- Vista Energy Q1 Earnings Miss on Lower Realized Commodity Prices
May 18, 2026
Vista Energy, S.A.B. de C.V. VIST reported first-quarter 2026 adjusted earnings of 89 cents per share, which missed the Zacks Consensus Estimate of $1.42 by 37.3%. The bottom line increased 12.7% from the year-ago quarter.
Quarterly revenues of $865 million surged 97.3% year over year and beat the Zacks Consensus Estimate of $688.38 million by 25.7%. Oil production averaged 116,655 barrels per day, up 68% from a year ago.
The weaker-than-expected quarterly earnings can be attributed to lower realized crude and natural gas prices, partly offset by strong production growth.
Vista Energy, S.A.B. de C.V. - Sponsored ADR Price, Consensus and EPS SurpriseVista Energy, S.A.B. de C.V. - Sponsored ADR Price, Consensus and EPS Surprise
Vista Energy, S.A.B. de C.V. - Sponsored ADR price-consensus-eps-surprise-chart | Vista Energy, S.A.B. de C.V. - Sponsored ADR Quote
VIST Production Rises on La Amarga Chica Boost
Total production averaged 134,741 barrels of oil equivalent per day in the quarter, up 67% from the year-ago quarter. The increase was driven primarily by the consolidation of a 50% working interest in the La Amarga Chica block, acquired in April 2025, and organic growth in its core development areas.
Crude oil production increased to 116,655 barrels per day (Bbls/d) from 69,623 Bbls/d in the year-ago quarter. Natural gas liquids production increased 34% year over year to 784 Boe/d. Natural gas output rose 62% to 2.75 million cubic meters per day (MMm3/d).
Management highlighted steady execution of its drilling program, including 23 well tie-ins during the quarter across Bajada del Palo Oeste, Bajada del Palo Este and La Amarga Chica.
Vista's Realized Prices Fall, Hedges Weigh on Sales
Average realized crude oil price was $60.1 per barrel, down from $68.6 in the prior-year quarter. Realized natural gas price was $2 per MMBtu, down 21% year over year, pressured by mix and pricing in the industrial channel.
Commodity risk management contracts reduced reported revenues by $150.7 million in the quarter, while sea freight selling expenses totaled $20 million. After adjusting for these items, revenues were $694.3 million, up from $438.5 million in the prior-year quarter. Net revenues from oil and gas exports were $431 million, representing 64% of total net revenues.
VIST’s Per-Unit Costs Drop, Profitability Holds Up
Operational efficiency continued to show up in per-unit costs. Lifting cost was $4.3 per boe, down 8% year over year, reflecting the dilution of fixed costs across higher volumes and continued cost-control efforts.
Selling expenses were $3.8 per boe, down 41% year over year, aided by the elimination of trucking as the Oldelval Duplicar pipeline came online. Net income rose to $107.7 million from $82.8 million a year ago, while adjusted net income increased to $93 million from $75.9 million. Lower export duties and the per-unit cost gains helped offset weaker realized oil prices.
Story Continues
Vista's Cash Flow Dips on Heavy Capex and M&A Deposit
Vista generated a negative free cash flow of $341.4 million in the quarter, reflecting an elevated investment program and working-capital movements.
Cash flow provided by operating activities was $85.7 million, while cash flow used in investing activities was $427.1 million, reflecting accrued capex of $391.2 million and a $79.7 million payment tied to the Equinor acquisition. The company ended the quarter with $615.1 million in cash. Gross debt totaled $3,642.3 million, resulting in net debt of $3,027.1 million and a net leverage ratio of 1.71x.
VIST Updates 2026 Scenario Framework on Oil Prices
On the earnings call, management kept its 2026 capital plan intact, reiterating expected capex of $1.5-$1.6 billion. For the full-year 2026, the company increased its production guidance from 140,000 boe per day to 143,000 boe per day.
Under an $85 Brent case for the remainder of 2026, Vista guided to adjusted EBITDA of $2.6 billion, an improvement of $700 million versus its prior guidance. Under $75 Brent, adjusted EBITDA is expected to be $2.3 billion, while under a $95 Brent, it forecasts adjusted EBITDA of $2.9 billion. Management added that the updated figures exclude the Equinor Argentina acquisition. However, on a preliminary basis, it expects 2026 adjusted EBITDA to increase to $3.0 billion after the transaction closes, assuming the $85 Brent case.
VIST’s Zacks Rank and Other Key Picks
VIST currently sports a Zacks Rank #1 (Strong Buy).
Some other top-ranked stocks from the energy sector are Equinor ASA EQNR, Matador Resources MTDR and Galp Energia SGPS SA GLPEY. At present, Equinor and Matador sport a Zacks Rank #1 each, while Galp Energia carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks Rank #1 stocks here.
Equinor ASA is one of the leading integrated energy companies globally and a major supplier of natural gas in Europe. The recent conflict between the United States and Iran has resulted in a spike in gas prices and disrupted LNG supply, following damage to critical infrastructure in Qatar, tightening global LNG supply. This is expected to boost demand for Eqinor’s gas exports to Europe, positioning the company to benefit from heightened prices. The company’s expansion in the renewable energy space positions it for long-term growth as more countries transition toward cleaner energy solutions to meet their climate goals.
Matador Resources is primarily involved in exploration and production activities, particularly in the prolific Delaware Basin of the United States. The company intends to grow its oil production by 3% in 2026. Since the company’s overall production is mainly oil-weighted, MTDR is expected to significantly benefit from the current increase in crude prices.
Galp Energia is a Portuguese energy company engaged in exploration and production activities. The company’s oil exploration efforts have yielded positive results, particularly with the Mopane discovery in the Orange Basin, offshore Namibia. This discovery allows Galp to diversify its global presence with the potential to become a significant oil producer in the region. It is engaged in refining and marketing of oil products and natural gas marketing and sales.
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- This Top Oils and Energy Stock is a #1 (Strong Buy): Why It Should Be on Your Radar
May 18, 2026 · zacks.com
Wondering how to pick strong, market-beating stocks for your investment portfolio? Look no further than the Zacks Rank.
- Matador Resources’s Q1 Earnings Call: Our Top 5 Analyst Questions
May 16, 2026
Matador Resources’ first quarter was marked by a significant revenue shortfall compared to Wall Street expectations, with management attributing the results to volatile commodity prices and a challenging macro environment. Despite these headwinds, CEO Joseph Wm. Foran highlighted increased oil production and disciplined capital spending as bright spots, stating, “Our balance sheet is in the best position that we have had during this entire time.” Management acknowledged the difficult operating context, but remained focused on measured growth and debt reduction.
Is now the time to buy MTDR? Find out in our full research report (it’s free).
Matador Resources (MTDR) Q1 CY2026 Highlights:
Revenue: $671.6 million vs analyst estimates of $872.2 million (33.8% year-on-year decline, 23% miss) Adjusted EPS: $1.53 vs analyst estimates of $1.26 (21.4% beat) Adjusted EBITDA: $339.5 million vs analyst estimates of $541.9 million (50.6% margin, 37.3% miss) Operating Margin: 7%, down from 38.4% in the same quarter last year Oil production per day: up 4.6% year on year Market Capitalization: $7.03 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Matador Resources’s Q1 Earnings Call
Neal Dingmann (William Blair) asked how macro volatility influences production growth plans. CEO Joseph Wm. Foran responded that Matador Resources adjusts activity based on market dynamics, focusing on profitable growth, debt reduction, and collaborative decision-making. Scott Hanold (RBC Capital Markets) inquired about further efficiency gains and operational acceleration. CFO Christopher Calvert explained that recent well outperformance and accelerated activity are expected to continue, but maintained that future acceleration would depend on ongoing efficiency improvements. Gabe Daoud (Truist) sought an update on the San Mateo midstream segment and potential strategic options. Foran stated the company values midstream integration for operational flexibility and is considering options, such as a potential public offering, only if market conditions and timing are favorable. JPMorgan Analyst asked about the first Woodford well and future inventory impact. EVP Andrew Parker said the well is still in progress, but could represent significant upside if successful, with results to be shared in coming quarters. BMO Analyst questioned Matador Resources' use of AI and automation. COO Glenn Stetson described expanding AI-driven analytics across operations to reduce downtime, improve targeting, and enhance drilling efficiency.
Story Continues
Catalysts in Upcoming Quarters
In the coming quarters, the StockStory team will be monitoring (1) the results and potential inventory implications of the first Woodford well, (2) the impact of the Hubrinson pipeline and expanded midstream capabilities on pricing and operational costs, and (3) further improvements in drilling and completion efficiency driven by AI and automation. Progress on these fronts will provide critical insight into Matador Resources’ ability to execute its operational strategy and navigate commodity price volatility.
Matador Resources currently trades at $56.75, down from $57.76 just before the earnings. Is there an opportunity in the stock?Find out in our full research report (it’s free for active Edge members).
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- Cactus Q1 Earnings Top Estimates on Pressure Control Contributions
May 14, 2026
Cactus, Inc. WHD reported adjusted earnings of 70 cents per share in the first quarter of 2026, down 4.1% from the year-ago level of 73 cents but ahead of the Zacks Consensus Estimate of 65 cents by 7.7%.
Quarterly revenues rose 38.5% year over year to $388.35 million and topped the consensus mark of $380.81 million by 2%. Remaining performance obligations ended the quarter at $537.5 million, led by international Pressure Control work tied to the newly added Cactus International business.
The better-than-expected quarterly results can be attributed to higher revenues in the Pressure Control segment, aided by the acquisition of Cactus International. However, several transaction-related and acquisition-accounting charges partly offset the gains.
Cactus, Inc. Price, Consensus and EPS SurpriseCactus, Inc. Price, Consensus and EPS Surprise
Cactus, Inc. price-consensus-eps-surprise-chart | Cactus, Inc. Quote
WHD Benefits From Cactus International Deal
The quarter marked the first period to include results from Cactus International, following the Jan. 1 closing of the majority-interest acquisition. Management stated that Pressure Control revenues stayed resilient even as the conflict in the Middle East created shipment delays and operational friction.
Pressure Control revenues totaled $300.2 million for the quarter, higher than $190.3 million in the year-ago quarter and above our estimate of $300 million. Segment operating income totaled $38.6 million, down from $54.3 million in the prior-year quarter, reflecting the impact of purchase price accounting, including an inventory step-up and intangible value amortization.
Adjusted segment EBITDA for Pressure Control was $71.8 million, higher than $64.8 million in the prior-year quarter. Our estimate for the same was pinned at $74.9 million. Adjusted segment EBITDA margin was 23.9%.
Cactus’ Spoolable Technologies Segment Holds Up
Management highlighted that the Spoolable Technologies segment recorded non-U.S. revenues in the quarter, with strength cited in the Middle East and Latin America, alongside better-than-expected domestic activity. The segment witnessed stronger-than-typical seasonal demand and continued international order growth.
Spoolable Technologies' revenues were $89.9 million, lower than $92.6 million in the year-ago quarter and above our estimate of $83.7 million. The segment's operating income totaled $23.6 million, slightly lower than $23.9 million in the prior-year quarter.
Adjusted segment EBITDA totaled $32.9 million, translating to a 36.6% margin, as improved operating leverage helped offset higher input costs. This is comparable to adjusted segment EBITDA of $33.5 million, with a 36.2% margin in the year-ago period. On the call, management also pointed to a recent increase in polyethylene pricing as a cost item that the team expects to address through mitigation and recovery actions.
Story Continues
WHD’s Adjusted Profit Hit by Purchase Accounting
While the acquisition expanded Cactus’ footprint, it also weighed on reported profitability comparisons due to non-cash items tied to purchase accounting. Operating income for the quarter totaled $49.5 million compared with $68.6 million in the first quarter of 2025. The company posted adjusted net income of $56.2 million, even as the income statement reflected several transaction-related and acquisition-accounting charges.
Adjusted EBITDA was $100.1 million, and key add-backs included $10.4 million of inventory step-up expenses, $5.8 million of transaction-related expenses and $7 million of stock-based compensation. Management emphasized that these adjustments are intended to improve comparability as integration work progresses.
Cactus' Strong Cash Flow, Maintained Dividend
Cactus generated $128.3 million of cash flow from operations during the quarter, reflecting solid underlying cash conversion even as working-capital timing was influenced by acquisition-related restructuring steps. The company ended March with $291.6 million in cash and cash equivalents, including $97.8 million retained to finalize certain restructuring activities connected to Cactus International.
Capital allocation remained shareholder-friendly. The company paid a quarterly dividend of 14 cents per share, with cash outflows of $11.7 million, including related distributions. Net capital expenditures were $9 million, and the company repurchased $7.9 million of shares during the quarter while maintaining no bank debt outstanding.
WHD Sees Q2 Mix Shifting With Conflict Effects
For the second quarter, management expects Pressure Control revenues to be approximately flat. Stronger sentiment and activity in the domestic market are expected to be offset by the full-quarter impact of the Middle East conflict on the Cactus International joint venture. Pressure Control adjusted EBITDA margins are guided to 22-24%, excluding stock-based compensation and inventory write-up amortization tied to purchase accounting.
Spoolable Technologies’ revenues are expected to grow at a mid-single-digit pace, driven primarily by higher North American activity, with adjusted EBITDA margins guided to 36-38%. On costs and planning items, management cited a 19% expected effective tax rate, second-quarter depreciation and amortization of roughly $37 million and reiterated full-year 2026 net capital expenditures of $40-$50 million.
WHD’s Zacks Rank and Key Picks
WHD currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the energy sector are Equinor ASA EQNR, Matador Resources MTDR and Galp Energia SGPS SA GLPEY. At present, Equinor and Matador sport a Zacks Rank #1 (Strong Buy) each, while Galp Energia carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks Rank #1 stocks here.
Equinor ASA is one of the leading integrated energy companies globally and a major supplier of natural gas in Europe. The recent conflict between the United States and Iran has resulted in a spike in gas prices and disrupted LNG supply, following damage to critical infrastructure in Qatar, tightening global LNG supply. This is expected to boost demand for Equinor’s gas exports to Europe, positioning it to benefit from heightened prices. The company’s expansion in the renewable energy space positions it for long-term growth as more countries transition toward cleaner energy solutions to meet their climate goals.
Matador Resources is primarily involved in exploration and production activities, particularly in the prolific Delaware Basin of the United States. The company intends to grow its oil production by 3% in 2026. Since its overall production is mainly oil-weighted, MTDR is expected to significantly benefit from the current increase in crude prices.
Galp Energia is a Portuguese energy company engaged in exploration and production activities. The company’s oil exploration efforts have yielded positive results, particularly with the Mopane discovery in the Orange Basin, offshore Namibia. This discovery allows Galp to diversify its global presence with the potential to become a significant oil producer in the region. It is engaged in refining and marketing of oil products and natural gas marketing and sales.
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- Analysts Just Shaved Their Matador Resources Company (NYSE:MTDR) Forecasts Dramatically
May 14, 2026
The latest analyst coverage could presage a bad day for Matador Resources Company (NYSE:MTDR), with the analysts making across-the-board cuts to their statutory estimates that might leave shareholders a little shell-shocked. Both revenue and earnings per share (EPS) forecasts went under the knife, suggesting analysts have soured majorly on the business.
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Following the downgrade, the most recent consensus for Matador Resources from its 14 analysts is for revenues of US$3.8b in 2026 which, if met, would be a reasonable 4.5% increase on its sales over the past 12 months. Statutory earnings per share are presumed to surge 57% to US$6.10. Prior to this update, the analysts had been forecasting revenues of US$4.1b and earnings per share (EPS) of US$7.28 in 2026. The forecasts seem less optimistic after the new consensus numbers, with lower sales estimates and making a considerable drop in earnings per share forecasts.
See our latest analysis for Matador Resources NYSE:MTDR Earnings and Revenue Growth May 14th 2026
Analysts made no major changes to their price target of US$73.22, suggesting the downgrades are not expected to have a long-term impact on Matador Resources' valuation.
Of course, another way to look at these forecasts is to place them into context against the industry itself. It's pretty clear that there is an expectation that Matador Resources' revenue growth will slow down substantially, with revenues to the end of 2026 expected to display 6.0% growth on an annualised basis. This is compared to a historical growth rate of 18% over the past five years. Juxtapose this against the other companies in the industry with analyst coverage, which are forecast to grow their revenues (in aggregate) 3.6% per year. Even after the forecast slowdown in growth, it seems obvious that Matador Resources is also expected to grow faster than the wider industry.
The Bottom Line
The most important thing to take away is that analysts cut their earnings per share estimates, expecting a clear decline in business conditions. Unfortunately, analysts also downgraded their revenue estimates, although our data indicates revenues are expected to perform better than the wider market. The lack of change in the price target is puzzling in light of the downgrade but, with a serious decline expected this year, we wouldn't be surprised if investors were a bit wary of Matador Resources.
Story Continues
A high debt burden combined with a downgrade of this magnitude always gives us some reason for concern, especially if these forecasts are just the first sign of a business downturn. To see more of our financial analysis, you can click through to our free platform to learn more about its balance sheet and specific concerns we've identified.
Another thing to consider is whether management and directors have been buying or selling stock recently. We provide an overview of all open market stock trades for the last twelve months on our platform, here.
Have feedback on this article? Concerned about the content?Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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- Enbridge Q1 Earnings Beat on Higher Gas Distribution Contributions
May 13, 2026
Enbridge Inc. ENB reported first-quarter 2026 adjusted earnings per share (EPS) of 71 cents, which beat the Zacks Consensus Estimate of 69 cents. The bottom line slightly declined from the year-ago quarter’s 72 cents.
Total quarterly revenues of $16.3 billion increased from $12.9 billion in the prior-year quarter. The top line beat the Zacks Consensus Estimate of $12.8 billion.
The better-than-expected quarterly results can be attributed to higher adjusted EBITDA contributions from its Gas Transmission, and Gas Distribution and Storage business segments. Lower adjusted EBITDA contributions from the Liquids Pipelines segment slightly offset the positives.
Enbridge Inc Price, Consensus and EPS SurpriseEnbridge Inc Price, Consensus and EPS Surprise
Enbridge Inc price-consensus-eps-surprise-chart | Enbridge Inc Quote
Segmental Analysis
Enbridge conducts business through five segments — Liquids Pipelines, Gas Transmission, Gas Distribution and Storage, Renewable Power Generation, and Eliminations and Other.
Liquids Pipelines: The segment’s adjusted earnings before interest, income taxes, depreciation and amortization (EBITDA) totaled C$2.3 billion, down from C$2.62 billion in the year-earlier quarter. The decline was primarily due to lower contributions from the Mainline and Market Access System, driven by higher earnings sharing, reduced Mainline tolls, weaker FSP contributions and unfavorable foreign exchange impacts. Additionally, the absence of litigation-related equity earnings from the Gulf Coast & Other segment, which was recorded in the prior-year quarter, contributed to the decline.
Gas Transmission: Adjusted earnings in this segment totaled C$1.52 billion, up from C$1.44 billion recorded in the first quarter of 2025. The growth was mainly driven by favorable contracting across U.S. Gas Transmission assets. Further, stronger revenues at Aitken Creek and BC Pipeline due to improved seasonal spreads and higher tolls added to the gains. The positives were partially offset by unfavorable foreign exchange impacts from weaker U.S. dollar translation rates in 2026.
Gas Distribution and Storage: This unit generated a profit of C$1.71 billion, up from C$1.6 billion in the prior-year quarter. The increase was primarily driven by higher distribution margins at Enbridge Gas Ontario from rate escalators and a rise in unregulated natural gas storage revenues in Ontario due to optimization and pricing benefits. Higher base rates at Enbridge Gas Utah and Enbridge Gas North Carolina, associated with recent rate case settlements, also contributed. The earnings in this segment were partially affected by the unfavorable impacts of lower U.S. dollar translation rates.
Story Continues
Renewable Power Generation: The segment recorded earnings of C$202 million, down from C$241 million in the prior-year quarter. The decline can be primarily attributed to the absence of equity earnings from the sale of Fox Squirrel Solar investment tax credits recorded in 2025, partially offset by the contributions from European offshore wind facilities.
Eliminations and Other: The segment recorded adjusted EBITDA of C$78 million, higher than the negative C$73 million in the prior-year quarter.
Distributable Cash Flow (DCF)
Enbridge reported a DCF of C$3.85 billion, up from C$3.78 billion recorded a year ago.
ENB’s Balance Sheet
At the end of the fourth quarter, Enbridge reported a long-term debt of C$103 billion. It had cash and cash equivalents of C$1.64 billion, along with restricted cash of $186 million.
ENB’s Outlook
For 2026, the company reaffirmed its guidance for adjusted EBITDA (on base business) and DCF per share of $20.2-$20.8 billion and $5.70-$6.10, respectively.
The pipeline company also reaffirmed that post-2026, it expects adjusted EBITDA, EPS and DCF per share to increase 5% per year, on average.
ENB’s Zacks Rank & Key Picks
ENB currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the energy sector are Equinor ASA EQNR, Matador Resources MTDR and Galp Energia SGPS SA GLPEY. At present, Equinor and Matador sport a Zacks Rank #1 (Strong Buy) each, and Galp Energia carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks Rank #1 stocks here.
Equinor is one of the leading integrated energy companies globally and a major supplier of natural gas in Europe. The recent conflict between the United States and Iran has resulted in a spike in gas prices and disrupted LNG supply, following damage to critical infrastructure in Qatar, tightening global LNG supply. This is expected to boost demand for Eqinor’s gas exports to Europe, positioning the company to benefit from heightened prices. The company’s expansion in the renewable energy space positions it for long-term growth as more countries transition toward cleaner energy solutions to meet their climate goals.
Matador is primarily involved in exploration and production activities, particularly in the prolific Delaware Basin of the United States. The company intends to grow its oil production by 3% in 2026. Since the company’s overall production is mainly oil-weighted, MTDR is expected to significantly benefit from the current increase in crude prices.
Galp Energia is a Portuguese energy company engaged in exploration and production activities. The company’s oil exploration efforts have yielded positive results, particularly with the Mopane discovery in the Orange Basin, offshore Namibia. This discovery allows Galp to diversify its global presence with the potential to become a significant oil producer in the region. It is engaged in refining and marketing of oil products and natural gas marketing and sales.
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- Matador (MTDR) Q1 Earnings: Taking a Look at Key Metrics Versus Estimates
May 12, 2026
For the quarter ended March 2026, Matador Resources (MTDR) reported revenue of $671.64 million, down 33.8% over the same period last year. EPS came in at $1.53, compared to $1.99 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $883.27 million, representing a surprise of -23.96%. The company delivered an EPS surprise of +23.06%, with the consensus EPS estimate being $1.24.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Matador performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Average Daily Production Volumes - Total oil equivalent: 207594 millions of barrels of oil equivalent per day compared to the 204451.5 millions of barrels of oil equivalent per day average estimate based on eight analysts. Average Daily Production Volumes - Oil: 120,277.00 BBL/D compared to the 117,463.80 BBL/D average estimate based on eight analysts. Average Daily Production Volumes - Natural gas: 523.9 millions of cubic feet per day versus 521.96 millions of cubic feet per day estimated by eight analysts on average. Average Sales Prices - Natural gas, with realized derivatives: $1.44 versus $2.15 estimated by six analysts on average. Average Sales Prices - Oil, with realized derivatives: $68.04 versus the six-analyst average estimate of $67.16. Average Sales Prices - Oil without realized derivatives: $72.83 compared to the $71.09 average estimate based on five analysts. Average Sales Prices - Natural gas without realized derivatives: $0.64 versus the five-analyst average estimate of $1.52. Revenues- Third-party midstream services revenues: $42.09 million compared to the $40.94 million average estimate based on five analysts. The reported number represents a change of +25.7% year over year. Revenues- Oil and natural gas revenues: $818.73 million versus the five-analyst average estimate of $790.46 million. The reported number represents a year-over-year change of -10%. Revenues- Oil: $788.35 million versus the four-analyst average estimate of $695.11 million. The reported number represents a year-over-year change of +5.2%. Revenues- Natural gas: $30.38 million versus the four-analyst average estimate of $78.12 million. The reported number represents a year-over-year change of -81.1%. Revenues- Sales of purchased natural gas: $80.78 million compared to the $63 million average estimate based on three analysts. The reported number represents a change of +28.7% year over year.
Story Continues
View all Key Company Metrics for Matador here>>>
Shares of Matador have returned -6.6% over the past month versus the Zacks S&P 500 composite's +8.8% change. The stock currently has a Zacks Rank #1 (Strong Buy), indicating that it could outperform the broader market in the near term.
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- Cheniere Partners Q1 Earnings Beat Estimates on Higher LNG Margins
May 12, 2026
Cheniere Energy Partners, L.P. CQP reported first-quarter 2026 earnings per unit of $1.23, beating the Zacks Consensus Estimate of $1.07 by 14.95%. Revenues totaled $3.6 billion, up 20.4% year over year and ahead of the consensus mark of $3.0 billion by 20.42%.
The quarter’s outperformance was supported by higher total margins per million British thermal units (MMBtu) of liquefied natural gas ("LNG"") delivered. Operationally, the partnership exported 112 LNG cargoes and shipped 412 trillion British thermal units (TBtu) of volumes, keeping utilization steady compared with the year-ago period.
Cheniere Energy Partners, L.P. Price, Consensus and EPS SurpriseCheniere Energy Partners, L.P. Price, Consensus and EPS Surprise
Cheniere Energy Partners, L.P. price-consensus-eps-surprise-chart | Cheniere Energy Partners, L.P. Quote
CQP’s Top Line Strength Reflects Higher LNG Sales
CQP’s revenue gain came from stronger LNG-related activity. LNG revenues rose to $2.7 billion from $2.3 billion in the year-ago quarter, while LNG revenues from affiliates increased to $846 million from $671 million.
Even with stable cargo counts, the partnership slightly lifted volumes. LNG volumes loaded and recognized increased to 413 TBtu from 405 TBtu, providing a larger base to benefit from improved margins per MMBtu delivered.
Cheniere Partners’ Profit Picture Is Skewed by Derivatives
Despite the revenue beat and stronger operating performance, net income fell to $186 million from $641 million a year ago. Basic and diluted net income per common unit was $0.19 compared with $1.08 in the prior-year quarter, reflecting significant non-cash volatility tied to derivative accounting.
Management attributed the year-over-year decline primarily to unfavorable changes in the fair value of derivative instruments, including impacts related to long-term Integrated Production Marketing agreements. The partnership recorded $677 million of non-cash unfavorable fair-value changes during the quarter compared to $149 million of non-cash favorable changes in the first quarter of 2025.
CQP’s Adjusted EBITDA Rise on Better Delivered Margins
CQP’s adjusted EBITDA increased to $1.2 billion from $1.0 billion in the year-ago quarter, reflecting a 13% improvement. The partnership again pointed to higher total margins per MMBtu of LNG delivered as the key driver behind the gain.
The reconciliation showed that changes in the fair value of commodity derivatives were a major swing factor compared with the prior year. With those impacts adjusted, the underlying operating result improved, aligning with the quarter’s revenue strength and steady LNG throughput.
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Cheniere Partners’ Costs Rise in Key Areas
Operating costs and expenses increased to $3.2 billion from $2.2 billion due to a higher cost of sales. Cost of sales (excluding operating and maintenance expense and depreciation and amortization) rose to $2.7 billion from $1.7 billion, and the partnership recorded $46 million of cost of sales — affiliate compared with none in the year-ago period.
Operating and maintenance expenses also moved higher. Operating and maintenance expense increased to $226 million from $203 million, while operating and maintenance expense — affiliate rose to $48 million from $44 million.
CQP’s Liquidity and Balance Sheet
CQP ended the quarter with $279 million in cash and cash equivalents and $22 million in restricted cash. Available commitments under credit facilities totaled $1.83 billion, bringing total available liquidity to $2.13 billion.
On the liability side, the partnership’s long-term debt declined to $12.61 billion from $14.16 billion, while current debt totaled $1.61 billion.
Cheniere Partners Reconfirms 2026 Distribution Guidance
CQP declared a quarterly cash distribution of 79 cents per common unit, consisting of a base amount of 77.5 cents and a variable amount of 1.5 cents, payable May 15, 2026. The partnership also reaffirmed full-year 2026 distribution guidance of $3.10-$3.40 per common unit, maintaining the $3.10 base distribution.
Beyond distributions, Cheniere Partners continues to advance its Sabine Pass footprint. The partnership highlighted the scale of the Sabine Pass LNG terminal and noted that regulatory applications tied to the SPL Expansion Project remain pending. A final investment decision is subject to approvals and acceptable commercial and financing arrangements.
CQP’s Zacks Rank and Key Picks
CQP currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the energy sector are Equinor ASA EQNR, Matador Resources MTDR and Galp Energia SGPS SA GLPEY. At present, Equinor and Matador sport a Zacks Rank #1 (Strong Buy) each, while Galp Energia carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks Rank #1 stocks here.
Equinor ASA is one of the leading integrated energy companies globally and a major supplier of natural gas in Europe. The recent conflict between the United States and Iran has resulted in a spike in gas prices and disrupted LNG supply, following damage to critical infrastructure in Qatar, tightening global LNG supply. This is expected to boost demand for Eqinor’s gas exports to Europe, positioning it to benefit from heightened prices. The company’s expansion in the renewable energy space positions it for long-term growth as more countries transition toward cleaner energy solutions to meet their climate goals.
Matador Resources is primarily involved in exploration and production activities, particularly in the prolific Delaware Basin of the United States. The company intends to grow its oil production by 3% in 2026. Since the company’s overall production is mainly oil-weighted, MTDR is expected to significantly benefit from the current increase in crude prices.
Galp Energia is a Portuguese energy company engaged in exploration and production activities. The company’s oil exploration efforts have yielded positive results, particularly with the Mopane discovery in the Orange Basin, offshore Namibia. This discovery allows Galp to diversify its global presence with the potential to become a significant oil producer in the region. It is engaged in refining and marketing of oil products and natural gas marketing and sales.
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- Matador (MTDR) Q1 Earnings: Taking a Look at Key Metrics Versus Estimates
May 12, 2026 · zacks.com
Although the revenue and EPS for Matador (MTDR) give a sense of how its business performed in the quarter ended March 2026, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.
- Toast downgraded, Lowe's upgraded: Wall Street's top analyst calls
May 12, 2026
The most talked about and market moving research calls around Wall Street are now in one place. Here are today's research calls that investors need to know, as compiled by The Fly.
Top 5 Upgrades:
Citi upgraded Lowe's(LOW) to Buy from Neutral with an unchanged price target of $285. Lowe's should top Q1 consensus estimates and continue to outperform the industry, the firm tells investors in a research note. BofA upgraded Autodesk (ADSK) to Buy from Neutral with a $300 price target after reinstating coverage of the name. Autodesk's data, 3D context, and decade-long AI investment give it "structural advantages that are hard to replicate," says the firm, which also notes that the company has pursued a multi-year go-to-market modernization and technology transition to be "appropriately positioned for AI." JPMorgan upgraded Celanese (CE) to Overweight from Neutral with an unchanged price target of $68. The firm cites valuation for the upgrade with the shares down 14% in the last week. Truist upgraded Matador (MTDR) to Buy from Hold with a price target of $67, up from $60. The stock pullback since the Q1 report offers an attractive entry point, the firm tells investors in a research note. Craig-Hallum upgraded FormFactor (FORM) to Buy from Hold with a $175 price target following the company's Investor Day and updated target model.
Top 5 Downgrades:
Rothschild & Co Redburn downgraded Toast (TOST) to Neutral from Buy with a $35 price target. The firm sees the company's growth being at risk from DoorDash's (DASH) planned U.S. rollout of in-store restaurant point-of-sale technology. Piper Sandler downgraded ZoomInfo (GTM) to Underweight from Neutral with a price target of $4, down from $7, following quarterly results. The firm believes ZoomInfo faces multiple headwinds and that its transition to usage will take time while introducing more risk. BTIG, Stifel and Canaccord also downgraded ZoomInfo but to Neutral-equivalent ratings. Raymond James downgraded GitLab (GTLB) to Market Perform from Outperform without a price target. The firm says that while investors "may breathe a near-term sigh of relief" with the reaffirmed Q1 outlook, "meaningful" changes create risk for the remainder of the year. RBC Capital downgraded Array Digital(ARAY) to Sector Perform from Outperform with a price target of $52, down from $54. The firm attributes its rating change to reduced organic revenue growth expectations, partially offset by cost efficiencies. Piper Sandler downgraded Lenz Therapeutics(LENZ) to Neutral from Overweight with a price target of $12, down from $39, following the Q1 report. The company's pace of new patient starts and routine prescribing remains more gradual than expected, the firm tells investors in a research note.
Story Continues
Top 5 Initiations:
Benchmark initiated coverage of Insulet (PODD) with a Buy rating and $250 price target. The firm sees an attractive valuation at current share levels and says concerns of competition are overblown given the "large, underserved" type 2 diabetes market. Benchmark initiated coverage of DexCom (DXCM) with a Buy rating and $77 price target. The company is positioned for margin expansion over the next two years as it launches a new continuous glucose monitor sensor, the G7 15 Day, the firm tells investors in a research note. Benchmark also started coverage of MiniMed (MMED) with a Buy rating and $20 price target. Benchmark initiated coverage of Tandem Diabetes(TNDM) with a Hold rating and no price target. The company is undertaking an "ambitious strategy" to simultaneously shift its domestic and international businesses to new sales and distribution channels, a transition that "will not be without pain," says the firm. Goldman Sachs initiated coverage of Aevex (AVEX) with a Buy rating and $34 price target. The firm says Aevex offers an opportunity to invest in a defense technology company that sells into a "rapidly growing" drone end market. Baird, Jefferies, Needham, William Blair, BofA, Raymond James, JPMorgan and RBC Capital also started coverage of the stock with Buy-equivalent ratings. JPMorgan initiated coverage of Alamar Biosciences(ALMR) with an Overweight rating and $30 price target. JPMorgan views the stock's current premium valuation as justified and sees room for upside from current levels. Stifel, Leerink and TD Cowen also started coverage of the stock with Buy-equivalent ratings, while BofA initiated the name with a Neutral.
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