The 10-second takeaway
For the quarter ended March 31 (Q1), Whiting Petroleum beat expectations on revenues and met expectations on earnings per share.
Compared to the prior-year quarter, revenue improved significantly and GAAP earnings per share increased significantly.
Gross margins contracted, operating margins grew, and net margins grew.
Whiting Petroleum reported revenue of $563.7 million. The 17 analysts polled by S&P Capital IQ predicted sales of $535.2 million on the same basis. GAAP reported sales were 32% higher than the prior-year quarter's $425.7 million.
Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.
Non-GAAP EPS came in at $1.03. The 25 earnings estimates compiled by S&P Capital IQ predicted $1.03 per share on the same basis. GAAP EPS of $0.83 for Q1 were 419% higher than the prior-year quarter's $0.16 per share.
Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.
For the quarter, gross margin was 75.3%, 50 basis points worse than the prior-year quarter. Operating margin was 31.4%, 2,140 basis points better than the prior-year quarter. Net margin was 17.5%, 1,290 basis points better than the prior-year quarter.
Next quarter's average estimate for revenue is $531.1 million. On the bottom line, the average EPS estimate is $1.02.
Next year's average estimate for revenue is $2.23 billion. The average EPS estimate is $4.35.
The stock has a four-star rating (out of five) at Motley Fool CAPS, with 674 members out of 695 rating the stock outperform, and 21 members rating it underperform. Among 110 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 108 give Whiting Petroleum a green thumbs-up, and two give it a red thumbs-down.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Whiting Petroleum is outperform, with an average price target of $67.35.
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Seth Jayson had no position in any company mentioned here at the time of publication. You can view his stock holdings here. He is co-advisor of Motley Fool Hidden Gems, which provides new small-cap ideas every month, backed by a real-money portfolio. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.