A month has gone by since the last earnings report for Whiting Petroleum Corporation (WLL). Shares have added about 14.1% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Whiting Petroleum Corporation due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.

Whiting Petroleum Q1 Earnings Miss Estimates

Whiting Petroleum reported first-quarter 2022 adjusted net income per share of $4.61, missing the Zacks Consensus Estimate of $5.04 on weaker-than-expected production.

However, the energy explorer’s bottom line compared favorably with the year-earlier quarter's earnings of $2.79 on the back of sharply higher oil prices.

Total operating revenues came in at $526.9 million, ahead of the consensus mark of $404 million. Moreover, the top line rose 11.3% from the quarter-ago level of $473.4 million.

The company’s free cash flow came in at $150.4 million.

Production & Prices

WLL’s total oil and gas production reported a 6.2% sequential decrease to 8,008 thousand barrels of oil equivalent/ MBOE (comprising 80% liquids). Oil volumes at 4,720 thousand barrels (MBbl) fell 3.1% from the level achieved in fourth-quarter

2021, while natural gas output dropped 7.1% to 9,575 thousand cubic feet. Daily production averaged 89 MBOE, in line with the Zacks Consensus Estimate but down from the previous quarter’s 92.8 MBOE.

The average crude oil price received during the first quarter was $91.05 per barrel, reflecting a 20.2% rise from the quarter-ago receipt of $75.75. Meanwhile, the average natural gas price declined to $3.37 per thousand cubic feet (Mcf) from $3.68 in the October-December period.

Balance Sheet & Capital Expenditure

As of Mar 31, Whiting Petroleum had approximately $208,000 in cash, cash equivalents and restricted cash, with $50 million in long-term debt. In the reported quarter, the company spent $90.9 million on its capital program.

How Have Estimates Been Moving Since Then?

It turns out, estimates review have trended upward during the past month.

The consensus estimate has shifted 10.33% due to these changes.

VGM Scores

Currently, Whiting Petroleum Corporation has a nice Growth Score of B, though it is lagging a bit on the Momentum Score front with a C. Following the exact same course, the stock was allocated a grade of C on the value side, putting it in the middle 20% for this investment strategy.