EPS growth comparison: EQT, COG, NBL, and AR
Negative EPS for Noble and Cabot
NBL and COG reported negative earnings per share in 1Q16 of $0.67 and $0.13, respectively. Comparable earnings in 1Q15 were positive, at $0.03 and $0.12 per share, respectively.
Lower natural gas prices weighed heavily on the upstream companies, pulling down their realized prices. NBL saw an 18% fall in its realized natural gas prices compared to 1Q15. COG saw a fall of 39% in its realized natural gas prices.
EQT and AR reported positive EPS
For 1Q16, EQT reported adjusted earnings per share of $0.07. Comparable earnings in 1Q15 were $1.08 per share. AR reported adjusted earnings per share of $0.17 in 1Q16. Comparable earnings in 1Q15 were $0.27 per share.
Although they did report positive earnings, both companies saw significant drops in their year-over-year earnings, especially in the case of EQT.
Like Noble Energy and Cabot Oil and Gas, and several other upstream companies, EQT and Antero were also affected by lower realized prices, albeit not to the same extent. Given that natural gas prices have been rallying recently, investors will want to see how these companies compare in 2Q16.
Combined, these companies comprise 8.6% of the iShares US Oil & Gas Exploration & Production ETF (IEO).