Forest Oil Corp. Earnings Cheat Sheet: Sees Profit Move Up

Forest Oil Corporation (NYSE:FST) reported its results for the third quarter. Forest Oil is an independent oil and gas company engaged in the acquisition, exploration, development, and production of natural gas and liquids mainly North America.

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Forest Oil Earnings Cheat Sheet for the Third Quarter

Results: Net income for Forest Oil Corporation rose to $87.7 million (72 cents per share) vs. $68.9 million (60 cents per share) in the same quarter a year earlier. This marks a rise of 27.3% from the year earlier quarter.

Actual vs. Wall St. Expectations: The mean estimate for FST was 26 cents per share.

Quoting Management: H. Craig Clark, President and CEO, stated, “We completed the spin-off of Lone Pine on September 30, 2011, marking the culmination of our efforts to focus development plans in our existing U.S. asset base, which is primarily in Texas. We want to thank the team at Lone Pine for its efforts in helping to facilitate this spin-off that enabled us to provide another meaningful dividend to our shareholders. We hope that Forest’s shareholders will continue to benefit from the strong asset portfolio and future upside that we believe exists in Canada through their ownership in Lone Pine’s stock.”

Looking Forward: The outlook for the company’s results in the upcoming quarter is unfavorable. The average estimate for the fourth quarter is 23 cents per share, down from 39 cents ninety days ago. The average estimate for the fiscal year is $1.05 per share, down from $1.25 ninety days ago.

Competitors to Watch: EOG Resources, Inc. (NYSE:EOG), Anadarko Petroleum Corp. (NYSE:APC), GeoMet, Inc. (NASDAQ:GMET), Carrizo Oil & Gas, Inc. (NASDAQ:CRZO), Magellan Petroleum Corp. (NASDAQ:MPET), Devon Energy Corporation (NYSE:DVN), Quicksilver Resources Inc (NYSE:KWK), Gulfport Energy Corp. (NASDAQ:GPOR), Linn Energy, LLC (NASDAQ:LINE), and Approach Resources Inc. (NASDAQ:AREX).

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(Source: Xignite Financials)