Penn West Petroleum
The 10-second takeaway
For the quarter ended Sep. 30 (Q3), Penn West Petroleum missed estimates on revenues and missed expectations on earnings per share.
Compared to the prior-year quarter, revenue dropped and GAAP earnings per share dropped to a loss.
Margins dropped across the board.
Penn West Petroleum booked revenue of $796.9 million. The two analysts polled by S&P Capital IQ predicted revenue of $828.4 million on the same basis. GAAP reported sales were 19% lower than the prior-year quarter's $678.7 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 -$0.14. The nine earnings estimates compiled by S&P Capital IQ predicted -$0.01 per share. GAAP EPS were -$0.14 for Q3 compared to $0.28 per share for the prior-year quarter.
Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.
For the quarter, gross margin was 53.0%, 910 basis points worse than the prior-year quarter. Operating margin was -20.8%, 7,680 basis points worse than the prior-year quarter. Net margin was -12.3%, 3,190 basis points worse than the prior-year quarter.
Next quarter's average estimate for revenue is $842.2 million. On the bottom line, the average EPS estimate is $0.00.
Next year's average estimate for revenue is $3.41 billion. The average EPS estimate is $0.32.
The stock has a four-star rating (out of five) at Motley Fool CAPS, with 1,342 members out of 1,392 rating the stock outperform, and 50 members rating it underperform. Among 286 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 276 give Penn West Petroleum a green thumbs-up, and 10 give it a red thumbs-down.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Penn West Petroleum is hold, with an average price target of $23.13.
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