822B Estimate

Southwestern Energy Company&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/swn#NYSE">SWN</a>) reported adjusted second-quarter 2024 earnings of 10 cents per share, which beat the Zacks Consensus Estimate by a penny. The bottom line also increased from the year-ago quarter&#39;s figure of 9 cents.
Quarterly operating revenues of $1.1 billion missed the Zacks Consensus Estimate of $1.4 billion and also declined from the year-ago quarter&#39;s level of $1.3 billion.
The better-than-expected quarterly earnings can be attributed to higher oil price realization. This was partially offset by lower gas-equivalent production volumes and reduced realized gas prices.
<div class="chart_embed">
<h3>Southwestern Energy Company Price, Consensus and EPS Surprise</h3>
<img alt="Southwestern Energy Company Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/18/1722844148.png" style="height:265px; width:570px" title="" />
Southwestern Energy Company price-consensus-eps-surprise-chart | Southwestern Energy Company Quote
</div>
<h3>Total Production</h3>
Total production decreased to 379 billion cubic feet equivalent (Bcfe) from 423 Bcfe a year ago and missed our estimate of 430.1 Bcfe. Gas production declined from the year-ago level of 365 Bcf to 324 Bcf and missed our estimate of 375.7 Bcf.
Natural gas liquids production totaled 7,908 thousand barrels (MBbls), lower than the year-ago level of 8,247 MBbls. The metric beat our estimate of 7,675.1 MBbls.
Oil production declined to 1,261 MBbls from 1,441 MBbls in the year-earlier period and missed our estimate of 1,387.1 MBbls. Almost 85.5% of its volume mix constituted natural gas.
<h3>Average Realized Prices</h3>
Southwestern&#39;s average realized gas price in the reported quarter, excluding derivatives, decreased to $1.22 per thousand cubic feet (Mcf) from $1.47 a year ago. Our estimate of $1.42 per Mcf for the metric also indicates a year-over-year decline.
Oil was sold at $70.14 per barrel compared with the year-earlier figure of $63.20. Natural gas liquids were sold at $20.06 per barrel, higher than $18.63 in the year-ago period.
<h3>Expenses</h3>
On a per-Mcfe basis, lease operating expenses increased to $1.08 from the prior-year level of $1.00. The metric was also higher than our estimate of $1.06. General and administrative expenses per unit of production were 11 cents, up from 9 cents reported in the year-ago quarter. The reported figure was in line with our estimate.
Total operating costs and expenses were $1.8 billion, up from $1.3 billion in the June-end quarter of 2023. The figure beat our estimate of $1.1 billion. General and administrative expenses increased to $45 million from $41 million in the year-ago period. Marketing purchases decreased to $433 million from the prior-year quarter&#39;s level of $481 million.
<h3>Financials</h3>
Southwestern&#39;s total capital investment in the second quarter was $430 million. As of Jun 30, 2024, the company&#39;s cash and cash equivalents were $15 million, and long-term debt was $3.8 billion.
<h3>Guidance</h3>
SWN has discontinued providing guidance due to the pending merger with Chesapeake Energy Corporation.
<h3>Zacks Rank &amp; Key Picks</h3>
Currently, SWN carries a Zacks Rank #3 (Hold).
Investors interested in the&nbsp;energy&nbsp;sector may look at some better-ranked stocks like Sunoco LP&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sun#NYSE">SUN</a>), SM Energy Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sm#NYSE">SM</a>) and Baker Hughes Company (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/bkr#NASDAQ">BKR</a>). While Sunoco and SM Energy currently sport a Zacks Rank #1 (Strong Buy) each, Baker Hughes carries a Zacks Rank #2 (Buy).
Sunoco is a leading wholesale motor fuel distributor in the United States, boasting a vast distribution network spanning 40 states. With long-term contracts servicing more than 10,000 convenience stores, it distributes over 10 fuel brands, ensuring a stable revenue stream. SUN currently has a Value Score of A.
The Zacks Consensus Estimate for 2024 and 2025 earnings per unit is pegged at $7.29 and $7.26, respectively. The partnership has witnessed upward earnings estimate revisions for 2025 in the past 30 days.
SM Energy is set to expand its oil-centered operations in the coming years, with an increasing focus on crude oil, especially in the Permian Basin and Eagle Ford regions. The company&#39;s attractive oil and gas investments should create long-term value for shareholders.
The Zacks Consensus Estimate for SM&#39;s 2024 EPS is pegged at $7.09. The company has a Zacks Style Score of A for Value. It has witnessed upward earnings estimate revisions for 2024 in the past 30 days.
Baker Hughes, a leading player in the oilfield service sector, is known for its advanced technologies and equipment catering to the needs of upstream companies. The company expects substantial growth from LNG contracts globally due to the strong demand outlook.
The Zacks Consensus Estimate for BKR&#39;s 2024 EPS is pegged at $2.20. The company has a Zacks Style Score of A for Value. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past seven days.
<a href="https://www.zacks.com/stock/news/2316179/southwestern-swn-q2-earnings-beat-estimates-revenues-miss?cid=CS-BENZ-FT-analyst_blog|earnings_article-2316179">To read this article on Zacks.com click here.</a>

Mid Cap

Southwestern Q2 Earnings Beat Estimates, Revenues Miss

Newpark Resources, Inc.&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nr#NYSE">NR</a>) is set to report second-quarter 2024 earnings on Aug 5, after the closing bell.
Let us delve into the factors that are anticipated to have affected this oilfield service player&#39;s quarterly performance. However, before that, it would be worth taking a look at NR&#39;s first-quarter results.
<h3>Highlights of Q1 Earnings &amp; Surprise History</h3>
The company&#39;s adjusted earnings per share of 10 cents beat the Zacks Consensus Estimate of 5 cents in the last reported quarter.
Newpark Resources&#39; earnings beat the Zacks Consensus Estimate once and missed the same once in the trailing two quarters, the average surprise being 28.6%. This is depicted in the graph below:
<div class="chart_embed">
<h3>Newpark Resources, Inc. Price and EPS Surprise</h3>
<img alt="Newpark Resources, Inc. Price and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/cd/1722606138.png" style="height:263px; width:531px" title="" />
Newpark Resources, Inc. price-eps-surprise | Newpark Resources, Inc. Quote
</div>
<h3>Estimate Trend</h3>
The Zacks Consensus Estimate for the company&#39;s&nbsp;second-quarter earnings&nbsp;per share of 8 cents has witnessed no downward and upward movement over the past 30 days. The estimate suggests no change from the prior-year reported number.
The Zacks Consensus Estimate for second-quarter revenues of $171 million indicates a 6.7% decline from the year-ago reported figure.
<h3>Factors to Consider</h3>
According to the U.S. Energy Information Administration, the average spot prices for West Texas Intermediate crude at Cushing, OK, were $85.35 per barrel in April, $80.02 per barrel in May, and $79.77 per barrel in June. This indicates a highly favorable pricing environment for exploration and production activities in the second quarter. However, drilling activities declined both domestically and internationally in the second quarter.
The decrease in drilling activities suggests that explorers and producers reduced their spending on upstream activities. This lower spending probably affected the demand for services provided by the oilfield service provider, NR.
Additionally, the rise in NR&#39;s costs is likely to have negatively impacted the company&#39;s second-quarter bottom line. In the first quarter earnings report, capital expenditure nearly doubled year over year, and this trend of increasing costs likely continued in the second quarter, affecting the overall performance.
<h3>Earnings Whispers</h3>
Our proven model does not indicate an earnings beat for Newpark Resources this time around. The combination of a positive&nbsp;Earnings ESP&nbsp;and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) increases the chances of an earnings beat. That is not the case here, as you will see below.
Earnings ESP: Newpark Resources has an Earnings ESP of 0.00%. This is because the Most Accurate Estimate and the Zacks Consensus Estimate are both pegged at earnings of 8 cents.
Zacks Rank: Newpark Resources currently carries a Zacks Rank #3.
<h3>Stocks to Consider</h3>
Here are three firms that you may want to consider, as these have the right combination of elements to post an earnings beat this reporting cycle.
Sunoco LP&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sun#NYSE">SUN</a>) has an Earnings ESP of +1.96% and currently flaunts a Zacks Rank #1.
Sunoco&nbsp;is scheduled to release second-quarter earnings on Aug 7. The Zacks Consensus Estimate for earnings is pegged at $1.79 per share, suggesting a 129.5% increase from the prior-year reported figure.
MPLX LP&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mplx#NYSE">MPLX</a>) has an Earnings ESP of +0.34% and a Zacks Rank #3 at present.
The firm is scheduled to release second-quarter earnings results on Aug 6. The Zacks Consensus Estimate for earnings is pegged at 98 cents per share, indicating a 7.7% rise from the prior-year reported figure.
The Williams Companies&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/wmb#NYSE">WMB</a>) currently has an Earnings ESP of +2.56% and a Zacks Rank #3.
The firm is scheduled to release second-quarter earnings results on Aug 5. The Zacks Consensus Estimate for WMB&#39;s earnings is pegged at 39 cents per share, implying a decline from the prior-year reported figure.
<a href="https://www.zacks.com/stock/news/2315560/what-s-in-store-for-newpark-resources-nr-in-q2-earnings?cid=CS-BENZ-FT-analyst_blog|earnings_preview-2315560">To read this article on Zacks.com click here.</a>

MPLX

What's in Store for Newpark Resources in Q2 Earnings?

Vitesse Energy Inc.&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/vts#NYSE">VTS</a>) is set to report second-quarter 2024 earnings on Aug 5, after the closing bell.
Let us delve into the factors that are anticipated to have affected this upstream energy company&#39;s performance. However, before that, it would be worth taking a look at VTS&#39;s first-quarter performance.
<h3>Highlights of Q1 Earnings &amp; Surprise History</h3>
The company&#39;s adjusted earnings per share of 34 cents beat the Zacks Consensus Estimate of 32 cents in the last reported quarter.
Vitesse Energy&#39;s earnings beat the Zacks Consensus Estimate once in the trailing four quarters and missed the same thrice, the average negative surprise being 9.8%. This is depicted in the graph below:
<div class="chart_embed">
<h3>Vitesse Energy, Inc. Price and EPS Surprise</h3>
<img alt="Vitesse Energy, Inc. Price and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/dd/1722527848.png" style="height:263px; width:538px" title="" />
Vitesse Energy, Inc. price-eps-surprise | Vitesse Energy, Inc. Quote
</div>
<h3>Estimate Trend</h3>
The Zacks Consensus Estimate for&nbsp;second-quarter earnings&nbsp;per share of 35 cents has witnessed no downward and upward movement over the past 30 days. The estimate suggests a 3% improvement from the prior-year reported number.
The Zacks Consensus Estimate for second-quarter revenues of $63.9 million indicates a 23.9% increase from the year-ago reported figure.
<h3>Factors to Consider</h3>
Vitesse Energy is anticipated to have maintained stable performance in the second quarter, driven by productive acreages in prime oil shale plays like North Dakota&#39;s Bakken oil field. The company&#39;s more than 200 untapped, high-quality drilling locations bolster its production outlook.
Per the U.S. Energy Information Administration, the WTI crude oil price increased 5.6% sequentially and 11.3% year over year in the second quarter. This increase in commodity prices is likely to have aided the company&#39;s performance in the to-be-reported quarter.
However, challenges likely emerged from the decline in natural gas prices. The Natural Gas Henry Hub Spot price decreased 2.03% sequentially and 3.52% year over year in the second quarter. This drop was mainly due to increased natural gas production, milder weather reducing demand, higher storage levels and geopolitical tensions impacting global energy markets.
Additionally, Vitesse Energy raised its 2024 capital expenditure guidance after acquiring or agreeing to acquire more oil and gas interests in North Dakota&#39;s Williston Basin. This likely impacted its second-quarter performance, following a 17.6% year-over-year rise in its first-quarter capital expenditure.
These factors are expected to have influenced demand and pricing dynamics, potentially affecting Vitesse Energy&#39;s quarterly performance.
<h3>Earnings Whispers</h3>
Our proven model does not indicate an earnings beat for Vitesse Energy this time around. The combination of a positive&nbsp;Earnings ESP&nbsp;and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) increases the chances of an earnings beat. That is not the case here, as you will see below.
Earnings ESP: Vitesse Energy has an Earnings ESP of 0.00%. This is because the Most Accurate Estimate and the Zacks Consensus Estimate are both pegged at earnings of 35 cents.
Zacks Rank: Vitesse Energy currently carries a Zacks Rank #3.
<h3>Stocks to Consider</h3>
Here are three firms that you may want to consider, as these have the right combination of elements to post an earnings beat this reporting cycle.
Sunoco LP&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sun#NYSE">SUN</a>) has an Earnings ESP of +1.96% and currently flaunts a Zacks Rank #1.
Sunoco&nbsp;is scheduled to release second-quarter earnings on Aug 7. The Zacks Consensus Estimate for earnings is pegged at $1.79 per share, suggesting a 129.5% increase from the prior-year reported figure.
MPLX LP&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mplx#NYSE">MPLX</a>) has an Earnings ESP of +0.82% and a Zacks Rank #3 at present.
The firm is scheduled to release second-quarter earnings results on Aug 6. The Zacks Consensus Estimate for earnings is pegged at 98 cents per share, suggesting a 7.7% increase from the prior-year reported figure.
The Williams Companies&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/wmb#NYSE">WMB</a>)&nbsp;currently has an Earnings ESP of +2.56% and a Zacks Rank #3.
The firm is scheduled to release second-quarter earnings results on Aug 5. The Zacks Consensus Estimate for WMB&#39;s earnings is pegged at 39 cents per share, suggesting a decline from the prior-year reported figure.
<a href="https://www.zacks.com/stock/news/2314589/vitesse-energy-vts-to-report-q2-earnings-what-s-in-store?cid=CS-BENZ-FT-analyst_blog|earnings_preview-2314589">To read this article on Zacks.com click here.</a>

Vitesse Energy to Report Q2 Earnings: What's in Store?

A bankruptcy judge has approved a crucial settlement between the joint venture behind Exxon Mobil Corporation&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/xom#NYSE">XOM</a>) $10-billion Golden Pass liquefied natural gas project in Texas and the lead contractor, Zachry Holdings Inc. The decision allows other companies to take over and complete the project, which had faced significant delays.
Located near the Louisiana border, the Golden Pass LNG facility&#39;s construction had been nearly halted after Zachry Holdings filed for Chapter 11 bankruptcy in March. The filing came after the project, known as GPX, experienced cost overruns totaling at least $2.4 billion beyond its original budget. Consequently, Zachry Holdings let go of thousands of workers, severely impacting the construction timeline.
QatarEnergy holds a 70% stake in the Golden Pass LNG venture, while ExxonMobil owns the rest. The approved settlement involves transferring Zachry&#39;s unfinished work to CB&amp;I LLC, a unit of McDermott International Inc., and Chiyoda International Corp. However, the timeline for restarting construction and completing the project remains uncertain. The first LNG cargoes were initially expected in the first half of 2025.
The settlement fully resolves the financial and legal disputes among the parties involved. Zachry Holdings stated that the agreement would expedite its bankruptcy restructuring process, allowing the company to emerge stronger and better positioned for growth.
The Golden Pass LNG project, situated at the Sabine Pass site of a former gas-import terminal, is designed to process natural gas for LNG exports. It is one of two significant U.S. LNG facilities slated to considerably boost the supply of superchilled fuel from the world&#39;s top exporter within the next 12 months.
The development marks a significant step forward for the Golden Pass LNG project, which has faced numerous challenges and delays. This ambitious project aligns with ExxonMobil&#39;s strategic vision to enhance the natural gas supply chain from the world&#39;s leading exporter.
<h3>Zacks Rank &amp; Stocks to Consider</h3>
ExxonMobil currently carries a Zack Rank #4 (Sell).
Investors interested in the&nbsp;energy&nbsp;sector may look at some better-ranked companies mentioned below. These three companies presently sport a Zacks Rank #1 (Strong Buy).
SM Energy&nbsp;Company&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sm#NYSE">SM</a>) is set to expand its oil-centered operations in the coming years, with an increasing focus on crude oil, especially in the Permian Basin and Eagle Ford regions. The company&#39;s attractive oil and gas investments should create long-term shareholder value.
The Zacks Consensus Estimate for SM&#39;s 2024 and 2025 earnings per unit is pegged at $7.09 and $8.66, respectively. The company has a Zacks Style Score of A for Value. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
Sunoco LP&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sun#NYSE">SUN</a>) is a leading wholesale motor fuel distributor in the United States, boasting a vast distribution network spanning 40 states. With long-term contracts servicing more than 10,000 convenience stores, it distributes more than 10 fuel brands, ensuring a stable revenue stream. SUN currently has a Value and Growth Score of A.
The Zacks Consensus Estimate for 2024 and 2025 earnings per unit is pegged at $7.29 and $7.26, respectively. The partnership has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 60 days.
GeoPark Ltd.&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gprk#NYSE">GPRK</a>), based in Hamilton, Bermuda, is an explorer, operator and consolidator in the oil and gas sector. The company primarily operates in Chile, Colombia, Brazil and Argentina. It has a Zacks Style Score of A for Value and B for Growth.
The Zacks Consensus Estimate for 2024 and 2025 earnings per unit is pegged at $3.23 and $3.98, respectively. The company has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 60 days.
<a href="https://www.zacks.com/stock/news/2310319/exxonmobil-s-xom-gpx-project-set-to-resume-after-settlement?cid=CS-BENZ-FT-analyst_blog|company_news_energy_sector-2310319">To read this article on Zacks.com click here.</a>

Legal

GPRK

ExxonMobil's GPX Project Set to Resume After Settlement

Phillips 66&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/psx#NYSE">PSX</a>) has taken a significant step in modernizing its data protection operations by selecting Cohesity, a leader in AI-powered data security and management.
Before implementing Cohesity&#39;s innovative solutions, Phillips 66&#39;s data protection strategy relied on five disparate and siloed tools. This fragmented approach required backup teams to spend considerable time managing these tools, leading to inefficiencies, decreased productivity and escalating cloud costs.
After a thorough competitive evaluation, Phillips 66 selected Cohesity DataProtect to consolidate its data protection efforts into a single, unified platform. This strategic decision aimed to reduce management overhead, secure critical assets and lower cloud service expenses. By transitioning to Cohesity&#39;s platform, Phillips 66 anticipates significant reductions in the time spent managing multiple tools, enabling its backup team to concentrate on other value-adding business activities.
In addition to operational efficiencies, Cohesity has significantly strengthened Phillips 66&#39;s data security protocols. Leveraging powerful AI capabilities and advanced encryption methods, Cohesity ensures the protection of sensitive data from potential threats, both internal and external. This comprehensive security framework ensures that Phillips 66&#39;s valuable data is protected against unauthorized access.
PSX&#39;s decision to modernize its data protection operations with Cohesity will drive substantial cost savings over three years. Eliminating redundant tools and consolidating data protection processes into a single platform reduce cloud service costs and free up resources previously allocated to managing multiple tools.
This collaboration comes at a crucial time when businesses seek ways to optimize their data protection operations in a rapidly evolving digital landscape. With cyber threats on the rise, organizations must adopt advanced solutions that seamlessly integrate with their existing IT infrastructure while providing robust data security.
The collaboration marks a critical move for Phillips 66, aiming to enhance data security, streamline management processes and achieve substantial cost savings. The success of PSX in modernizing its data protection operations underscores Cohesity&#39;s expertise in the field.
<h3>Zacks Rank &amp; Stocks to Consider</h3>
Currently, Phillips 66 carries a Zack Rank #5 (Strong Sell).
Investors interested in the&nbsp;energy&nbsp;sector may look at some better-ranked companies mentioned below. The three companies presently sport a Zacks Rank #1 (Strong Buy).
SM Energy&nbsp;Company&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sm#NYSE">SM</a>) is set to expand its oil-centered operations in the coming years, with an increasing focus on crude oil, especially in the Permian Basin and Eagle Ford regions. The company&#39;s attractive oil and gas investments should create long-term shareholder value.
The Zacks Consensus Estimate for SM&#39;s 2024 and 2025 earnings per unit is pegged at $7.30 and $8.89, respectively. The company has a Zacks Style Score of A for Value, Growth and Momentum. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
Sunoco LP&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sun#NYSE">SUN</a>) is a leading wholesale motor fuel distributor in the United States, boasting a vast distribution network spanning 40 states. With long-term contracts servicing more than 10,000 convenience stores, it distributes more than 10 fuel brands, ensuring a stable revenue stream. SUN currently has a Value and Growth Score of A.
The Zacks Consensus Estimate for 2024 and 2025 earnings per unit is pegged at $7.29 and $7.26, respectively. The partnership has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 60 days.
GeoPark Ltd.&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gprk#NYSE">GPRK</a>), based in Hamilton, Bermuda, is an explorer, operator and consolidator in the oil and gas sector. The company primarily operates in Chile, Colombia, Brazil and Argentina. It has a Zacks Style Score of A for Value and Growth.
The Zacks Consensus Estimate for 2024 and 2025 earnings per unit is pegged at $3.23 and $3.98, respectively. The company has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 60 days.
<a href="https://www.zacks.com/stock/news/2305541/phillips-66-psx-modernizes-data-protection-operations?cid=CS-BENZ-FT-analyst_blog|company_news_energy_sector-2305541">To read this article on Zacks.com click here.</a>

Tech

Phillips 66 Modernizes Data Protection Operations

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