Earnings season continued its crescendo this week, which resulted in a lot of earnings-driven stock moves, especially in the energy sector. It certainly was the fuel behind this week's
biggest movers, which according to S&P Capital IQ data, were CONE Midstream Partners (NYSE: CNNX), Bill
Barrett (NYSE: BBG), and Unit Corporation (NYSE: UNT).
So What: Key driver: CONE reported
strong third-quarter results on Tuesday
Revenue and average throughput increased 13% over last quarter, while operating costs fell 19%
Now What: This drove strong
distributable cash flow of $19.6 million, up 32% over last quarter
Key takeaway: It was a very strong quarter for CONE Midstream
So What: Key driver: Bill Barrett
reported stronger-than-expected production growth on Thursday
The company exceeded its production guidance by 13% due to strong DJ Basin drilling results
Now What: Lease operating expenses
were also down 19% from last quarter
Key takeaway: Stronger production when combined with lower costs is the formula for success in the energy industry
So What: Key driver: Unit
Corporation reported strong third quarter results on Tuesday
Earnings of $0.03 per share were $0.31 per share ahead of the consensus estimate
Now What: Higher production and volumes
were the main driver Compared to last year’s third-
quarter, oil and gas production increased by 5%, while the volume of gas gathered and gas processed increased by 12% and 10%, respectively
Key takeaway: Anytime a company can turn in a surprising profit it will make investors really happy
This could be the next billion-dollar iSecret