Whiting Petroleum Earnings: Here’s Why the Stock is Up Now

Whiting Petroleum Corp. (NYSE:WLL) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 0.26%.

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Whiting Petroleum Corp. Earnings Cheat Sheet

Results: Adjusted Earnings Per Share decreased 8.74% to $0.94 in the quarter versus EPS of $1.03 in the year-earlier quarter.

Revenue: Rose 8.81% to $613.4 million from the year-earlier quarter.

Actual vs. Wall St. Expectations: Whiting Petroleum Corp. reported adjusted EPS income of $0.94 per share. By that measure, the company beat the mean analyst estimate of $0.89. It beat the average revenue estimate of $589.7 million.

Quoting Management: James J. Volker, Whiting’s Chairman and CEO, commented, “We are off to a strong start in 2013, our 10th year as a public company. Production in the first quarter of 2013 grew 4% sequentially over the fourth quarter of 2012, and we are on track to post a year-over-year production gain of between 12% and 16%. We are very pleased with our development plan at our Redtail Niobrara prospect in the DJ Basin where our most recent completion came in at 861 barrels of oil equivalent per day. We look forward to stepping up our activity there in the second half of this year.”

Key Stats (on next page)…

Revenue increased 6.29% from $577.09 million in the previous quarter. EPS increased 13.25% from $0.83 in the previous quarter.

Looking Forward: Analysts have a more positive outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has risen from a profit of $0.87 to a profit $0.90. For the current year, the average estimate has moved up from a profit of $3.61 to a profit of $3.78 over the last ninety days.

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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)