The 10-second takeaway
For the quarter ended June 30 (Q2), Whiting Petroleum missed estimates on revenues and whiffed on earnings per share.
Compared to the prior-year quarter, revenue expanded and GAAP earnings per share contracted significantly.
Margins dropped across the board.
Whiting Petroleum reported revenue of $502.2 million. The 16 analysts polled by S&P Capital IQ predicted sales of $527.6 million on the same basis. GAAP reported sales were 6.0% higher than the prior-year quarter's $473.9 million.
Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.
EPS came in at $0.73. The 27 earnings estimates compiled by S&P Capital IQ averaged $0.88 per share. GAAP EPS of $1.27 for Q2 were 26% lower than the prior-year quarter's $1.71 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 74.1%, 310 basis points worse than the prior-year quarter. Operating margin was 51.4%, 1,830 basis points worse than the prior-year quarter. Net margin was 30.0%, 1,290 basis points worse than the prior-year quarter.
Next quarter's average estimate for revenue is $539.2 million. On the bottom line, the average EPS estimate is $0.88.
Next year's average estimate for revenue is $2.20 billion. The average EPS estimate is $3.73.
The stock has a four-star rating (out of five) at Motley Fool CAPS, with 679 members out of 701 rating the stock outperform, and 22 members rating it underperform. Among 105 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 101 give Whiting Petroleum a green thumbs-up, and four 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 $66.84.
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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.