Here's your Investing Action Plan for Friday: what you need to know as an investor for the coming day. Dow Jones energy giants Exxon Mobil (XOM) and Chevron (CVX) report first-quarter earnings before Friday's open, along with Phillips 66 (PSX) and Cabot Oil & Gas (COG). Baker Hughes (BHI) will announce weekly rig counts and Washington will report the gross domestic product for Q1.
XEnergy stocks have been leading the market in recent weeks, as oil prices have soared to multiyear highs. Exxon Mobil and Chevron have not been leading the charge as they recover from disappointing Q4 results. But Phillips 66 is in buy range.
Exxon Mobil
Estimates: Analysts expect Exxon Mobil to report a 20% increase in earnings to $1.14 per share with revenue up 4.4% to $66.07 billion.
Oil prices rose in Q1 as global supplies fell due to the ongoing production cuts by OPEC and Russia.
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But oil field service provider Schlumberger (SLB) warned last week not to expect a spending increase across the oil and gas industry this year, even though crude prices are at the highest levels in more than three years.
Stock: Shares finished 1.7% higher at 80.86 on the stock market today.
Exxon's results come after ConocoPhillips (COP) reported Q1 earnings that crushed analysts estimates Thursday while Hess (HES) reported a larger than expected Q1 loss Wednesday.
Baker Hughes will also report weekly U.S. rig counts Friday.
Chevron
Estimates: Chevron is seen reporting a 2.8% increase in EPS to $1.45 with revenue climbing 16% to $38.737 billion.
Stock: Chevron closed up 1.2% at 124.22. The stock is building the right side of a cup base with a 133.98 entry point ahead of earnings.
Phillips 66
Estimates: Analysts say Phillip 66's EPS is expected to soar 62.5% to 91 cents with revenue climbing 23% to $29.227 billion.
In February, Phillips 66 agreed to buy back $3.28 billion in shares from a subsidiary of Warren Buffett's Berkshire Hathaway (BRKB). Berkshire's stake in the refining giant is now just under 10%.
Stock: Phillips 66 rose 2.5% to 112.52. The stock is still in buy range after breaking out of a cup base with a 107.57 entry point earlier this week.
Cabot Oil & Gas
Cabot will report quarterly results before the market opens Friday.
Estimates: The exploration and production company's EPS is seen jumping 31.6% to 25 cents but revenue is seen falling 10.2% to $465 million.
Stock: Shares advanced 1.3% to 23.47. Cabot Oil & Gas is trading below its 50-day line and its relative strength line has been on the decline.
Q1 GDP
The Bureau of Economic Analysis will release U.S. Q1 gross domestic product at 8:30 a.m. ET. Economists expect a 2% annualized growth rate, cooling from 2.9% in Q4, amid sluggish consumer spending.
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