Investors might want to bet on Permian Resources (PR - Free Report) , as earnings estimates for this company have been showing solid improvement lately. The stock has already gained solid short-term price momentum, and this trend might continue with its still improving earnings outlook.
Analysts' growing optimism on the earnings prospects of this company is driving estimates higher, which should get reflected in its stock price. After all, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements. This insight is at the core of our stock rating tool -- the Zacks Rank.
The five-grade Zacks Rank system, which ranges from a Zacks Rank #1 (Strong Buy) to a Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record of outperformance, with Zacks #1 Ranked stocks generating an average annual return of +25% since 2008.
For Permian Resources, strong agreement among the covering analysts in revising earnings estimates upward has resulted in meaningful improvement in consensus estimates for the next quarter and full year.
The chart below shows the evolution of forward 12-month Zacks Consensus EPS estimate:
12 Month EPS
Current-Quarter Estimate RevisionsThe company is expected to earn $0.38 per share for the current quarter, which represents a year-over-year change of -9.5%.
The Zacks Consensus Estimate for Permian Resources has increased 10.12% over the last 30 days, as three estimates have gone higher while two have gone lower.
Current-Year Estimate RevisionsFor the full year, the earnings estimate of $1.92 per share represents a change of +34.3% from the year-ago number.
In terms of estimate revisions, the trend for the current year also appears quite encouraging for Permian Resources. Over the past month, seven estimates have moved higher compared to two negative revisions, helping the consensus estimate increase 20.49%.
Favorable Zacks RankThe promising estimate revisions have helped Permian Resources earn a Zacks Rank #1 (Strong Buy). The Zacks Rank is a tried-and-tested rating tool that helps investors effectively harness the power of earnings estimate revisions and make the right investment decision.
You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Our research shows that stocks with Zacks Rank #1 (Strong Buy) and 2 (Buy) significantly outperform the S&P 500.
Bottom LineWhile strong estimate revisions for Permian Resources have attracted decent investments and pushed the stock 5.1% higher over the past four weeks, further upside may still be left in the stock. So, you may consider adding it to your portfolio right away.
Key Takeaways Permian Resources to report Q1 results on May 6, with EPS seen at 38 cents on $1.4B revenues.PR's production is expected to rise 11.5% YoY, with better gas marketing and hedges aiding realizations.PR faces macro uncertainty, volatile gas prices and inflation that may limit margins and upside. Permian Resources Corporation (PR - Free Report) is set to release first-quarter 2026 results on May 6. The bottom-line estimate for the to-be-reported quarter is pegged at a profit of 38 cents on revenues of $1.4 billion.
Let us delve into the factors that might have influenced this Midland, TX-based oil and gas exploration and production company’s results in the quarter. Before diving in, it is important to consider how PR performed last quarter.
Highlights of Q4 Earnings & Surprise HistoryIn the last reported quarter, Permian Resources posted adjusted net income per share of 37 cents, which beat the Zacks Consensus Estimate of 28 cents. The bottom line also increased from the year-ago quarter’s reported figure of 36 cents, backed by a rise in production volumes. However, PR’s revenues of $1.2 billion missed the Zacks Consensus Estimate by 9%.
The company’s earnings beat the Zacks Consensus Estimate in two of the last four quarters, were in line in one and fell short in one, resulting in an average surprise of 12.7%.
This is depicted in the graph below:
PR’s Trend in Estimate RevisionThe Zacks Consensus Estimate for first-quarter 2026 earnings has seen three upward revisions and two downside movements over the past 30 days. The estimated figure indicates a 9.5% decline year over year. The Zacks Consensus Estimate for revenues implies year-over-year growth of 1%.
Factors to Consider Ahead of PR’s Q1 ReleaseThe West Texas oil and gas operator makes money by exploring for, developing and producing oil and liquids-rich natural gas in the Permian Basin, then selling those hydrocarbons into domestic and international energy markets. PR’s revenues are likely to have increased in the quarter to be reported. The Zacks Consensus Estimate for first-quarter revenues is up from the year-ago quarter’s $1.38 billion. Based on our estimate, the company's total average daily net production is projected to rise 11.5% year over year, reaching 411,443 barrels of oil equivalent. The company provided guidance to grow its production by about 5% in 2026 on lower capital, highlighting improved capital efficiency and lower breakevens. Additionally, improved gas marketing and reduced WAHA exposure are expected to have enhanced realizations, while a strong hedge position provides downside protection. Consistent well productivity, inventory depth and accretive bolt-on acquisitions further underpin sustainable free cash flow per share growth, positioning the company well for upside versus expectations in the to-be-reported quarter.
Adding to the bearish outlook, macro uncertainty, including supply disruptions in oil markets and volatile gas pricing, may weigh on realizations. Management flagged a potentially “bumpy” gas environment in 2026, which could impact near-term revenues despite mitigation efforts. Inflationary pressures on non-D&C CapEx and limited deflation in infrastructure costs may have constrained the margin upside in the quarter to be reported. Additionally, a disciplined approach to growth and capital allocation, while positive long term, could limit near-term production upside versus more aggressive peers. Any operational variability or weaker commodity prices could have therefore resulted in earnings falling short of expectations.
What Does Our Model Say About PR?The proven Zacks model predicts an earnings beat for Permian Resources this earnings season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of beating estimates. This is exactly the case here.
PR’s Earnings ESP: Earnings ESP, which represents the difference between the Most Accurate Estimate and the Zacks Consensus Estimate, for this company is +1.32%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
PR’s Zacks Rank:PR currently sports a Zacks Rank #1.
Other Stocks to ConsiderHere are some other firms from the energy space that you may want to consider, as these, too, have the right combination of elements to post an earnings beat this reporting cycle.
Shell plc (SHEL - Free Report) has an Earnings ESP of +3.56% and a Zacks Rank #1 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Valued at around $252 billion, SHEL stock has gained 36.6% in a year. Shell is one of the primary oil supermajors with operations that span almost every corner of the globe. The company participates in almost every aspect related to energy — from oil production to refining and marketing. The firm is scheduled to release earnings on May 7. The Zacks Consensus Estimate for Shell’s 2026 earnings indicates 58.3% year-over-year growth.
Targa Resources Corp. (TRGP - Free Report) has an Earnings ESP of +0.77% and a Zacks Rank #3 at present. The firm is scheduled to release earnings on May 7. Valued at around $54.6 billion, Targa Resources stock has surged 60.6% in a year.
The company is a premier energy infrastructure company that provides integrated midstream services in North America and derives its revenues from gathering, compressing, treating, processing and selling natural gas. The Zacks Consensus Estimate for Targa Resources’ 2026 earnings indicates 21.6% year-over-year growth.
W&T Offshore, Inc. (WTI - Free Report) has an Earnings ESP of +185.72% and a Zacks Rank #3 at present. The firm is scheduled to release earnings on May 7. Valued at around $614.5 million, WTI stock has soared 259.1% in a year.
W&T Offshore is a leading oil and natural gas explorer with operations primarily focused on resources located off the coast of the Gulf of America. The Zacks Consensus Estimate for W&T Offshore’s 2026 earnings indicates 40.5% year-over-year growth.
MIDLAND, Texas--(BUSINESS WIRE)--Permian Resources Corporation (“Permian Resources” or the “Company”) (NYSE: PR) today announced that its Board of Directors declared a quarterly base cash dividend of $0.16 per share of Class A common stock, or $0.64 per share on an annualized basis. The base dividend is payable on June 30, 2026 to shareholders of record as of June 16, 2026.
About Permian Resources
Headquartered in Midland, Texas, Permian Resources is an independent oil and natural gas company focused on driving peer-leading returns through the acquisition, optimization and development of high-return oil and natural gas properties. The Company’s assets are located in the Permian Basin, with a concentration in the core of the Delaware Basin. Through its position of approximately 500,000 net acres in West Texas and Southeast New Mexico, Permian Resources is the second largest Permian Basin pure-play E&P. For more information, please visit www.permianres.com.
MIDLAND, Texas--(BUSINESS WIRE)--Permian Resources Corporation (“Permian Resources” or the “Company”) (NYSE: PR) today announced its first quarter 2026 financial and operational results and revised 2026 guidance.
Recent Financial and Operational Highlights
Reported total average production of 412.9 MBoe/d, including 192.3 MBbls/d of oil, 103.3 MBbls/d of NGLs and 703.0 MMcf/d of natural gas Announced cash capital expenditures of $466 million, cash provided by operating activities of $815 million and adjusted free cash flow1 of $513 million Reduced D&C costs to ~$685 per lateral foot, representing a 6% reduction compared to 2025 results Demonstrated continued bolt-on and ground game success, executing on ~40 transactions for $205 million Declared quarterly base dividend of $0.16 per share Increased mid-point of full year guidance for oil production by 3.5 MBbls/d to 192.5 MBbls/d Received investment grade credit ratings from S&P and Moody’s and maintained strong balance sheet with leverage1 of ~0.8x Completed simplification of Permian Resources’ corporate structure to further enhance peer-leading shareholder alignment Continue to prioritize flexibility to respond quickly to range of market conditions Successfully accelerated first quarter crude oil production and anticipate modest acceleration of production and capital in the second quarter Maintain significant flexibility to respond to market conditions in the second half of 2026 and beyond Management Commentary
“We delivered a strong first quarter across the board, with record-low D&C costs per foot, 2% oil production growth quarter-over-quarter and more than $500 million of free cash flow,” said Will Hickey, Co-CEO of Permian Resources. “This performance highlights our ability to drive higher production and free cash flow per share, while continuing to lower costs.”
“Since inception, Permian Resources has generated consistent free cash flow per share growth throughout cycles,” said James Walter, Co-CEO of Permian Resources. “This has been driven by a combination of lowering costs, executing accretive acquisitions and delivering high-return organic growth. Going forward, our business plan remains the same, and we'll continue to leverage these unique advantages to drive outsized returns for our investors.”
Financial and Operational Results
During the quarter, average daily crude oil production was 192,349 barrels of oil per day (“Bbls/d”), a 2% increase compared to the prior quarter. Reported NGL and natural gas volumes were 103,338 Bbls/d and 702,979 Mcf/d, respectively. Total production was 412,850 barrels of oil equivalent per day (“Boe/d”). During the first quarter, production exceeded expectations due to strong runtime and new well performance, in addition to certain steps the Company took to accelerate incremental production in March such as increased workover activity.
The Company continues to reduce well costs on a per lateral foot basis through continued operational efficiencies. For the first quarter, drilling and completion costs per lateral foot were approximately $685, or a 2% reduction from the previous quarter. Total cash capital expenditures for the first quarter were $466 million.
Realized prices for the quarter were $70.91 per barrel of oil, $16.60 per barrel of NGL and $0.10 per Mcf of natural gas. The Company continues to realize the positive impact from its improved natural gas transportation portfolio, with unhedged realized natural gas prices reflecting a $1.21 per Mcf premium to Waha pricing during the quarter. Permian Resources’ natural gas hedges further improved realizations to $1.33 per Mcf, or a $2.44 per Mcf premium to Waha.
The Company’s current firm transportation capacity and operational flexibility have provided it the ability to successfully navigate the volatile Waha gas environment, while minimizing the impact to oil production. Permian Resources expects its natural gas realized prices to continue to benefit over time through its growing firm transportation capacity, which will provide over 700 MMcf/d exposed to the Gulf Coast and DFW markets in 2027.
During the quarter, total controllable cash costs (LOE, GP&T and cash G&A) were $7.32 per Boe. First quarter LOE was $5.19 per Boe, GP&T was $1.36 per Boe and cash G&A was $0.77 per Boe.
For the first quarter, Permian Resources generated net cash provided by operating activities of $815 million, adjusted operating cash flow1 of $979 million and adjusted free cash flow1 of $513 million. Adjusted diluted shares1 outstanding were 852.3 million for the three months ended March 31, 2026.
2026 Operational Plan Update
Given higher crude prices in March, the Company reacted quickly to increase oil production during the first quarter. In the second quarter, Permian Resources expects to continue to accelerate production and anticipates second quarter oil production and capital expenditures to be modestly higher than the first quarter as a result. If negative Waha prices persist, the Company anticipates lower natural gas and NGL volumes in the second quarter.
For the second half of 2026, the Company retains significant operational flexibility to maximize free cash flow in 2026 and 2027. In the event of prolonged higher crude prices, Permian Resources anticipates that maintaining its current number of rigs and completion crews would generate capital efficient production growth. The Company maintains equal flexibility to reduce activity and deliver a similar level of production and capital as the first quarter, in the event the macro environment weakens.
Based on recent results and current outlook, Permian Resources has increased its full year 2026 oil production target by 3.5 MBbls/d to 192.5 MBbls/d at the mid-point of guidance. There are no further changes to the Company’s guidance ranges.
“Today, our team is responding quickly to the current environment to increase oil production and free cash flow. Going forward, Permian Resources maintains maximum operational flexibility and will continue to swiftly react to the changing macro environment,” said Will Hickey, Co-CEO. "I would like to thank our operations team for their hard work and dedication to execute a plan that maximizes shareholder value in a period of significant volatility."
Improving PR's Fortress Balance Sheet
Permian Resources continues to enhance its balance sheet strength, receiving investment grade credit ratings, increasing liquidity and reducing debt. Permian Resources has now achieved investment grade ratings from all three rating agencies. In March, S&P upgraded Permian Resources to BBB-, and in April Moody’s upgraded the Company to Baa3. This follows the Company’s initial investment grade credit rating from Fitch, which upgraded Permian Resources to BBB- in July 2025. With investment grade credit ratings from all three agencies, Permian Resources expects enhanced access to capital throughout market cycles and a reduced cost of capital.
On April 30, 2026, the Company entered into a new five-year revolving credit facility. Elected commitments under the new credit facility increased to $3.0 billion from $2.5 billion under the Company’s prior credit facility. The new revolving credit facility provides for no security or collateral, reduced interest expense and fees and more attractive covenants.
On April 15, 2026, Permian Resources redeemed $550 million in principal of legacy Earthstone 8.00% Senior Notes due 2027. Since year-end 2024, Permian Resources has reduced total debt by approximately $1.2 billion.
Corporate Simplification and Continued Peer-Leading Shareholder Alignment
Peer-leading shareholder alignment has been a priority for Permian Resources since its formation, and the Company has taken significant steps year-to-date to enhance this strength. During the first quarter, the Company’s remaining Class C shareholders converted their shares to Class A shares. As a result, the Company’s corporate structure is now a traditional C-Corp. with a single share class structure, simplifying its capital structure and further improving shareholder alignment.
The Company also announced the recent elimination of its sponsor ownership. Since inception, Permian Resources has successfully partnered with its private equity shareholders to monetize or distribute over 300 million shares of common stock, reducing the combined disclosed sponsor ownership from approximately 45% in 2023 to 0% today.
"Since inception, we have made tremendous progress towards simplifying our corporate structure and reducing our sponsor ownership, while at the same time generating leading shareholder returns," said James Walter, Co-CEO. "These actions have made our business more transparent, more aligned with our shareholders and even better positioned to continue creating outsized returns for our investors."
Shareholder Returns
Permian Resources announced today that its Board of Directors declared the Company’s second quarter 2026 base dividend of $0.16 per share of Class A common stock, or $0.64 per share on an annualized basis. The base dividend is payable on June 30, 2026 to shareholders of record as of June 16, 2026. The Company’s base dividend represents an annualized yield of 2.9% as of May 5, 2026.
Quarterly Report on Form 10-Q
Permian Resources’ financial statements and related footnotes will be available in its Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, which is expected to be filed with the U.S. Securities and Exchange Commission on May 7, 2026.
Conference Call and Webcast
Permian Resources will host an earnings conference call on Thursday, May 7, 2026, at 9:00 a.m. Central (10:00 a.m. Eastern). Interested parties are invited to participate on the call by dialing (800) 715-9871 (Conference ID: 1442298) at least 15 minutes prior to the start of the call or via the internet at www.permianres.com. A replay of the call will be available on the Company’s website or by phone at (800) 770-2030 (Passcode: 1442298) for a 14-day period following the call.
About Permian Resources
Headquartered in Midland, Texas, Permian Resources is an independent oil and natural gas company focused on driving peer-leading returns through the acquisition, optimization and development of high-return oil and natural gas properties. The Company’s assets are located in the Permian Basin, with a concentration in the core of the Delaware Basin. Through its position of approximately 500,000 net acres in West Texas and Southeast New Mexico, Permian Resources is the second largest Permian Basin pure-play E&P. For more information, please visit www.permianres.com.
The information in this press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact included in this press release, regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this press release, the words “could,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” “goal,” “plan,” “target” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events.
Factors that could cause results to differ from those projected or assumed in any forward-looking statements include, but are not limited to:
volatility of oil, NGL and natural gas prices or a prolonged period of low oil, NGL or natural gas prices and the effects of actions by, or disputes among or between, members of the Organization of Petroleum Exporting Countries, such as Iran, Saudi Arabia and Venezuela, and other oil and natural gas producing countries, such as the United Arab Emirates and Russia, with respect to production levels or other matters related to the price of oil, NGLs and natural gas; political and economic conditions and events in or affecting other producing regions or countries, including the Middle East, Russia, Eastern Europe, Africa and South America, including recent developments in and around Iran; uncertainty inherent in estimating oil, NGL and natural gas reserves, including the impact of commodity price declines on the economic producibility of such reserves, and in projecting future rates of production; our business strategy and future drilling plans; our reserves and our ability to replace the reserves we produce through drilling and property acquisitions; our drilling prospects, inventories, projects and programs, including the timing and amount of our future production of oil, NGLs and natural gas and the cost of developing or operating our properties; our financial strategy, return of capital program, leverage, liquidity and capital required for our development program; our realized oil, NGL and natural gas prices; our ability to identify, complete and effectively integrate acquisitions of properties, or businesses; our hedging strategy and results; competition for assets, materials, people and capital, which can be exacerbated by supply chain disruptions, including as a result of tariffs or other changes in trade policy or international conflict; the geographic concentration of our operations and/or consolidated in the oil and natural gas industry in the areas in which we operate and otherwise; our ability to obtain permits and governmental approvals; our compliance with government regulations, including those related to environmental, health and safety regulations and liabilities thereunder; the marketing and transportation of our oil, NGLs and natural gas; general economic, market and business conditions, including as it relates to credit and capital markets; environmental and climate related risks, including seasonal weather conditions; changes in the financial strength of counterparties to our credit agreement and hedging contracts; midstream capacity constraints and potential interruptions in production, including from limits to the build out of midstream infrastructure; our ability to make dividend payments, distributions and share repurchases; changes to tax laws or interpretations thereof and the impact of such changes on us; technological advancement, including artificial intelligence and its application in our industry; security threats, including evolving cybersecurity risks such as those involving unauthorized access, denial-of-service attacks, third-party service provider failures, malicious software, data privacy breaches by employees, insiders or other with authorized access, cyber or phishing-attacks, ransomware, social engineering, physical breaches or other actions; risks relating to our sustainability initiatives; our plans, objectives, expectations and intentions contained in this press release that are not historical; and the other risk factors described in our most recent Annual Report on Form 10-K, and any updates to those factors set forth in our subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. Reserve engineering is a process of estimating underground accumulations of oil and natural gas that cannot be measured in an exact way. The accuracy of any reserve estimate depends on the quality of available data, the interpretation of such data, and price and cost assumptions made by reserve engineers. In addition, the results of drilling, testing and production activities may justify revisions of estimates that were made previously. If significant, such revisions would change the schedule of any further production and development drilling. Accordingly, reserve estimates may differ significantly from the quantities of oil and natural gas that are ultimately recovered.
Should one or more of the risks or uncertainties described in this press release occur, or should any underlying assumptions prove incorrect, our actual results and plans could differ materially from those expressed in any forward-looking statements. All forward-looking statements, expressed or implied, included in this press release are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue.
Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release.
1) Adjusted Operating Cash Flow, Adjusted Free Cash Flow, Adjusted Diluted Weighted Average Shares Outstanding and Net Debt-to-LQA EBITDAX (also referred to as “leverage” in this press release) are non-GAAP financial measures. See “Non-GAAP Financial Measures” included within the Appendix of this press release for related disclosures and reconciliations to the most directly comparable financial measures calculated and presented in accordance with GAAP.
Details of our revised 2026 operational and financial guidance are presented below:
2026 FY Guidance
(Revised)
Net average daily production (Boe/d)
400,000
—
430,000
Net average daily oil production (Bbls/d)
190,000
—
195,000
Production costs
Total controllable cash costs
$7.15
—
$8.15
Lease operating expenses ($/Boe)
~$5.45
Gathering, processing and transportation expenses ($/Boe)
~$1.40
Cash general and administrative ($/Boe)(1)
~$0.80
Severance and ad valorem taxes (% of revenue)
6.5%
—
8.5%
Total cash capital expenditure program ($MM)
$1,750
—
$1,950
Operated drilling program
TILs (gross)
~250
Average working interest
75% - 80%
Average lateral length (feet)
~11,000
(1) Excludes stock-based compensation.
Permian Resources Corporation
Operating Highlights
Three Months Ended March 31,
2026
2025
Net revenues (in thousands):
Oil sales
$
1,227,594
$
1,109,771
NGL sales
154,393
185,022
Natural gas sales
(18,504
)
81,658
Purchased gas sales, net
24,663
—
Oil and gas sales
$
1,388,146
$
1,376,451
Net production:
Oil (MBbls)
17,311
15,747
NGL (MBbls)
9,300
7,741
Natural gas (MMcf)
63,268
60,605
Total (MBoe)(1)
37,156
33,589
Average daily net production:
Oil (Bbls/d)
192,349
174,967
NGL (Bbls/d)
103,338
86,010
Natural gas (Mcf/d)
702,979
673,388
Total (Boe/d)(1)
412,850
373,209
Average sales prices:
Oil (per Bbl)
$
70.91
$
70.48
Effect of derivative settlements on average price (per Bbl)
(2.81
)
0.97
Oil including the effects of hedging (per Bbl)
$
68.10
$
71.45
NGL (per Bbl)
$
16.60
$
23.90
Natural gas (per Mcf)
$
(0.29
)
$
1.35
Effect of derivative settlements on average price (per Mcf)
1.23
0.10
Effect of purchased gas sales on average price (per Mcf)
0.39
—
Natural gas including the effects of hedging (per Mcf)
$
1.33
$
1.45
Permian Resources Corporation
Operating Expenses
Three Months Ended March 31,
2026
2025
Operating costs (in thousands):
Lease operating expenses
$
192,882
$
179,627
Severance and ad valorem taxes
101,312
107,993
Gathering, processing and transportation expenses
50,639
46,650
Operating cost metrics:
Lease operating expenses (per Boe)
$
5.19
$
5.35
Severance and ad valorem taxes (% of revenue)
7.3
%
7.8
%
Gathering, processing and transportation expenses (per Boe)
$
1.36
$
1.39
Permian Resources Corporation
Consolidated Statements of Operations (unaudited)
(in thousands, except per share data)
Three Months Ended March 31,
2026
2025
Operating revenues
Oil and gas sales
$
1,388,146
$
1,376,451
Operating expenses
Lease operating expenses
192,882
179,627
Severance and ad valorem taxes
101,312
107,993
Gathering, processing and transportation expenses
50,639
46,650
Depreciation, depletion and amortization
526,288
474,203
General and administrative expenses
43,772
43,056
Impairment and abandonment expense
2,011
5,209
Exploration and other expenses
3,997
15,250
Total operating expenses
920,901
871,988
Income from operations
467,245
504,463
Other income (expense)
Interest expense
(67,020
)
(73,839
)
Loss on extinguishment of debt
—
(5,826
)
Net gain (loss) on derivative instruments
(339,924
)
57,731
Other income (expense)
3,579
8,368
Total other income (expense)
(403,365
)
(13,566
)
Income before income taxes
63,880
490,897
Income tax expense
(13,486
)
(100,334
)
Net income
50,394
390,563
Less: Net income attributable to noncontrolling interest
(6,774
)
(61,265
)
Net income attributable to Class A Common Stock
$
43,620
$
329,298
Income per share of Class A Common Stock:
Basic
$
0.05
$
0.47
Diluted
$
0.05
$
0.44
Weighted average Class A Common Stock outstanding:
Basic
812,208
704,035
Diluted
827,962
748,197
Permian Resources Corporation
Consolidated Balance Sheets (unaudited)
(in thousands, except share and per share amounts)
March 31, 2026
December 31, 2025
ASSETS
Current assets
Cash and cash equivalents
$
170,780
$
153,690
Accounts receivable, net
932,874
840,653
Derivative instruments
46,226
279,725
Prepaid and other current assets
34,346
38,075
Total current assets
1,184,226
1,312,143
Property and Equipment
Oil and natural gas properties, successful efforts method
Unproved properties
2,005,782
1,933,409
Proved properties
22,089,152
21,484,903
Accumulated depreciation, depletion and amortization
(7,688,164
)
(7,168,925
)
Total oil and natural gas properties, net
16,406,770
16,249,387
Other property and equipment, net
57,164
57,051
Total property and equipment, net
16,463,934
16,306,438
Noncurrent assets
Operating lease right-of-use assets
139,458
132,764
Other noncurrent assets
206,832
160,840
TOTAL ASSETS
$
17,994,450
$
17,912,185
LIABILITIES AND EQUITY
Current liabilities
Accounts payable and accrued expenses
$
1,433,675
$
1,453,610
Operating lease liabilities
82,755
79,496
Derivative instruments
162,322
—
Other current liabilities
129,084
144,726
Total current liabilities
1,807,836
1,677,832
Noncurrent liabilities
Long-term debt, net
3,546,370
3,545,598
Asset retirement obligations
169,854
166,847
Deferred income taxes
1,043,265
893,463
Operating lease liabilities
58,473
55,102
Other noncurrent liabilities
39,835
39,460
Total liabilities
6,665,633
6,378,302
Shareholders’ equity
Common stock, $0.0001 par value, 1,500,000,000 shares authorized:
Class A: 842,372,948 shares issued and 837,194,265 shares outstanding at March 31, 2026 and 757,854,120 shares issued and 751,746,410 shares outstanding at December 31, 2025
84
76
Class C: No shares issued and outstanding at March 31, 2026 and 84,378,125 shares issued and outstanding at December 31, 2025
—
8
Additional paid-in capital
9,853,585
8,710,698
Retained earnings (accumulated deficit)
1,475,148
1,567,500
Total shareholders' equity
11,328,817
10,278,282
Noncontrolling interest
—
1,255,601
Total equity
11,328,817
11,533,883
TOTAL LIABILITIES AND EQUITY
$
17,994,450
$
17,912,185
Permian Resources Corporation
Consolidated Statements of Cash Flows (unaudited)
(in thousands)
Three Months Ended March 31,
2026
2025
Cash flows from operating activities:
Net income
$
50,394
$
390,563
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization
526,288
474,203
Stock-based compensation expense
16,202
16,929
Impairment and abandonment expense
2,011
5,209
Deferred tax expense
13,019
97,594
Non-cash portion of derivative (gain) loss
369,297
(36,423
)
Amortization of debt issuance costs, discount and premium
1,746
2,139
Loss on extinguishment of debt
—
5,826
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable
(87,283
)
14,177
(Increase) decrease in prepaid and other assets
17,781
(8,853
)
Increase (decrease) in accounts payable and other liabilities
(94,379
)
(63,332
)
Net cash provided by operating activities
815,076
898,032
Cash flows from investing activities:
Acquisition of oil and natural gas properties, net
(204,865
)
(35,401
)
Drilling and development capital expenditures
(466,230
)
(500,732
)
Purchases of other property and equipment
(1,952
)
(1,672
)
Proceeds from sales of oil and natural gas properties
9,042
175,989
Net cash used in investing activities
(664,005
)
(361,816
)
Cash flows from financing activities:
Proceeds from borrowings under revolving credit facility
50,000
—
Repayment of borrowings under revolving credit facility
(50,000
)
—
Redemption of senior notes
—
(175,000
)
Debt issuance and redemption costs
(293
)
(17,334
)
Proceeds from exercise of stock options
1,227
21
Dividends paid
(134,915
)
(106,070
)
Distributions paid to noncontrolling interest owners
—
(14,940
)
Net cash used in financing activities
(133,981
)
(313,323
)
Net increase (decrease) in cash, cash equivalents and restricted cash
17,090
222,893
Cash, cash equivalents and restricted cash, beginning of period
153,690
479,343
Cash, cash equivalents and restricted cash, end of period
$
170,780
$
702,236
Non-GAAP Financial Measures
In addition to disclosing financial results calculated in accordance with U.S. generally accepted accounting principles (“GAAP”), our earnings release contains non-GAAP financial measures as described below.
Adjusted EBITDAX
Adjusted EBITDAX is a supplemental non-GAAP financial measure that is used by management and external users of our consolidated financial statements, such as industry analysts, investors, lenders and rating agencies. We define Adjusted EBITDAX as net income attributable to Class A Common Stock before net income attributable to noncontrolling interest, interest expense, income taxes, depreciation, depletion and amortization, impairment and abandonment expense, loss on extinguishment of debt, non-cash gains or losses on derivatives, stock-based compensation, exploration and other expenses and other non-recurring items. Adjusted EBITDAX is not a measure of net income as determined by GAAP.
Our management believes Adjusted EBITDAX is useful as it allows them to more effectively evaluate our operating performance and compare the results of our operations from period to period and against our peers, without regard to our financing methods or capital structure. We exclude the items listed above from net income in arriving at Adjusted EBITDAX because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDAX should not be considered as an alternative to, or more meaningful than, net income as determined in accordance with GAAP or as an indicator of our operating performance or liquidity. Certain items excluded from Adjusted EBITDAX are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDAX. Our presentation of Adjusted EBITDAX should not be construed as an inference that our results will be unaffected by unusual or nonrecurring items. Our computations of Adjusted EBITDAX may not be comparable to other similarly titled measures of other companies.
The following table presents a reconciliation of Adjusted EBITDAX to net income, which is the most directly comparable financial measure calculated and presented in accordance with GAAP:
Three Months Ended
(in thousands)
3/31/2026
12/31/2025
9/30/2025
6/30/2025
3/31/2025
Adjusted EBITDAX reconciliation to net income:
Net income attributable to Class A Common Stock
$
43,620
$
339,505
$
59,234
$
207,137
$
329,298
Net income attributable to noncontrolling interest
6,774
42,386
22,227
37,884
61,265
Interest expense
67,020
67,067
69,386
72,770
73,839
Income tax expense
13,486
33,965
87,394
62,486
100,334
Depreciation, depletion and amortization
526,288
524,979
526,915
506,410
474,203
Impairment and abandonment expense
2,011
379
2,251
146
5,209
Loss on extinguishment of debt
—
—
264,294
—
5,826
Non-cash derivative (gain) loss
369,297
(79,493
)
(35,307
)
(17,256
)
(36,423
)
Stock-based compensation expense(1)
15,163
14,031
17,435
19,293
16,199
Exploration and other expenses
3,997
6,799
4,933
5,060
15,250
Adjusted EBITDAX
$
1,047,656
$
949,618
$
1,018,762
$
893,930
$
1,045,000
Net Debt-to-LQA EBITDAX
Net debt-to-LQA EBITDAX, also referred to as leverage, is a non-GAAP financial measure. We define net debt as total debt, net, plus unamortized debt discount, premium and issuance costs on our senior notes minus cash and cash equivalents.
We define net debt-to-LQA EBITDAX as net debt (defined above) divided by Adjusted EBITDAX (defined and reconciled in the section above) for the three months ended March 31, 2026, on an annualized basis. We refer to this metric to show trends that investors may find useful in understanding our ability to service our debt. This metric is widely used by professional research analysts, including credit analysts, in the valuation and comparison of companies in the oil and gas exploration and production industry. The following table presents a reconciliation of net debt to total debt, net and the calculation of net debt-to-LQA EBITDAX for the period presented:
($ in thousands)
March 31, 2026
Total debt, net
$
3,546,370
Unamortized debt discount, premium and issuance costs on senior notes
28,630
Total debt
3,575,000
Less: cash and cash equivalents
(170,780
)
Net debt (Non-GAAP)
3,404,220
LQA EBITDAX(1)
$
4,190,624
Net debt-to-LQA EBITDAX
0.8 x
(1) Represents adjusted EBITDAX (defined and reconciled in the section above) for the three months ended March 31, 2026, on an annualized basis.
Adjusted Shares
Adjusted basic and diluted weighted average shares outstanding (“Adjusted Basic and Diluted Shares”) are non-GAAP financial measures defined as basic and diluted weighted average shares outstanding adjusted to reflect the weighted average shares of our Class C Common Stock outstanding, which were fully converted to Class A Common Stock during the three months ended March 31, 2026.
Our Adjusted Basic and Diluted Shares provide a comparable per share measurement when presenting results such as adjusted free cash flow and adjusted net income that include the interests of both net income attributable to Class A Common Stock and the net income attributable to our noncontrolling interest that was fully eliminated during the three months ended March 31, 2026. Adjusted Basic and Diluted Shares are used in calculating several metrics that we use as supplemental financial measurements in the evaluation of our business.
The following table presents a reconciliation of Adjusted Basic and Diluted Shares to basic and diluted weighted average shares outstanding, which are the most directly comparable financial measures calculated and presented in accordance with GAAP:
Three Months Ended March 31,
(in thousands)
2026
2025
Basic weighted average shares of Class A Common Stock outstanding
812,208
704,035
Weighted average shares of Class C Common Stock outstanding
24,343
99,594
Adjusted basic weighted average shares outstanding
836,551
803,629
Basic weighted average shares of Class A Common Stock outstanding
812,208
704,035
Add: Dilutive effects of Convertible Senior Notes
—
29,753
Add: Dilutive effects of equity awards
15,754
14,409
Diluted weighted average shares of Class A Common Stock outstanding
827,962
748,197
Weighted average shares of Class C Common Stock
24,343
99,594
Adjusted diluted weighted average shares outstanding
852,305
847,791
Adjusted Operating Cash Flow and Adjusted Free Cash Flow
Adjusted operating cash flow and adjusted free cash flow are supplemental non-GAAP financial measures used by management and external users of our consolidated financial statements, such as industry analysts, investors, lenders and rating agencies. We define adjusted operating cash flow as net cash provided by operating activities adjusted to remove changes in working capital, other non-recurring charges, and estimated tax distributions to our non-controlling interest owners prior to its elimination during the three months ended March 31, 2026. Adjusted operating cash flows is reduced by total cash capital expenditures to arrive at adjusted free cash flows.
Our management believes adjusted operating cash flow and adjusted free cash flow are useful indicators of the Company’s ability to internally fund its future exploration and development activities, to service its existing level of indebtedness or incur additional debt, without regard to the timing of settlement of either operating assets and liabilities, other non-recurring costs or estimated tax distributions to noncontrolling interest owners after funding its capital expenditures paid for the period. The Company believes that these measures, as so adjusted, present meaningful indicators of the Company’s actual sources and uses of capital associated with its operations conducted during the applicable period. Our computation of adjusted operating cash flow and adjusted free cash flow may not be comparable to other similarly titled measures of other companies. Adjusted operating cash flow and adjusted free cash flow should not be considered as alternatives to, or more meaningful than, net cash provided by operating activities as determined in accordance with GAAP or as indicators of our operating performance or liquidity.
Adjusted operating cash flow and adjusted free cash flow are not financial measures that are determined in accordance with GAAP. Accordingly, the following table presents a reconciliation of adjusted operating cash flow and adjusted free cash flow to net cash provided by operating activities, which is the most directly comparable financial measure calculated and presented in accordance with GAAP:
Three Months Ended March 31,
(in thousands, except per share data)
2026
2025
Net cash provided by operating activities
$
815,076
$
898,032
Changes in working capital:
Accounts receivable
87,283
(14,177
)
Prepaid and other assets
(17,781
)
8,853
Accounts payable and other liabilities
94,379
63,332
Other non-recurring charges
—
4,749
Estimated tax distribution to noncontrolling interest owners(1)
—
(252
)
Adjusted operating cash flow
978,957
960,537
Less: total cash capital expenditures
(466,230
)
(500,732
)
Adjusted free cash flow
$
512,727
$
459,805
Adjusted diluted weighted average shares outstanding
852,305
847,791
Adjusted Net Income
Adjusted net income is a supplemental non-GAAP financial measure that is used by management and external users of our consolidated financial statements, such as industry analysts, investors, lenders and rating agencies. We define adjusted net income as net income attributable to Class A Common Stock plus net income attributable to noncontrolling interest adjusted for loss on extinguishment of debt, non-cash gains or losses on derivatives, other nonrecurring charges, impairment and abandonment expense, gain/loss from the sale of long-lived assets and the related income tax adjustments for these items. Adjusted net income is not a measure of net income as determined by GAAP.
Our management believes adjusted net income is useful as it allows them to more effectively evaluate our operating performance and compare the results of our operations from period to period and against our peers by excluding certain non-cash items that can vary significantly. Adjusted net income should not be considered as an alternative to, or more meaningful than, net income as determined in accordance with GAAP or as an indicator of our operating performance or liquidity. Our presentation of adjusted net income should not be construed as an inference that our results will be unaffected by unusual or nonrecurring items. Our computations of adjusted net income may not be comparable to other similarly titled measures of other companies.
Adjusted net income is not a financial measure that is determined in accordance with GAAP. Accordingly, the following table presents a reconciliation of adjusted net income to net income, which is the most directly comparable financial measure calculated and presented in accordance with GAAP:
Three Months Ended March 31,
(in thousands, except per share data)
2026
2025
Net income attributable to Class A Common Stock
$
43,620
$
329,298
Net income attributable to noncontrolling interest
6,774
61,265
Loss on extinguishment of debt
—
5,826
Non-cash derivative (gain) loss
369,297
(36,423
)
Other non-recurring charges
—
4,749
Impairment and abandonment expense
2,011
5,209
Adjusted net income excluding above items
421,702
369,924
Income tax benefit (expense) attributable to the above items(1)
(85,068
)
(9,141
)
Adjusted net income
$
336,634
$
360,783
Interest on Convertible Senior Notes, net of tax
—
1,283
Adjusted Net Income - Diluted
336,634
362,066
Adjusted diluted weighted average shares outstanding (Non-GAAP)(2)
852,305
847,791
Adjusted net income per adjusted diluted share
$
0.39
$
0.43
The following table summarizes the approximate volumes and average contract prices of the hedge contracts the Company had in place as of April 30, 2026:
Permian Resources (PR - Free Report) came out with quarterly earnings of $0.39 per share, beating the Zacks Consensus Estimate of $0.38 per share. This compares to earnings of $0.42 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +4.00%. A quarter ago, it was expected that this company would post earnings of $0.28 per share when it actually produced earnings of $0.37, delivering a surprise of +32.14%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Permian Resources, which belongs to the Zacks Oil and Gas - Exploration and Production - United States industry, posted revenues of $1.39 billion for the quarter ended March 2026, missing the Zacks Consensus Estimate by 0.83%. This compares to year-ago revenues of $1.38 billion. The company has not been able to beat consensus revenue estimates over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Permian Resources shares have added about 59.7% since the beginning of the year versus the S&P 500's gain of 6%.
What's Next for Permian Resources?While Permian Resources has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Permian Resources was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #1 (Strong Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.47 on $1.53 billion in revenues for the coming quarter and $1.92 on $6.15 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Oil and Gas - Exploration and Production - United States is currently in the top 4% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Mach Natural Resources LP (MNR - Free Report) , another stock in the same industry, has yet to report results for the quarter ended March 2026. The results are expected to be released on May 7.
This company is expected to post quarterly earnings of $0.53 per share in its upcoming report, which represents a year-over-year change of -22.1%. The consensus EPS estimate for the quarter has been revised 5.8% higher over the last 30 days to the current level.
Mach Natural Resources LP's revenues are expected to be $397.32 million, up 75.2% from the year-ago quarter.
For the quarter ended March 2026, Permian Resources (PR - Free Report) reported revenue of $1.39 billion, up 0.9% over the same period last year. EPS came in at $0.39, compared to $0.42 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $1.4 billion, representing a surprise of -0.83%. The company delivered an EPS surprise of +4%, with the consensus EPS estimate being $0.38.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
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 Permian Resources performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Average daily net production - Natural gas: 702,979.00 Mcf/D versus 707,364.80 Mcf/D estimated by seven analysts on average.Average daily net production - Total: 412,850.00 BOE/D versus 411,665.30 BOE/D estimated by seven analysts on average.Average daily net production - Oil: 192,349.00 BBL/D versus 189,524.70 BBL/D estimated by seven analysts on average.Average daily net production - NGL: 103,338.00 BBL/D versus the six-analyst average estimate of 104,390.50 BBL/D.Average sales prices - Gas - Including Derivative Cash Settlements: $1.33 versus the five-analyst average estimate of $1.64.Average sales prices - Oil - Including Derivative Cash Settlements: $68.10 compared to the $68.99 average estimate based on four analysts.Average sales prices - NGL - Excluding the effects of GP&T: $16.60 versus the four-analyst average estimate of $17.35.Average sales prices - Natural gas - Excluding the effects of GP&T: $-0.29 versus $0.24 estimated by three analysts on average.Average sales prices - Oil - Excluding the effects of hedging: $70.91 versus $71.74 estimated by three analysts on average.Net Revenues- Oil sales: $1.23 billion compared to the $1.19 billion average estimate based on four analysts.Net Revenues- NGL sales: $154.39 million compared to the $161.37 million average estimate based on four analysts.Net Revenues- Natural gas sales: $-18.5 million compared to the $70.06 million average estimate based on four analysts.View all Key Company Metrics for Permian Resources here>>>
Shares of Permian Resources have returned +4.8% over the past month versus the Zacks S&P 500 composite's +10.3% change. The stock currently has a Zacks Rank #1 (Strong Buy), indicating that it could outperform the broader market in the near term.
Key Takeaways PR beat Q1 earnings estimates as production climbed to 412.9 MBoe/d on strong well performance.Permian Resources raised its 2026 oil output guidance and expects capital spending near range highs.PR cut drilling costs 6% from 2025 levels and generated $513 million in adjusted free cash flow. Permian Resources Corporation (PR - Free Report) reported first-quarter 2026 adjusted earnings of 39 cents per share, beating the Zacks Consensus Estimate of 38 cents by 3%. This outperformance was primarily driven by stronger production volumes, improved well performance, reduced downtime and continued drilling and completion efficiencies. However, the bottom line declined from the year-ago quarter’s adjusted earnings of 43 cents due to weaker NGL and natural gas realizations, along with higher operating expenses.
The company’s oil and gas sales of $1.39 billion missed the Zacks Consensus Estimate of $1.4 billion by 0.83%. However, revenues increased slightly from the year-ago quarter’s $1.38 billion, aided by a higher year-over-year contribution from oil sales (10.6%) and purchased gas sales during the quarter.
On May 6, 2026, the Midland, TX-based exploration and production company declared a quarterly base dividend of 16 cents per Class A common share, translating to an annualized dividend of 64 cents. The payout is scheduled for June 30, 2026, for its shareholders on record as of June 16. Management reiterated that the base dividend remains a top capital allocation priority. Beyond the base dividend, the company intends to focus on debt repayment, cash accumulation, accretive acquisitions and opportunistic share repurchases, depending on market conditions.
PR’s Production DetailsThe company reported total average production of 412.9 thousand barrels of oil equivalent per day (MBoe/d), comprising 47% oil and 72% liquids, in the first quarter, up from 373.2 MBoe/d in the year-ago period. The figure beat the Zacks Consensus Estimate of 411,665 Boe/d due to strong runtime, improved recent well performance and efforts to accelerate incremental oil volumes in March through increased workover activity. The company also accelerated oil production volumes during March.
Crude oil production averaged 192.3 thousand barrels per day (MBbls/d), up from 175 MBbls/d in the prior-year quarter. The figure beat the Zacks Consensus Estimate of 189.6 MBbls/d.
NGL production came in at 103.3 MBbls/d, up 20.1% year over year. However, it missed the Zacks Consensus Estimate by 1.01%. Meanwhile, natural gas production totaled 703 million cubic feet per day (MMcf/d), up 4.4% year over year, but missed the Zacks Consensus Estimate by 0.62%.
PR’s Price RealizationsPermian Resources’ average realized oil price was $70.91 per barrel in the first quarter, compared with $70.48 in the year-ago quarter. However, the figure missed the consensus mark of $72 per barrel.
The realized NGL price was $16.60 per barrel, down from $23.90 a year ago. Moreover, the figure missed the consensus mark of $17.35 per barrel. The company’s realized natural gas price was negative 29 cents per Mcf, in contrast to a positive $1.35 in the prior-year quarter. The figure also missed the consensus mark of 24 cents per Mcf. Including hedges and purchased gas sales, the realized natural gas price was $1.33 per Mcf, compared with $1.45 a year ago.
PR’s Costs & ExpensesTotal operating expenses in the quarter rose to $920.9 million from $872 million in the year-ago quarter. Lease operating expenses totaled $192.9 million, up from $179.6 million in the year-ago quarter. Depreciation, depletion and amortization expenses rose to $526.3 million from $474.2 million a year earlier. On a per-unit basis, Lease operating expenses increased to $5.19 per Boe from $5.35 a year ago. Gathering, processing and transportation expenses were $50.6 million, compared with $46.7 million in the prior-year period.
First-quarter drilling and completion costs were approximately $685 per lateral foot, representing a 2% reduction from the previous quarter and a 6% reduction compared with 2025 levels.
In its earnings presentation, the company highlighted record quarterly drilling and completion costs per foot, roughly 70% recycled water utilization in completion operations, and the installation of four microgrids that reduced generator counts by more than 25 and lowered electricity costs at associated well sites by roughly 30%.
PR’s Financial PositionPR generated $815.1 million of net cash provided by operating activities in the first quarter, compared with $898 million in the year-ago quarter. Adjusted operating cash flow totaled $979 million, while adjusted free cash flow came in at $513 million.
Cash capital expenditures were $466 million, down from the prior-year period’s drilling and development capital expenditures of $500.7 million. The company’s capital-efficient operating model supported strong free cash flow generation despite continued investment in development and bolt-on acquisitions.
PR’s Balance SheetAs of March 31, 2026, PR had $170.8 million in cash and cash equivalents. The company had a long-term debt of $3.5 billion, reflecting a debt-to-capitalization of 23.8%.
The company continued to improve its balance sheet strength. It received investment-grade credit ratings from S&P and Moody’s, adding to its existing Fitch rating. Subsequent to quarter-end, PR entered into a new $3 billion unsecured revolving credit facility and redeemed $550 million of legacy Earthstone 8.00% senior notes due 2027.
PR’s GuidanceThe company now expects 2026 net average daily oil production in the range of 190,000-195,000 barrels per day, reflecting an increase of roughly 2% from the previous outlook. Total net average daily production is projected in the band of 400,000-430,000 barrels of oil equivalent per day (Boe/d).
For 2026, the company anticipates total controllable cash costs in the band of $7.15-$8.15 per Boe, including lease operating expense of nearly $5.45, gathering, processing and transportation expense of around $1.40 and cash general and administrative expense of about 80 cents. Severance and ad valorem taxes are forecasted at 6.5-8.5% of revenues.
The company expects total cash capital expenditures for 2026 to be between $1.75 billion and $1.95 billion and indicated that spending will likely trend toward the upper half of the range under the current commodity-price environment. Drilling and completions spending is estimated at approximately $1.45 billion, while facilities, infrastructure, capital workover and non-operated expenditures are expected to total nearly $400 million.
Operationally, this Zacks Rank #1 (Strong Buy) company plans to run around 250 gross operated drilling rigs during the year, with average working interest projected at 75-80% and average lateral lengths of roughly 11,000 feet. Activity is expected to be concentrated primarily in New Mexico, Texas, Delaware and the Midland regions. You can see the complete list of today’s Zacks #1 Rank stocks here.
Management also expects strong pricing realizations in 2026, with realized oil prices forecast at 97-100% of West Texas Intermediate (WTI), natural gas prices anticipated at a premium of 25-75 cents per Mcf to Waha Hub pricing and NGL realizations projected at 23-25% of WTI pricing. Additionally, the company expects nearly $20 million in current income tax expense for 2026 at present strip prices, supported by stronger oil-price assumptions.
Important Earnings at a GlanceWhile we have discussed PR’s first-quarter results in detail, let us take a look at three other key reports in this space.
Houston, TX-based oil and gas equipment and services provider, Halliburton Company (HAL - Free Report) , posted first-quarter 2026 adjusted net income per share of 55 cents, beating the Zacks Consensus Estimate of 49 cents. The outperformance primarily reflects successful cost reduction initiatives. However, the bottom line fell from the year-ago adjusted profit of 60 cents.
Halliburton reported first-quarter capital expenditure of $192 million. As of March 31, 2026, this oil and gas equipment and services company had approximately $2 billion in cash/cash equivalents and $7.1 billion in long-term debt, representing a debt-to-capitalization ratio of 39.6.
Houston, TX-based oil and gas storage and transportation company, Kinder Morgan Inc. (KMI - Free Report) , posted first-quarter 2026 adjusted earnings per share of 48 cents, which beat the Zacks Consensus Estimate of 38 cents. The bottom line increased year over year from 34 cents. The strong quarterly results can be primarily attributed to contributions from the Natural Gas Pipelines business segment.
As of March 31, 2026, KMI reported $72 million in cash and cash equivalents. At the quarter's end, its long-term debt amounted to $29.72 billion. KMI’s project backlog was reported at $10.1 billion by the end of the first quarter. The midstream energy major added that natural gas projects comprise approximately 92% of its project backlog, with nearly 60% dedicated to supporting local distribution companies and power generation.
Fort Worth, TX-based oil and gas exploration and production company, Range Resources Corporation (RRC - Free Report) , posted first-quarter 2026 adjusted earnings of $1.52 per share, which beat the Zacks Consensus Estimate of $1.33. The bottom line also improved from the prior-year level of 96 cents. Strong quarterly results can be attributed to higher gas-equivalent production and increased natural gas price realization.
Drilling and completion expenditure totaled $130 million. An additional $5 million was spent on acreage and $4 million on infrastructure and other investments. At the end of the first quarter, Range Resources reported a total debt of $819.3 million, net of deferred financing costs.
If There's a Domestic Manufacturing Boom, These 3 Stocks Could WinPermian Resources NYSE: PR reported what executives described as a record quarter for free cash flow and operational efficiency, while emphasizing that the company is preserving flexibility amid volatile commodity markets.
On the company’s first-quarter 2026 earnings call, Co-CEO Will Hickey said Permian Resources generated free cash flow per share of $0.60, the highest level in the company’s history, and record free cash flow of more than $500 million for the quarter. Oil production averaged 192,000 barrels per day, while total production reached 413,000 barrels of oil equivalent per day, both exceeding company expectations.
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High Yield Revival: 3 Cash-Rich Dividend Payers on SaleHickey said the outperformance was driven by better-than-expected results from recent wells and reduced downtime in March, when the company added workover rigs in response to higher oil prices. He said the company accelerated oil production volumes “in response to higher oil prices in March” and is focused on bringing barrels forward into what management views as a constructive price environment.
Costs Fall as Drilling and Completion Records Improve Permian Resources reported drilling and completion costs of approximately $685 per lateral foot in the first quarter, with both drilling cost per foot and completion cost per foot setting company records. Hickey said the company drilled the fastest well in its history, averaging more than 2,500 feet per day, and delivered its longest quarterly average lateral length, with roughly one-quarter of wells exceeding 2.5 miles.
Plastic Surgery: Winners and Losers of the Proposed 10% Interest CapOn the completion side, Hickey said recycled water utilization reached about 70%, which he said lowers completion costs and can also reduce lease operating expense. The company also installed four microgrids during the quarter, eliminating more than 25 generators and reducing electricity costs on associated well sites by about 30%.
Controllable cash costs remained within 2026 guidance, with lease operating expense of $5.19 per BOE, gathering, processing and transportation expense of $1.36 per BOE, and cash general and administrative expense of $0.77 per BOE. Hickey said first-quarter LOE was unusually low, helped by mild winter conditions outside of Winter Storm Blair, and indicated the company still expects to average around the midpoint of its LOE guidance, which he cited as $5.45 per BOE.
Natural Gas Strategy Cushions Waha Weakness Management said Permian Resources continues to benefit from firm transportation and hedging arrangements as Waha natural gas prices remain weak. Hickey said the company’s realized natural gas price, including hedges, was $1.33 per Mcf in the first quarter, representing a $2.44 premium to Waha during the period.
He said roughly half of that uplift came from firm transportation agreements and the balance from existing natural gas hedges. Permian Resources currently has about 400 million cubic feet per day of firm transportation to Gulf Coast and Dallas-Fort Worth markets, which is expected to grow to more than 700 million cubic feet per day in 2027 and beyond.
In response to analyst questions, Co-CEO James Walter said the company has shut in gas wells and very high gas-oil-ratio wells that do not make economic sense in a negative gas price environment. He said those wells would return to production when economic, which management expects could occur in the second half of the year, but added that the company would continue to make decisions based on maximizing cash flow.
Investment-Grade Ratings and Capital Allocation Walter highlighted that Permian Resources has received investment-grade ratings from all three major rating agencies. He said that status lowers the company’s cost of debt and supports access to capital across cycles. The company has reduced absolute debt by about $1.2 billion since the beginning of 2025, according to Walter.
Walter said the company’s capital allocation framework remains unchanged. The base dividend is the top priority, followed by debt repayment, building cash on the balance sheet and pursuing accretive acquisitions. He said management evaluates the best risk-adjusted long-term returns among those options, including potential share repurchases, dividend increases, acquisitions or further debt reduction.
Walter also emphasized employee ownership and management alignment with shareholders. He said all employees receive common equity as part of annual compensation, officer compensation is heavily weighted toward equity and performance shares, and the co-CEOs receive no cash salary or cash bonus. Permian Resources employees own roughly 7% of the company, representing more than $1 billion in equity value, he said.
Production Flexibility and M&A Pipeline Management said second-quarter production and capital expenditures are expected to be modestly higher than in the first quarter, driven by an elevated workover program and efforts to accelerate additional wells turned to sales. Hickey said workover activity increased from roughly 30 to 40 workovers per month to closer to 70 to 90 per month.
For the second half of the year, Walter said the company is maintaining flexibility. If crude prices remain strong, Permian Resources expects to come in at the high end of both production and capital ranges using its existing rigs and equipment. If conditions soften materially, the company would expect to reduce activity and move toward the low end of those ranges.
Walter said the current midpoint of the company’s updated guidance implies 6% year-over-year production growth in 2026 compared with 2025. He added that any outcome within the current range is expected to generate higher free cash flow in 2026 than the company’s original guidance.
On acquisitions, Walter said the Delaware Basin market has become more active, with more high-quality assets potentially coming to market than in recent years. He said Permian Resources is well positioned to participate, but would only pursue transactions at the right price and where management is highly confident they would improve the existing business.
Walter concluded that the company’s business is in “a stronger position today than at any point in PR’s history,” citing its investment-grade balance sheet, simplified corporate structure, low-cost Delaware Basin operations and continued operational records.
About Permian Resources NYSE: PRPermian Resources NYSE: PR is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.
Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.
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What are the Zacks Style Scores? Developed alongside the Zacks Rank, the Zacks Style Scores are a group of complementary indicators that help investors pick stocks with the best chances of beating the market over the next 30 days.
Based on their value, growth, and momentum characteristics, each stock is assigned a rating of A, B, C, D, or F. The better the score, the better chance the stock will outperform; an A is better than a B, a B is better than a C, and so on.
The Style Scores are broken down into four categories:
Value ScoreFor value investors, it's all about finding good stocks at good prices, and discovering which companies are trading under their true value before the broader market catches on. The Value Style Score utilizes ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to help pick out the most attractive and discounted stocks.
Growth ScoreWhile good value is important, growth investors are more focused on a company's financial strength and health, and its future outlook. The Growth Style Score takes projected and historic earnings, sales, and cash flow into account to uncover stocks that will see long-term, sustainable growth.
Momentum ScoreMomentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.
VGM ScoreIf you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.
How Style Scores Work with the Zacks Rank The Zacks Rank, which is a proprietary stock-rating model, employs earnings estimate revisions, or changes to a company's earnings expectations, to make building a winning portfolio easier.
Investors can count on the Zacks Rank's success, with #1 (Strong Buy) stocks producing an unmatched +23.7% average annual return since 1988, more than double the S&P 500's performance. But the model rates a large number of stocks, and there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.
With more than 800 top-rated stocks to choose from, it can certainly feel overwhelming to pick the ones that are right for you and your investing journey.
That's where the Style Scores come in.
To have the best chance of big returns, you'll want to always consider stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B, which will give you the highest probability of success. If you're looking at stocks with a #3 (Hold) rank, it's important they have Scores of A or B as well to ensure as much upside potential as possible.
The direction of a stock's earnings estimate revisions should always be a key factor when choosing which stocks to buy, since the Scores were created to work together with the Zacks Rank.
A stock with a #4 (Sell) or #5 (Strong Sell) rating, for instance, even one with Scores of A and B, will still have a declining earnings forecast, and a greater chance its share price will fall too.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: Permian Resources (PR - Free Report) Permian Resources Corporation, headquartered in Midland, TX, is an independent oil and gas company formed through the consolidation of Colgate Energy in 2022 and Earthstone Energy in 2023. These strategic mergers significantly expanded the company’s footprint in the Permian Basin, solidifying its presence as a major operator in one of the most productive oil regions in the United States. As of Dec. 31, 2025, Permian Resources holds about 480,000 net leasehold acres and 105,000 net royalty acres, with operations primarily spread across West Texas (67%) and New Mexico (33%). These mergers added scale and inventory depth, enhancing operational efficiency and shareholder value.
PR is a #1 (Strong Buy) on the Zacks Rank, with a VGM Score of B.
It also boasts a Value Style Score of B thanks to attractive valuation metrics like a forward P/E ratio of 10.25; value investors should take notice.
Seven analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $0.83 to $1.97 per share. PR also boasts an average earnings surprise of +14.5%.
With a solid Zacks Rank and top-tier Value and VGM Style Scores, PR should be on investors' short list.
Momentum investing revolves around the idea of following a stock's recent trend in either direction. In "long context," investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.
Even though momentum is a popular stock characteristic, it can be tough to define. Debate surrounding which are the best and worst metrics to focus on is lengthy, but the Zacks Momentum Style Score, part of the Zacks Style Scores, helps address this issue for us.
Below, we take a look at Permian Resources (PR - Free Report) , which currently has a Momentum Style Score of A. We also discuss some of the main drivers of the Momentum Style Score, like price change and earnings estimate revisions.
It's also important to note that Style Scores work as a complement to the Zacks Rank, our stock rating system that has an impressive track record of outperformance. Permian Resources currently has a Zacks Rank of #1 (Strong Buy). Our research shows that stocks rated Zacks Rank #1 (Strong Buy) and #2 (Buy) and Style Scores of "A or B" outperform the market over the following one-month period.
You can see the current list of Zacks #1 Rank Stocks here >>>
Set to Beat the Market?Let's discuss some of the components of the Momentum Style Score for PR that show why this company shows promise as a solid momentum pick.
Looking at a stock's short-term price activity is a great way to gauge if it has momentum, since this can reflect both the current interest in a stock and if buyers or sellers have the upper hand at the moment. It is also useful to compare a security to its industry, as this can help investors pinpoint the top companies in a particular area.
For PR, shares are up 5.68% over the past week while the Zacks Oil and Gas - Exploration and Production - United States industry is up 2.68% over the same time period. Shares are looking quite well from a longer time frame too, as the monthly price change of 7.31% compares favorably with the industry's 4.12% performance as well.
While any stock can see a spike in price, it takes a real winner to consistently outperform the market. Shares of Permian Resources have increased 16.04% over the past quarter, and have gained 54.26% in the last year. In comparison, the S&P 500 has only moved 8.69% and 26.52%, respectively.
Investors should also pay attention to PR's average 20-day trading volume. Volume is a useful item in many ways, and the 20-day average establishes a good price-to-volume baseline; a rising stock with above average volume is generally a bullish sign, whereas a declining stock on above average volume is typically bearish. PR is currently averaging 13,930,530 shares for the last 20 days.
Earnings OutlookThe Zacks Momentum Style Score also takes into account trends in estimate revisions, in addition to price changes. Please note that estimate revision trends remain at the core of Zacks Rank as well. A nice path here can help show promise, and we have recently been seeing that with PR.
Over the past two months, 7 earnings estimates moved higher compared to none lower for the full year. These revisions helped boost PR's consensus estimate, increasing from $1.18 to $1.98 in the past 60 days. Looking at the next fiscal year, 7 estimates have moved upwards while there have been no downward revisions in the same time period.
Bottom LineGiven these factors, it shouldn't be surprising that PR is a #1 (Strong Buy) stock and boasts a Momentum Score of A. If you're looking for a fresh pick that's set to soar in the near-term, make sure to keep Permian Resources on your short list.
Permian Resources has fundamentally improved, with stronger production growth, cost control, and capital discipline supporting a continued Buy rating. PR's operational execution excels, with unit costs dropping from $725 to $685 per lateral foot, enhancing margins alongside production growth. Leverage declined to 0.8x and liquidity improved, while bolt-on acquisitions and disciplined balance sheet management strengthened PR's strategic positioning.
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The popular research service can help you become a smarter, more self-assured investor, giving you access to daily updates of the Zacks Rank and Zacks Industry Rank, the Zacks #1 Rank List, Equity Research reports, and Premium stock screens.
Zacks Premium includes access to the Zacks Style Scores as well.
What are the Zacks Style Scores? The Zacks Style Scores is a unique set of guidelines that rates stocks based on three popular investing types, and were developed as complementary indicators for the Zacks Rank. This combination helps investors choose securities with the highest chances of beating the market over the next 30 days.
Each stock is assigned a rating of A, B, C, D, or F based on their value, growth, and momentum characteristics. Just like in school, an A is better than a B, a B is better than a C, and so on -- that means the better the score, the better chance the stock will outperform.
The Style Scores are broken down into four categories:
Value ScoreValue investors love finding good stocks at good prices, especially before the broader market catches on to a stock's true value. Utilizing ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and many other multiples, the Value Style Score identifies the most attractive and most discounted stocks.
Growth ScoreWhile good value is important, growth investors are more focused on a company's financial strength and health, and its future outlook. The Growth Style Score takes projected and historic earnings, sales, and cash flow into account to uncover stocks that will see long-term, sustainable growth.
Momentum ScoreMomentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.
VGM ScoreIf you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.
How Style Scores Work with the Zacks Rank The Zacks Rank is a proprietary stock-rating model that harnesses the power of earnings estimate revisions, or changes to a company's earnings expectations, to help investors build a successful portfolio.
#1 (Strong Buy) stocks have produced an unmatched +23.7% average annual return since 1988, which is more than double the S&P 500's performance over the same time frame. However, the Zacks Rank examines a ton of stocks, and there can be more than 200 companies with a Strong Buy rank, and another 600 with a #2 (Buy) rank, on any given day.
With more than 800 top-rated stocks to choose from, it can certainly feel overwhelming to pick the ones that are right for you and your investing journey.
That's where the Style Scores come in.
To maximize your returns, you want to buy stocks with the highest probability of success. This means picking stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you find yourself looking at stocks with a #3 (Hold) rank, make sure they have Scores of A or B as well to ensure as much upside potential as possible.
As mentioned above, the Scores are designed to work with the Zacks Rank, so any change to a company's earnings outlook should be a deciding factor when picking which stocks to buy.
For instance, a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one that boasts Scores of A and B, still has a downward-trending earnings forecast, and a much greater likelihood its share price will decline as well.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: Permian Resources (PR - Free Report) Permian Resources Corporation, headquartered in Midland, TX, is an independent oil and gas company formed through the consolidation of Colgate Energy in 2022 and Earthstone Energy in 2023. These strategic mergers significantly expanded the company’s footprint in the Permian Basin, solidifying its presence as a major operator in one of the most productive oil regions in the United States. As of Dec. 31, 2025, Permian Resources holds about 480,000 net leasehold acres and 105,000 net royalty acres, with operations primarily spread across West Texas (67%) and New Mexico (33%). These mergers added scale and inventory depth, enhancing operational efficiency and shareholder value.
PR is a #2 (Buy) on the Zacks Rank, with a VGM Score of B.
Momentum investors should take note of this Oils-Energy stock. PR has a Momentum Style Score of A, and shares are up 6.6% over the past four weeks.
For fiscal 2026, six analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.71 to $1.98 per share. PR boasts an average earnings surprise of +14.5%.
With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, PR should be on investors' short list.
It has been about a month since the last earnings report for Permian Resources (PR - Free Report) . Shares have added about 0.4% in that time frame, underperforming the S&P 500.
But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Permian Resources due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.
Permian Resources Q1 Earnings Beat Estimates on Strong Output, Revenues MissPermian Resources reported first-quarter 2026 adjusted earnings of 39 cents per share, beating the Zacks Consensus Estimate of 38 cents by 3%. This outperformance was primarily driven by stronger production volumes, improved well performance, reduced downtime and continued drilling and completion efficiencies. However, the bottom line declined from the year-ago quarter’s adjusted earnings of 43 cents due to weaker NGL and natural gas realizations, along with higher operating expenses.
The company’s oil and gas sales of $1.39 billion missed the Zacks Consensus Estimate of $1.4 billion by 0.83%. However, revenues increased slightly from the year-ago quarter’s $1.38 billion, aided by a higher year-over-year contribution from oil sales (10.6%) and purchased gas sales during the quarter.
On May 6, 2026, the Midland, TX-based exploration and production company declared a quarterly base dividend of 16 cents per Class A common share, translating to an annualized dividend of 64 cents. The payout is scheduled for June 30, 2026, for its shareholders on record as of June 16. Management reiterated that the base dividend remains a top capital allocation priority. Beyond the base dividend, the company intends to focus on debt repayment, cash accumulation, accretive acquisitions and opportunistic share repurchases, depending on market conditions.
Production DetailsThe company reported total average production of 412.9 thousand barrels of oil equivalent per day (MBoe/d), comprising 47% oil and 72% liquids, in the first quarter, up from 373.2 MBoe/d in the year-ago period. The figure beat the Zacks Consensus Estimate of 411,665 Boe/d due to strong runtime, improved recent well performance and efforts to accelerate incremental oil volumes in March through increased workover activity. The company also accelerated oil production volumes during March.
Crude oil production averaged 192.3 thousand barrels per day (MBbls/d), up from 175 MBbls/d in the prior-year quarter. The figure beat the Zacks Consensus Estimate of 189.6 MBbls/d.
NGL production came in at 103.3 MBbls/d, up 20.1% year over year. However, it missed the Zacks Consensus Estimate by 1.01%. Meanwhile, natural gas production totaled 703 million cubic feet per day (MMcf/d), up 4.4% year over year, but missed the Zacks Consensus Estimate by 0.62%.
Price RealizationsPermian Resources’ average realized oil price was $70.91 per barrel in the first quarter, compared with $70.48 in the year-ago quarter. However, the figure missed the consensus mark of $72 per barrel.
The realized NGL price was $16.60 per barrel, down from $23.90 a year ago. Moreover, the figure missed the consensus mark of $17.35 per barrel. The company’s realized natural gas price was negative 29 cents per Mcf, in contrast to a positive $1.35 in the prior-year quarter. The figure also missed the consensus mark of 24 cents per Mcf. Including hedges and purchased gas sales, the realized natural gas price was $1.33 per Mcf, compared with $1.45 a year ago.
Costs & ExpensesTotal operating expenses in the quarter rose to $920.9 million from $872 million in the year-ago quarter. Lease operating expenses totaled $192.9 million, up from $179.6 million in the year-ago quarter. Depreciation, depletion and amortization expenses rose to $526.3 million from $474.2 million a year earlier. On a per-unit basis, Lease operating expenses increased to $5.19 per Boe from $5.35 a year ago. Gathering, processing and transportation expenses were $50.6 million, compared with $46.7 million in the prior-year period.
First-quarter drilling and completion costs were approximately $685 per lateral foot, representing a 2% reduction from the previous quarter and a 6% reduction compared with 2025 levels.
In its earnings presentation, the company highlighted record quarterly drilling and completion costs per foot, roughly 70% recycled water utilization in completion operations, and the installation of four microgrids that reduced generator counts by more than 25 and lowered electricity costs at associated well sites by roughly 30%.
Financial PositionPR generated $815.1 million of net cash provided by operating activities in the first quarter, compared with $898 million in the year-ago quarter. Adjusted operating cash flow totaled $979 million, while adjusted free cash flow came in at $513 million.
Cash capital expenditures were $466 million, down from the prior-year period’s drilling and development capital expenditures of $500.7 million. The company’s capital-efficient operating model supported strong free cash flow generation despite continued investment in development and bolt-on acquisitions.
Balance SheetAs of March 31, 2026, PR had $170.8 million in cash and cash equivalents. The company had a long-term debt of $3.5 billion, reflecting a debt-to-capitalization of 23.8%.
The company continued to improve its balance sheet strength. It received investment-grade credit ratings from S&P and Moody’s, adding to its existing Fitch rating. Subsequent to quarter-end, PR entered into a new $3 billion unsecured revolving credit facility and redeemed $550 million of legacy Earthstone 8.00% senior notes due 2027.
Guidance for 2026The company now expects 2026 net average daily oil production in the range of 190,000-195,000 barrels per day, reflecting an increase of roughly 2% from the previous outlook. Total net average daily production is projected in the band of 400,000-430,000 barrels of oil equivalent per day (Boe/d).
For 2026, the company anticipates total controllable cash costs in the band of $7.15-$8.15 per Boe, including lease operating expense of nearly $5.45, gathering, processing and transportation expense of around $1.40 and cash general and administrative expense of about 80 cents. Severance and ad valorem taxes are forecasted at 6.5-8.5% of revenues.
The company expects total cash capital expenditures for 2026 to be between $1.75 billion and $1.95 billion and indicated that spending will likely trend toward the upper half of the range under the current commodity-price environment. Drilling and completions spending is estimated at approximately $1.45 billion, while facilities, infrastructure, capital workover and non-operated expenditures are expected to total nearly $400 million.
Operationally, this company plans to run around 250 gross operated drilling rigs during the year, with average working interest projected at 75-80% and average lateral lengths of roughly 11,000 feet. Activity is expected to be concentrated primarily in New Mexico, Texas, Delaware and the Midland regions.
Management also expects strong pricing realizations in 2026, with realized oil prices forecast at 97-100% of West Texas Intermediate (WTI), natural gas prices anticipated at a premium of 25-75 cents per Mcf to Waha Hub pricing and NGL realizations projected at 23-25% of WTI pricing. Additionally, the company expects nearly $20 million in current income tax expense for 2026 at present strip prices, supported by stronger oil-price assumptions.
How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a upward trend in estimates revision.
The consensus estimate has shifted 8.26% due to these changes.
VGM ScoresCurrently, Permian Resources has a average Growth Score of C, however its Momentum Score is doing a lot better with an A. Charting a somewhat similar path, the stock was allocated a score of B on the value side, putting it in the second quintile for value investors.
Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been trending upward for the stock, and the magnitude of these revisions looks promising. Interestingly, Permian Resources has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry PlayerPermian Resources is part of the Zacks Oil and Gas - Exploration and Production - United States industry. Over the past month, Chord Energy Corporation (CHRD - Free Report) , a stock from the same industry, has gained 1.7%. The company reported its results for the quarter ended March 2026 more than a month ago.
Chord Energy Corporation reported revenues of $1.15 billion in the last reported quarter, representing a year-over-year change of -5.3%. EPS of $4.56 for the same period compares with $4.04 a year ago.
Chord Energy Corporation is expected to post earnings of $6.12 per share for the current quarter, representing a year-over-year change of +241.9%. Over the last 30 days, the Zacks Consensus Estimate has changed +14.4%.
Chord Energy Corporation has a Zacks Rank #1 (Strong Buy) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of B.
, /PRNewswire/ -- CME Group, the world's leading derivatives marketplace, announced its new Bitcoin Volatility Index futures are now available for trading. First trades were executed as blocks between DV Chain and Monarq Asset Management.
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CME Group's Cryptocurrency product suite continues to experience significant growth, including the successful launch of 24/7 trading on May 29. Additional year-to-date trading highlights include:
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As the world's leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, cryptocurrencies, energy, agricultural products and metals. The company offers futures and options on futures trading through the CME Globex platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform. In addition, it operates one of the world's leading central counterparty clearing providers, CME Clearing.
CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and E-mini are trademarks of Chicago Mercantile Exchange Inc. CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc. NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. BrokerTec is a trademark of BrokerTec Americas LLC and EBS is a trademark of EBS Group LTD. The S&P 500 Index is a product of S&P Dow Jones Indices LLC ("S&P DJI"). "S&P®", "S&P 500®", "SPY®", "SPX®", US 500 and The 500 are trademarks of Standard & Poor's Financial Services LLC; Dow Jones®, DJIA® and Dow Jones Industrial Average are service and/or trademarks of Dow Jones Trademark Holdings LLC. These trademarks have been licensed for use by Chicago Mercantile Exchange Inc. Futures contracts based on the S&P 500 Index are not sponsored, endorsed, marketed, or promoted by S&P DJI, and S&P DJI makes no representation regarding the advisability of investing in such products. All other trademarks are the property of their respective owners.
PASADENA, Calif., June 05, 2026 (GLOBE NEWSWIRE) -- Wedbush Securities, a leading financial services firm, today announced its full support for CME Group’s launch of 24/7 Cryptocurrency futures trading, providing clients with uninterrupted access to regulated digital asset markets and risk management tools.
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Wedbush's investment in technology talent, infrastructure, and in-house capabilities ensures the firm remains ready to support clients across digital assets, prediction markets, and the full spectrum of next-generation market structures.
About Wedbush Securities
Wedbush Securities is a leading Securities commission merchant and division of Wedbush Securities Inc., providing clearing, execution, risk management, and technology solutions to institutional, professional, and introducing broker clients worldwide. Through a combination of proprietary technology, experienced market professionals, and a commitment to innovation, Wedbush delivers reliable access to global securities and derivatives markets.
Investors love low interest rates. When rates are low, companies can borrow money more cheaply to fund their expansion plans. Lower interest expenses help boost earnings. As earnings go, so do stock prices.
Presidents love low interest rates, too. The economy booms in low-rate environments. When the economy is strong, the president's political party tends to perform well in elections.
It's unsurprising, therefore, that President Trump wants the Federal Reserve to cut interest rates. And there's good reason to believe that he expects new Fed Chair Kevin Warsh to deliver what he wants. However, the reality is that Warsh could soon be on a collision course with Trump.
Image source: Official White House Photo by Daniel Torok.
The scenario that no one wants Warsh is unlikely to be able to deliver the rate cuts President Trump desires. Even worse, the Fed could be forced to increase rates in the not-too-distant future. This is the scenario no one wants -- certainly not Warsh -- but it could be unavoidable.
The Federal Reserve has a dual mandate. Its two priorities are to maximize employment and achieve price stability. The first goal isn't an issue for now. However, prices aren't stable. The latest Consumer Price Index (CPI) was 3.8%, significantly above the Fed's historical 2% target.
This situation could get worse as the Iran war drags on. In fact, professional economic forecasters expect the CPI to hit 6% in the second quarter of 2026, according to a survey conducted by the Federal Reserve Bank of Philadelphia.
The Fed has two primary levers to control inflation. It can increase the federal funds rate that banks charge each other for overnight loans. It can also sell U.S. Treasury bonds to drain cash from the economy. Both actions help drive interest rates higher. Higher rates slow the economy and curb inflation.
CME Group's (CME +2.80%) FedWatch analyzes 30-day Fed fund futures prices to estimate the probabilities of Fed rate cuts and increases. The highest probability for a rate cut for any scheduled Federal Open Markets Committee (FOMC) meeting throughout the rest of 2026 is 3.6%. But the probability of a rate increase by the end of the year is as high as 50.9%. The chances jump to 72% by mid-2027.
The bond market is also already pricing in a likely rate increase. Interest rates on 10-year U.S. Treasury notes have jumped in recent months.
President Trump repeatedly lambasted Warsh's predecessor, Jerome Powell, for not moving quickly to cut interest rates. He told Fox News in April 2026, "I've wanted to fire him, but I hate to be controversial." The U.S. Department of Justice also launched a criminal investigation of Powell related to the renovation of the Federal Reserve building, which was later halted.
Does Trump expect Warsh to cut rates? The president stated at Warsh's swearing-in ceremony, "I want Kevin to be totally independent." However, only hours after Warsh was sworn in as the new Fed chair, Trump told an audience at a community college in New York, "You watch what's going to happen. I had a rotten head of the Fed, and now I have a great head of the Fed." He added, "You get the interest rates down, everybody's going to be very, very happy."
If the next FOMC meeting on June 16 and 17 doesn't result in rate cuts, it won't be surprising if President Trump lashes out -- especially if Warsh doesn't vote in favor of lower rates. But the real fireworks could come if Warsh concludes that rate hikes are necessary to keep inflation in check.
Warsh only has one vote. There are 11 other FOMC members. He could vote for rate cuts to avoid alienating the president, knowing that there would be enough votes to move in a different direction. Doing so, though, would likely draw intense criticism that he is compromising the Fed's political independence. Warsh could be forced to choose between placating his political patron and preserving his (and the Fed's) reputation.
What should investors do? Investors shouldn't panic just because the possibility of a rate increase is increasing. The stock market has survived past rate hikes; it will do so again.
However, some stocks perform better than others in higher-rate environments. Investors should focus on companies with strong balance sheets. Big bank stocks often benefit from higher interest rates. Value stocks could also become more attractive to many investors. If oil prices remain elevated, energy stocks could continue outperforming.
Betting that Warsh will engineer a rate cut, though, probably isn't smart. If inflation keeps rising, the new Fed chair won't have to choose between what the president wants and what the right course of action is. The data will make the choice for him.
Higher-for-Longer Rates Could Reward These 3 Overlooked StocksCME Group NASDAQ: CME Chairman and CEO Terry Duffy sharply criticized the Commodity Futures Trading Commission’s approval of a Bitcoin perpetual futures contract for Kalshi, saying the product does not fit his view of a futures contract and raises risks for retail investors.
Speaking at an investor conference, Duffy said the CFTC handled the contract under what he described as a full review process for products that are “new or novel or complex,” but completed that review faster than the shorter self-certification process. He said that troubled him because the agency’s order described the product as novel and complex.
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Gold, Silver, and Copper Are Surging—Here Are 3 Smart Ways to Play ItDuffy argued that the Commodity Exchange Act defines a futures contract as one with a future delivery or expiration date. “Nowhere does it contemplate that it can go on in perpetuity,” he said. “A perpetuity or perpetual is a contract that never ends.” He said if the product is anything, “that is a swap.”
Duffy Raises Concerns Over Leverage and Retail Risk Duffy said his concerns center on leverage, auto-liquidation and whether perpetual contracts can be used effectively by institutions for hedging. He compared leverage available in some European Union perpetual products, which he said can range from 20 times to 250 times, with CME’s U.S. institutional crypto leverage of 5-to-1.
Capitalize on Volatility: 3 Finance Stocks Thriving in 2025“How can that possibly be something that’s sustainable?” Duffy said.
He said perpetual contracts rely on funding rates to keep prices tied to spot markets, which can erode the economics of a hedge. Using an airline hedging crude oil as an example, Duffy said a company could face funding-rate costs as prices rise, undermining the protection the hedge was intended to provide.
Duffy also warned that high leverage could attract retail traders who may not understand the risks. He said he has spent decades building retail participation with education and tools, but believes some highly leveraged products could put customers in positions they should not be in.
“I really believe it’s 2007,” Duffy said, comparing the current speculation environment to the housing market period before the financial crisis. He clarified later that his reference to Sam Bankman-Fried and FTX was about leverage and auto-liquidation models, not an accusation of wrongdoing against Kalshi or its leadership.
CME’s Stance on Perpetuals Remains Undecided Asked whether CME would participate if perpetual products proliferate in the U.S., Duffy said he was not saying the company would or would not enter the market. However, he repeatedly said the product does not align with CME’s core institutional risk-management business.
“A perpetual is unhedgeable,” Duffy said. “A perpetual is tied to the spot market.”
Duffy said 85% to 90% of CME’s business is institutionally driven, and the company has 135 million open positions and holds $400 billion of capital on behalf of major institutions. He said CME is not focused on “battling away for the small retail participants with no capital.”
On a separate issue, Duffy said he believes an S&P 500 perpetual product licensed to TradeXYZ on the Hyperliquid blockchain infringes on CME’s licensing agreement with S&P Global. “I know it’s infringing on my license agreement with them,” he said, adding that CME is working with S&P Global and expects to reach a solution over time.
Macro Risk and New Product Areas Asked about the environment for CME’s business after a record first quarter in which average daily volume rose 22% and open interest increased 11%, Duffy said geopolitical risk remains the largest risk facing markets. He cited conflict involving Iran, Russia’s war in Ukraine and potential future tensions involving China and Taiwan.
Duffy said investors may be too dismissive of these risks and emphasized the importance of portfolio diversification and risk management. He said many investors remain concentrated in a small number of major technology and artificial intelligence-related stocks.
CME is also preparing to relaunch single-stock futures. Duffy said the key difference from the prior OneChicago effort is timing, not structure. He said the company expects to focus on about 50 or fewer of the world’s largest market-cap companies and sees the product as a risk-management tool for both retail and institutional investors.
Duffy also discussed CME’s partnership with Silicon Data for compute futures, describing the potential asset class as a way to manage risk tied to GPUs, CPUs and data-center-related infrastructure. He said product specifications have not yet been released, but he is “more excited about the potential of the asset class to be traded.”
Prediction Markets, Capital Returns and Efficiency Duffy said CME’s prediction market effort with FanDuel began as a distribution opportunity, leveraging FanDuel’s large customer base. The analyst noted that since going live in December, the business has surpassed 270 million contracts traded and attracted more than 150,000 new accounts.
Duffy said he views prediction markets as gambling, but added that CME will participate where regulators allow the products and where contracts do not violate Commodity Exchange Act restrictions on contracts readily susceptible to manipulation. He said CME has seen encouraging activity in economic-event contracts, at times exceeding sports-related contracts.
On capital allocation, Duffy said he remains committed to returning capital to shareholders through dividends and other means, while also pursuing acquisitions only when they benefit CME’s users and, by extension, shareholders. The analyst said CME returned $3.2 billion to shareholders in the first quarter and had another $758 million in asset sale proceeds left to deploy.
Looking ahead, Duffy said CME’s biggest opportunities will likely come from improving market efficiencies. He pointed to capital efficiencies CME creates for large participants and said future innovations could include stablecoin applications within CME’s ecosystem to reduce payment friction and support 24/7 trading.
About CME Group NASDAQ: CMECME Group Inc is a global markets company that operates some of the world's largest and most liquid derivatives exchanges, including the Chicago Mercantile Exchange (CME), the Chicago Board of Trade (CBOT), the New York Mercantile Exchange (NYMEX) and COMEX. The firm offers futures and options contracts across a broad range of asset classes — including interest rates, equity indexes, foreign exchange, energy, agricultural commodities and metals — and serves a diverse client base of institutional investors, commercial hedgers, brokers and retail participants.
The company's core services include electronic trading on the CME Globex platform, central clearing through CME Clearing, and distribution of market data, indexes and analytics.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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Investors in CME Group Inc. (CME - Free Report) need to pay close attention to the stock based on moves in the options market lately. That is because the June 18, 2026 $175.00 Call had some of the highest implied volatility of all equity options today.
What is Implied Volatility?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.
What do the Analysts Think?Clearly, options traders are pricing in a big move for CME Group share, but what is the fundamental picture for the company? Currently, CME Group is a Zacks Rank #3 (Hold) in the Securities and Exchanges Industry that ranks in the Top 20% of our Zacks Industry Rank. Over the last 60 days, two analysts have increased their estimates for the current quarter, while five have revised their estimates downward. The net effect has taken our Zacks Consensus Estimate for the current quarter to move from $3.02 per share to $3.01 per share in the same time period.
Given the way analysts feel about CME Group right now, this huge implied volatility could mean there’s a trade developing. Often times, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.
, /PRNewswire/ -- CME Group, the world's leading derivatives marketplace, announced the launch of Nasdaq CME Crypto Index futures.
At expiration, these contracts are financially settled to the value of the Nasdaq CME Crypto Settlement Price Index, which measures the performance of the largest and most actively traded cryptocurrencies. As of June 9 the index includes bitcoin and bitcoin cash, ether, SOL, XRP, ADA, LINK, and lumens.
"With trading now officially underway, our new Nasdaq CME Crypto Index futures represent a major milestone in the expansion of our regulated digital asset marketplace," said Giovanni Vicioso, Global Head of Cryptocurrency Products at CME Group. "In today's volatile markets, investors are increasingly seeking diversified exposure to the cryptocurrency ecosystem while retaining the capital efficiencies and transparency of a regulated futures marketplace. These contracts give clients a cost-efficient tool to hedge their risk or directly pursue broad-based crypto opportunities."
"As investor participation in digital assets continues to grow, so does demand for benchmarks built with the same governance and transparency expected in other asset classes," said Sean Wasserman, Head of Index Product Management at Nasdaq. "Futures linked to the index are a natural extension of how index-based frameworks support market development."
"The launch of NCI futures is another sign of crypto's maturation and its ongoing intersection with traditional financial market infrastructure," said Mick McLaughlin, U.S. Chief Executive Officer and Head of Global Distribution, Hashdex Asset Management. "Since 2018, our goal has been to provide investors institutional-quality access to digital assets in the same way they access other asset classes. Today's announcement advances our vision, and represents a meaningful step in allowing investors and advisors to proactively manage and hedge crypto portfolios through a regulated and index-oriented approach.
Nasdaq CME Crypto Index futures are listed on and subject to the rules of CME. For more information on these products, please visit https://www.cmegroup.com/nasdaqcrypto.
About CME Group
As the world's leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, cryptocurrencies, energy, agricultural products and metals. The company offers futures and options on futures trading through the CME Globex platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform. In addition, it operates one of the world's leading central counterparty clearing providers, CME Clearing.
CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and E-mini are trademarks of Chicago Mercantile Exchange Inc. CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc. NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. BrokerTec is a trademark of BrokerTec Americas LLC and EBS is a trademark of EBS Group LTD. The S&P 500 Index is a product of S&P Dow Jones Indices LLC ("S&P DJI"). "S&P®", "S&P 500®", "SPY®", "SPX®", US 500 and The 500 are trademarks of Standard & Poor's Financial Services LLC; Dow Jones®, DJIA® and Dow Jones Industrial Average are service and/or trademarks of Dow Jones Trademark Holdings LLC. These trademarks have been licensed for use by Chicago Mercantile Exchange Inc. Futures contracts based on the S&P 500 Index are not sponsored, endorsed, marketed, or promoted by S&P DJI, and S&P DJI makes no representation regarding the advisability of investing in such products. All other trademarks are the property of their respective owners.
, /PRNewswire/ -- CME Group Inc. will announce earnings for the second quarter of 2026 before the markets open on Wednesday, July 22, 2026. Written highlights for the quarter will be posted on the company's website at 6:00 a.m. Central Time, the same time it provides its earnings press release. The company will also hold an investor conference call that day at 7:30 a.m. Central Time, at which time company executives will take analysts' questions.
A live audio Webcast of the conference call will be available on the Investor Relations section of the company's website. Following the conference call, an archived recording will be available at the same site. Those wishing to listen to the live conference via telephone should dial 877-918-3040 if calling from within the United States, or +1 312-470-7282 if calling from outside the United States, at least 10 minutes before the call begins. The participant passcode for both telephone numbers is 1944793.
As the world's leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, cryptocurrencies, energy, agricultural products and metals. The company offers futures and options on futures trading through the CME Globex platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform. In addition, it operates one of the world's leading central counterparty clearing providers, CME Clearing.
CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and E-mini are trademarks of Chicago Mercantile Exchange Inc. CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc. NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. BrokerTec is a trademark of BrokerTec Americas LLC and EBS is a trademark of EBS Group LTD. The S&P 500 Index is a product of S&P Dow Jones Indices LLC ("S&P DJI"). "S&P®", "S&P 500®", "SPY®", "SPX®", US 500 and The 500 are trademarks of Standard & Poor's Financial Services LLC; Dow Jones®, DJIA® and Dow Jones Industrial Average are service and/or trademarks of Dow Jones Trademark Holdings LLC. These trademarks have been licensed for use by Chicago Mercantile Exchange Inc. Futures contracts based on the S&P 500 Index are not sponsored, endorsed, marketed, or promoted by S&P DJI, and S&P DJI makes no representation regarding the advisability of investing in such products. All other trademarks are the property of their respective owners.
Serving as the Federal Reserve Chair isn't easy. Kevin Warsh is already finding that out. And he hasn't even chaired his first Federal Open Markets Committee (FOMC) meeting yet.
Actually, Warsh's job just got much harder. The U.S. Bureau of Labor Statistics released its May employment numbers last week. Nonfarm payrolls rose to a seasonally adjusted 172,000, more than doubling the Dow Jones (the company, not the stock index) consensus estimate of 80,000.
This blowout jobs report makes it very difficult for Warsh to cut interest rates. Instead, it boosts the chances that a rate increase will be needed. An eventual showdown between the new Fed chair and President Trump now appears to be in motion.
Image source: Official White House Photo by Daniel Torok.
Putting the jobs numbers in context Why would positive employment numbers make Warsh's job harder? Warsh would probably love to cut interest rates and make the president happy. However, like all Fed chairs, he must balance the Federal Reserve's dual mandate of maximizing employment and stabilizing prices.
When job numbers are weak, the Fed can justify lowering interest rates to stimulate the economy. But it can only do so when inflation is also under control, since a booming economy tends to drive inflation higher. Unfortunately for Warsh, the exact opposite of these two scenarios is currently unfolding.
Employment remains strong overall. Granted, job gains were heavily concentrated in two areas. Leisure and hospitality added 70,000 jobs in May, while local governments added 55,000 jobs. However, the Warsh-led Fed won't find much support for rate cuts in the latest data.
Meanwhile, inflation continues to rise. The Consumer Price Index (CPI) for April was 3.8%, well above the 2% level the Fed has historically targeted. The May inflation numbers are scheduled to be released on June 10 (after this article was written and published). If the CPI stays close to 3.8% or rises further, the pressure on Warsh to forgo near-term rate cuts will be intense.
CME Group's (CME +2.80%) FedWatch now projects a 98.2% chance that the FOMC will leave rates unchanged at the meeting next week. Furthermore, FedWatch estimates that the odds of a rate increase rise steadily throughout the rest of this year and into early 2027, topping 80% by March of next year.
President Trump has made it clear that he wants rate cuts. He repeatedly criticized Warsh's predecessor, Jerome Powell, for not lowering rates quickly enough. The president stated at a rally just hours after Warsh was sworn in that everyone will "be very, very happy" if interest rates come down.
Did the strong May jobs report make President Trump more open to the possibility that rate increases may be necessary? Nope. He said in an interview with NBC's Meet the Press, "Nowadays when you have good reports, the market goes down because they think they're going to raise interest rates. There's no reason to raise interest rates."
The president also doubled down on his view about rate cuts, stating, "We should actually lower interest rates." He said, "Growth does not cause inflation."
NBC's Kristen Welker asked Trump if he would be upset if the Fed raises rates. He replied, "I'm-- I'm-- living with Kevin. I have a lot of respect for him, but my feeling is that when a country is doing well, they shouldn't be penalized by immediately raising interest rates."
However, Warsh could quickly find himself the object of Trump's ire just as Powell did if he doesn't go along with the president's wishes. And his desire to dramatically shrink the Fed's balance sheet could push interest rates higher regardless of the FOMC's actions.
Between a rock and a hard place Warsh could advocate for cutting rates at the FOMC meeting next week. If he does so, though, he would go against the views of most economists, given persistent high inflation and better-than-expected employment numbers. He would also almost certainly be outvoted by other FOMC members.
A push for rate cuts would also likely be viewed as a capitulation to the president. Warsh probably doesn't want to be seen as weakening the Fed's political independence in his first FOMC meeting as chair.
On the other hand, President Trump doesn't pull any punches in verbally attacking those who oppose his agenda. Warsh's honeymoon period with the president could come to a grinding halt.
Maybe Warsh can avoid a near-term clash with the president by supporting leaving rates unchanged for now while giving lip service to potential rate cuts in the future. But if inflation remains high and the jobs numbers remain strong, Warsh will either face a showdown with the man who nominated him to his position or lose credibility with Wall Street.
Any way you look at it, the new Fed chair is caught between a rock and a hard place. Investors should be prepared for stock market volatility.
Key Takeaways BGC Group's Q1 2026 revenue hit a record $955.5M, up 43.8% year over year.Fenics posted a Q1 record $206.9M, up 19.8%, with Markets lifted by higher e-volumes and data.FMX: Treasury ADV hit $89.7B ( 51%), share rose to 41%, and SOFR futures ADV topped 39k contracts. BGC Group, Inc. (BGC - Free Report) is pushing harder into electronic execution and platform-led services while still leaning on its legacy brokerage engine. That mix shift is starting to show up in growth rates and key performance indicators, even if the revenue base remains dominated by transactions.
Two pillars stand out. Fenics is scaling as BGC Group’s technology-driven suite for fully electronic markets and related services. FMX is expanding its footprint across U.S. rates and foreign exchange, supported by major banks and market makers.
BGC Group Revenue Mix Is Still Broker-DrivenBGC Group operates as a wholesale markets intermediary, brokering and executing transactions across rates, foreign exchange, credit, equities, energy and commodities, and futures and options. Its platform spans voice, hybrid, and fully electronic execution, alongside market data and analytics, connectivity and network services, and post-trade solutions.
Even with growing electronic exposure, the revenue mix remains broker-driven. In 2025, total revenues were $2.94 billion, and brokerage revenues made up about 91.7% of the total. Data, software, and post-trade revenues were 4.7%, with the remainder coming from smaller lines such as interest and dividend income, fees from related parties, and other revenues.
Sales Estimates
Image Source: Zacks Investment Research
BGC Group’s Electronic Pivot Starts With FenicsFenics is the technology-driven suite that underpins fully electronic execution and also provides market data, network, and post-trade services. It is the clearest expression of BGC’s push toward a more electronic, higher-margin model.
Momentum has been consistent. Fenics revenues have expanded at a double-digit pace for four consecutive quarters, supported by steady market-share gains and broader product adoption. That pattern matters because it suggests the company is not relying on a single burst of volatility, but is seeing sustained adoption as clients deepen usage across electronic workflows.
BGC Platforms Show Scale Signals in Q1 2026The first quarter of 2026 offered a clean snapshot of what the mix shift looks like when trading conditions are supportive. BGC Group posted record quarterly revenues of $955.5 million, up 43.8% year over year, while adjusted earnings per share rose 41.4% to 41 cents.
Electronic momentum was visible inside Fenics. Fenics revenues reached a first-quarter record of $206.9 million, up 19.8% year over year. Within that, Fenics Markets rose 20.3% to $176.7 million, tied to higher electronic volumes in Rates, Credit, and Foreign Exchange, plus increased market data revenues. Fenics Growth Platforms increased 17.4% to $30.2 million, led by FMX, PortfolioMatch, and Lucera.
For context, BGC Group’s competitive set includes other market-structure franchises such as CME Group Inc. (CME - Free Report) and Tradeweb Markets Inc. (TW - Free Report) . This shows how scale and liquidity can become durable advantages when electronic volumes compound.
BGC Group’s FMX Is Broadening Beyond TreasuriesFMX, created with leading banks and market makers, spans a U.S. interest rate futures exchange, a cash U.S. Treasuries platform, and a spot foreign exchange venue. The timeline highlights a deliberate build-out: FMX received Commodity Futures Trading Commission approval in January 2024, launched Secured Overnight Financing Rate (SOFR) futures in September 2024, and added U.S. Treasury futures in May 2025.
In the first quarter, FMX posted record key performance indicators across products. U.S. Treasuries' average daily volume (ADV) reached $89.7 billion, up 51% year over year, and first-quarter market share improved to 41%. Activity in foreign exchange also hit a first-quarter record, and the futures offering showed accelerating engagement, with SOFR futures ADV exceeding 39,000 contracts and quarter-end open interest around 143,000 contracts.
Broader product breadth matters because it can keep the platform relevant as market volumes normalize. With multiple venues and expanding connectivity, FMX’s adoption can be supported by more than one rate or volatility cycle.
BGC Group’s Key Tension: Scale Benefits vs. Mix RealityThe bullish case rests on operating leverage as the platforms scale. Management has also expanded its cost-reduction program to $35 million in annualized savings, targeting compensation and infrastructure, which can support margin expansion if growth holds.
The counterweight is that the revenue mix is still anchored in brokerage. In the first quarter of 2026, Data, Network and Post-trade revenues were only 3.6% of total revenues, compared with nearly 94% from total brokerage. Until higher-quality platform revenues become a larger share, results can remain sensitive to transaction volumes and market conditions.
Over the past six months, BGC shares have soared 22.4%, outperforming the industry’s gain of 1.8%. The stock has also fared better than CME Group and Tradeweb Markets in the same time frame.
Six-Month Price Performance
Image Source: Zacks Investment Research
BGC currently carries a Zacks Rank #3 (Hold), reflecting that investors are weighing real platform progress against the reality that the mix shift is still in its early innings. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
, /PRNewswire/ -- CME Group, the world's leading derivatives marketplace, along with Morningstar, a leading provider of independent investment insights, today announced that they have entered into a multi-year licensing agreement for CME Group to launch derivatives products based on key Morningstar equity index benchmarks, including the Morningstar US Total Market, Large Cap, Large Cap Value, Large Cap Growth, Mid Cap, and Small Cap Indexes.
Through this exclusive agreement, CME Group will offer derivatives on the Morningstar Market Indexes, currently rebranding from CRSP, for the first time, enabling clients to utilize derivatives based on the indexes which underpin over $3 trillion in linked assets.
"We are pleased to partner with Morningstar to help unlock more precise, next-generation risk management tools for the global investment community," said Tim McCourt, CME Group Senior Managing Director and Global Head of Equities, FX and Alternative Products. "Together, CME Group's deeply liquid equity derivatives marketplace paired with Morningstar's data-driven, benchmark ecosystem is expected to allow us to provide our global clients with an optimized framework to safely navigate market volatility and capture new opportunities."
"We're excited to collaborate with CME Group to offer derivative products for the first time on the Morningstar Market Indexes, the most definitive and comprehensive measures of the US equity market," added Morningstar Indexes President Amelia Furr. "With our acquisition of CRSP earlier this year, we have become a leading provider of U.S. equity benchmarks, and the new relationship with CME Group will accelerate our growth even further. Most exciting, we expect to open new doors and bring our high-quality equity indexes to an entirely new segment of the global investment marketplace."
About CME Group
As the world's leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, energy, agricultural products and metals. The company offers futures and options on futures trading through the CME Globex platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform. In addition, it operates one of the world's leading central counterparty clearing providers, CME Clearing.
CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and E-mini are trademarks of Chicago Mercantile Exchange Inc. CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc. NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. BrokerTec is a trademark of BrokerTec Americas LLC and EBS is a trademark of EBS Group LTD. The S&P 500 Index is a product of S&P Dow Jones Indices LLC ("S&P DJI"). "S&P®", "S&P 500®", "SPY®", "SPX®", US 500 and The 500 are trademarks of Standard & Poor's Financial Services LLC; Dow Jones®, DJIA® and Dow Jones Industrial Average are service and/or trademarks of Dow Jones Trademark Holdings LLC. These trademarks have been licensed for use by Chicago Mercantile Exchange Inc. Futures contracts based on the S&P 500 Index are not sponsored, endorsed, marketed, or promoted by S&P DJI, and S&P DJI makes no representation regarding the advisability of investing in such products. All other trademarks are the property of their respective owners.
About Morningstar, Inc.
Morningstar, Inc. is a leading provider of independent investment insights in North America, Europe, Australia, and Asia. The Company offers an extensive line of products and services for individual investors, financial advisors, asset managers and owners, retirement plan providers and sponsors, institutional investors in the debt and private capital markets, and alliances and redistributors. Morningstar provides data and research insights on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, debt securities, and real-time global market data. Morningstar also offers investment management services through its investment advisory subsidiaries, with approximately $370 billion in AUMA as of March 31, 2026. The Company operates through wholly-owned subsidiaries in 32 countries. For more information, visit www.morningstar.com/company. Follow Morningstar on LinkedIn @Morningstar.
Caution Concerning Forward-Looking Statements
This press release contains forward-looking statements as that term is used in the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations about future events or future financial performance. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, and often contain words such as "aim," "committed," "consider," "estimate," "future," "goal," "is designed to," "maintain," "may," "might," "objective," "ongoing," "could," "expect," "intend," "plan," "possible," "potential," "seek," "anticipate," "believe," "predict," "prospects," "continue," "strategy," "strive," "will," "would," "determine," "evaluate," or the negative thereof, and similar expressions. These statements involve known and unknown risks and uncertainties that may cause the events we discuss not to occur or to differ significantly from what we expect. These risks and uncertainties include, among others, failing to achieve the anticipated benefits of the licensing agreement between CME Group and Morningstar. If any of these risks and uncertainties materialize, actual future results and other future events may vary significantly from what we expect. We do not undertake to update our forward-looking statements as a result of new information, future events or otherwise, except as may be required by law. You are, however, advised to review any further disclosures we make on related subjects, and about new or additional risks, uncertainties and assumptions in our future filings with the SEC on Forms 10-K, 10-Q, and 8-K. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction.
About Morningstar Indexes
Morningstar Indexes was built to keep up with the evolving needs of investors—and to be a leading-edge advocate for them. Morningstar's rich heritage as a transparent, investor-focused leader in data and research uniquely equips Morningstar Indexes to support individuals, institutions, wealth managers and advisors in navigating investment opportunities across all major asset classes, styles, and strategies. In February 2026, the acquisition of CRSP brought the CRSP Market Indexes – benchmarks for over $3 trillion in US equities – into the Morningstar Indexes family. Additionally, CRSP's Research Data Products, renowned for their academic rigor, historical depth and accuracy, further enhances Morningstar's equity benchmark and data capabilities. This powerful combination unites two trusted sources of market insight, reinforcing a shared commitment to transparency, quality and investor-focused solutions. Please visit indexes.morningstar.com for more information.
, /PRNewswire/ -- CME Group, the world's leading derivatives marketplace, today announced that it will launch financially-settled Micro E-mini S&P 500 and Nasdaq-100 options on June 29, pending regulatory review.
These new Micro options contracts will be one-tenth the size of their E-mini counterparts with short-dated Monday through Friday expiries. In addition, the contracts will be financially settled, eliminating the additional operational processes tied to underlying futures delivery at expiration.
"The expansion of our deeply liquid equity index options suite directly answers client demand for more versatile, accessible risk management and market access tools," said Joe Hickey, Global Head of Equity Products at CME Group. "By combining a smaller contract size with the operational simplicity of financial settlement, we are providing traders with the capital-efficient and flexible toolset they need to manage benchmark U.S. equity index exposure with absolute precision."
Micro E-mini S&P 500 and Nasdaq-100 options build upon the success of CME Group's existing Micro E-mini Equity Index suite, which has surpassed more than 2.6 billion cumulative contracts traded since its inception, including over 1 billion contracts each for S&P 500 and Nasdaq-100 Micro E-mini products.
These products will be listed on and subject to the rules of CME. For more information, please visit www.cmegroup.com/microeminioptions.
As the world's leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, cryptocurrencies, energy, agricultural products and metals. The company offers futures and options on futures trading through the CME Globex platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform. In addition, it operates one of the world's leading central counterparty clearing providers, CME Clearing.
CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and E-mini are trademarks of Chicago Mercantile Exchange Inc. CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc. NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. BrokerTec is a trademark of BrokerTec Americas LLC and EBS is a trademark of EBS Group LTD. The S&P 500 Index is a product of S&P Dow Jones Indices LLC ("S&P DJI"). "S&P®", "S&P 500®", "SPY®", "SPX®", US 500 and The 500 are trademarks of Standard & Poor's Financial Services LLC; Dow Jones®, DJIA® and Dow Jones Industrial Average are service and/or trademarks of Dow Jones Trademark Holdings LLC. These trademarks have been licensed for use by Chicago Mercantile Exchange Inc. Futures contracts based on the S&P 500 Index are not sponsored, endorsed, marketed, or promoted by S&P DJI, and S&P DJI makes no representation regarding the advisability of investing in such products. All other trademarks are the property of their respective owners.
New platform debuts with more than 225 lectures, 130 hours of educational content, and plans for a comprehensive cancer education curriculum
WASHINGTON--(BUSINESS WIRE)--The Independent Medical Alliance (IMA) today announced the official launch of IMA Academy, a new medical education platform designed to provide healthcare professionals with expert-led, evidence-first education that is independent, transparent, and free from institutional and commercial influence.
"Medical education should challenge assumptions, encourage scientific inquiry, and equip physicians to better serve their patients," said Dr. Joseph Varon, President and Chief Medical Officer of the Independent Medical Alliance.
Share Available at academy.imahealth.org, IMA Academy represents a major milestone in the organization's mission to restore trust in medicine by expanding access to high-quality continuing medical education (CME) grounded in scientific rigor and real-world patient care.
The platform launches with a vast collection of independent medical education content, featuring more than 225 lectures, 130 hours of educational programming, and 56 physician faculty and subject matter experts spanning dozens of specialties.
"Medical education should challenge assumptions, encourage scientific inquiry, and equip physicians to better serve their patients," said Dr. Joseph Varon, President and Chief Medical Officer of the Independent Medical Alliance. "IMA Academy was created to give healthcare professionals access to expert-led education that is evidence-based, intellectually honest, and free from the conflicts that too often influence traditional medical education. We believe physicians deserve more opportunities to learn from experienced clinicians working on the front lines of patient care."
A New Model for Independent Medical Education
IMA Academy combines accredited CME opportunities with open-access learning, allowing physicians, healthcare professionals, and members of the public to access educational content on their own schedule.
The new IMA Academy offers:
Expert-led education from practicing physicians, researchers, and clinicians Open-access enrollment with no subscription required Accredited CME opportunities on select courses Mobile and desktop access with personalized learning dashboards Content driven by practicing clinicians, real-world clinical practice and emerging science Healthcare professionals may purchase CME accreditation for eligible courses, while all educational content remains available for open-access viewing through a suggested donation model that supports IMA's ongoing educational mission.
Launching with IMA's 2026 Medical Education Conference
The platform debuts with the complete 2026 IMA Medical Education Conference: Emerging Trends in Medicine, featuring fifteen on-demand lectures and offering up to 12 CME credits. Retail cost for this course is $249 but IMA Academy is offering an introductory launch rate of $199.
Captured live in Texas this year at IMA's annual conference, this course explores emerging research, innovative clinical approaches, and the latest developments across multiple medical disciplines.
Building a Comprehensive Educational Library
The launch of IMA Academy brings together five years of educational content with 56 expert lecturers including IMA leadership and Senior Fellows, previously housed across multiple formats and platforms, all consolidated in one place.
Current offerings include:
81 conference lectures spanning five years of IMA conferences 144 additional educational presentations and specialty programs 17 Kids Corner lectures hosted by Dr. Elizabeth Mumper focused on children's health and parental education 40 Whole Body Health lectures with Dr. JP Saleeby 87 Long Story Short lectures with Dr. Mobeen Syed covering Long COVID, vaccine injury, and emerging medical research In total, the Academy now offers:
225 educational lectures 130 hours of content 56 expert faculty members Expanding Educational Opportunities in 2026
IMA Academy's launch marks the beginning of a broader educational expansion initiative.
Among the programs currently in development is the Academy's first specialty curriculum, a comprehensive Cancer Care Course expected to launch later this year.
The course will feature approximately 10-12 lessons designed to help healthcare professionals better understand emerging research, integrative and functional approaches, diagnostics, treatment strategies, and patient-centered cancer care.
Future specialty tracks and educational programs are also planned as part of IMA's ongoing commitment to supporting physicians, healthcare professionals, and patients with accessible, independent medical education.
Learn from Physicians, Not Institutions
IMA Academy reflects the organization's belief that some of the most valuable medical education comes directly from experienced clinicians caring for patients every day.
"Our faculty are active physicians, pathologists, researchers, and healthcare professionals teaching from decades of real-world experience," said Dr. Varon. "The goal is simple: provide meaningful education that helps clinicians think critically, stay informed, and improve patient outcomes."
To explore courses and learn more, visit academy.imahealth.org.
About IMA Academy
IMA Academy is the educational platform of the Independent Medical Alliance, providing expert-led courses, conferences, CME opportunities, and open-access learning resources for healthcare professionals and the public. The Academy is dedicated to advancing independent medical education through evidence-based instruction, scientific inquiry, and clinical excellence.
About the Independent Medical Alliance (IMA)
Formerly the Front Line COVID-19 Critical Care Alliance, the Independent Medical Alliance™ is a nonprofit, 501(c)(3) organization that has grown into America’s leading organization of frontline doctors, healthcare providers, and researchers advocating for full reform of government healthcare agencies, including transparency on conflicts of interest, pricing and payments, drug and vaccine injuries, and other essential reforms to restore trust in healthcare agencies. IMA is committed to restoring trust, transparency, and integrity in healthcare through Honest Medicine™. IMA advocates for evidence-based medicine, informed consent, physician autonomy, and patient-centered care. Learn more at IMAHealth.org.
, /PRNewswire/ -- CME Group, the world's leading derivatives marketplace, today announced it will expand its benchmark suite of Equity Index futures with the launch of four new E-mini contracts, pending regulatory review.
Starting June 29, these new products will enable market participants to trade futures on broad market indices covering more than 90% of the entire U.S. investable market capitalization. New contracts include:
E-mini Morningstar U.S. Total Market Index futures E-mini Russell 3000® Index Futures E-mini S&P 1500 Composite Index Futures E-mini S&P Total Market Index Futures "These new E-mini futures contracts expand our benchmark equity index ecosystem to meet growing client demand for unified, all-cap risk management tools," said Joe Hickey, Global Head of Equity Products at CME Group. "In any market conditions, choosing the right index is essential, and these contracts will deliver the precision and capital efficiency investors need to seamlessly gain exposure to and hedge U.S. equity portfolios."
"We're so excited to see CME Group kick off our new multi-year index-based derivatives licensing agreement by offering futures contracts on the Morningstar US Total Market Index," said Amelia Furr, President of Morningstar Indexes. "With our acquisition of the CRSP Market Indexes earlier this year and our upcoming rebrand of this series to reflect the Morningstar name, we are proud to open our high-quality equity indexes to an entirely new segment of the global investment marketplace. CME Group clients will now have access to the most definitive and complete measure of the U.S. equity market and an index which currently underpins about $2 trillion in assets including the world's largest mutual fund."
"Transparent, broad market benchmarks play an important role in helping market participants measure and access the U.S. equity market," said Robby Ross, Chief Commercial Officer at S&P Dow Jones Indices. "We are pleased to work with CME Group as they prepare to introduce futures products in support of indices that underlie diversified, broad-market investment strategies, including contracts based on the S&P Composite 1500 and S&P Total Market Index. This collaboration underscores S&P DJI's continued commitment to supporting innovative, index-based solutions across the investment ecosystem."
"The launch of E-mini futures on the Russell 3000 builds on the strength of our broad market benchmarks, which are designed to reflect the depth and diversity of the U.S. equity landscape," said Shawn Creighton, Director of Index Derivatives Solutions at FTSE Russell. "Working with CME Group to extend these indices into the derivatives market supports investor demand for efficient, scalable tools to manage exposure across the full market spectrum and reinforces the role of transparent, rules-based indices in modern portfolio construction."
These products will be listed on and subject to the rules of CME. For more information, please visit www.cmegroup.com/eminiexpansion.
As the world's leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, cryptocurrencies, energy, agricultural products and metals. The company offers futures and options on futures trading through the CME Globex platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform. In addition, it operates one of the world's leading central counterparty clearing providers, CME Clearing.
CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and E-mini are trademarks of Chicago Mercantile Exchange Inc. CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc. NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. BrokerTec is a trademark of BrokerTec Americas LLC and EBS is a trademark of EBS Group LTD. The S&P 500 Index is a product of S&P Dow Jones Indices LLC ("S&P DJI"). "S&P®", "S&P 500®", "SPY®", "SPX®", US 500 and The 500 are trademarks of Standard & Poor's Financial Services LLC; Dow Jones®, DJIA® and Dow Jones Industrial Average are service and/or trademarks of Dow Jones Trademark Holdings LLC. These trademarks have been licensed for use by Chicago Mercantile Exchange Inc. Futures contracts based on the S&P 500 Index are not sponsored, endorsed, marketed, or promoted by S&P DJI, and S&P DJI makes no representation regarding the advisability of investing in such products. All other trademarks are the property of their respective owners.
New 10-Barrel WTI Crude Oil contract allows for more precise hedging and expanded market access 24/7 gold will provide always-on access for continuous price discovery , /PRNewswire/ -- CME Group, the world's leading derivatives marketplace, today announced that it will offer 24/7 trading for new, smaller-sized crude oil and gold contracts, pending regulatory review.
The new oil contract will be 1/10th the size of CME Group's existing Micro WTI futures and will launch on August 30. 24/7 trading for the company's existing 1-Ounce Gold futures will begin on July 26.
"Traders are increasingly looking to diversify their portfolios across commodity markets in the face of geopolitical uncertainty," said Derek Sammann, CME Group Senior Managing Director and Global Head of Commodities Markets. "Our new WTI and Gold futures provide regulated products that are right-sized and available 24/7, ensuring traders can manage exposure whenever news breaks."
WTI is the global benchmark for price discovery and risk management for crude oil. In the first quarter of 2026, WTI Crude Oil options reached a record ADV of 320,000 contracts. In addition, Micro WTI Crude Oil futures ADV reached 272,000 contracts in May, which was a 317% increase compared to May 2025.
CME Group offers the world's leading benchmark futures contract for gold, with $100 billion notional traded each day in 2025. CME Group's new, cash settled 1-Ounce Gold futures contract launched in January 2025, with 90,000 contracts ADV traded in 2026.
The 10-Barrel WTI contract will be cash-settled, and it will be listed on and subject to the rules of NYMEX. To learn more, visit here.
1-Ounce Gold is also cash-settled and is listed and subject to the rules of COMEX. To learn more, visit here.
As the world's leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, cryptocurrencies, energy, agricultural products and metals. The company offers futures and options on futures trading through the CME Globex platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform. In addition, it operates one of the world's leading central counterparty clearing providers, CME Clearing.
CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and E-mini are trademarks of Chicago Mercantile Exchange Inc. CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc. NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. BrokerTec is a trademark of BrokerTec Americas LLC and EBS is a trademark of EBS Group LTD. The S&P 500 Index is a product of S&P Dow Jones Indices LLC ("S&P DJI"). "S&P®", "S&P 500®", "SPY®", "SPX®", US 500 and The 500 are trademarks of Standard & Poor's Financial Services LLC; Dow Jones®, DJIA® and Dow Jones Industrial Average are service and/or trademarks of Dow Jones Trademark Holdings LLC. These trademarks have been licensed for use by Chicago Mercantile Exchange Inc. Futures contracts based on the S&P 500 Index are not sponsored, endorsed, marketed, or promoted by S&P DJI, and S&P DJI makes no representation regarding the advisability of investing in such products. All other trademarks are the property of their respective owners.
(Kitco News) - Geopolitical uncertainty doesn’t take the weekend off, and neither will gold and oil futures as the CME prepares to launch 24/7 trading.
The world’s largest derivatives exchange announced Thursday evening that it would launch a smaller oil futures contract that will trade through the weekend, along with its relatively new one-ounce gold contract.
The shift to 24/7 trading comes as both gold and oil have seen extreme volatility during the Asian market open on Sundays. This is the first opportunity traders have as they react to events and news announced during the weekend. Specifically, the uncertainty surrounding peace agreements in the Iran War can create significant volatility at the market open.
Because futures markets are closed from Friday evening to Sunday evening, some traders have turned to cryptocurrency markets and the use of gold-backed tokens to hedge some of the weekend market risks.
"Traders are increasingly looking to diversify their portfolios across commodity markets in the face of geopolitical uncertainty," said Derek Sammann, CME Group Senior Managing Director and Global Head of Commodities Markets. "Our new WTI and Gold futures provide regulated products that are right-sized and available 24/7, ensuring traders can manage exposure whenever news breaks."
The new smaller WTI crude oil futures will be 1/10th the size of CME Group's existing Micro WTI futures. The CME added that the 10-Barrel WTI contract will be cash-settled.
The CME launched its one-ounce gold futures contract in January 2025, and the smaller size was specifically targeted toward retail traders. The exchange said that it has seen solid activity in its smallest gold contract so far this year, with a daily average volume of about 90,000 contracts.
The one-ounce contract is also cash-settled.
Gold futures will start trading through the weekend on July 26 and oil futures will start trading 24/7 on August 30.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
Key Takeaways CME plans to launch four new E-mini futures tied to major U.S. equity market benchmarks.The contracts will cover more than 90% of investable U.S. market capitalization.CME is expanding its derivatives ecosystem through partnerships with Morningstar, S&P and FTSE Russell. CME Group (CME - Free Report) recently unveiled four new E-mini contracts in a bid to broaden its benchmark suite of Equity Index Futures. The products are scheduled to launch on June 29, pending regulatory approval.
The new offerings include E-mini Morningstar U.S. Total Market Index futures, E-mini Russell 3000 Index futures, E-mini S&P 1500 Composite Index futures, and E-mini S&P Total Market Index futures. These contracts will provide market participants an opportunity to trade futures on broad market indices covering more than 90% of the investable U.S. investable market capitalization, enabling broad exposure, efficient portfolio hedging and risk management.
The launch is supported by collaborations with Morningstar Indexes, S&P Dow Jones Indices and FTSE Russell, expanding CME Group’s index-based derivatives ecosystem. The new contracts are intended to address growing client demand for unified, all-cap risk management tools. By introducing futures linked to widely followed broad-market benchmarks, the company aims to provide investors with greater precision and capital efficiency in managing all-cap U.S. equity portfolios.
The move underscores the company’s strategy to strengthen its equity index ecosystem and address growing demand for broad-market risk management tools. The expansion aligns with increasing demand for diversified and transparent investment solutions while reinforcing the company’s competitive position in the global equity derivatives market.
How Are Competitors Faring?Peers like Cboe Global Markets, Inc. (CBOE - Free Report) and Intercontinental Exchange, Inc. (ICE - Free Report) are also expanding their equity-index derivatives offerings.
Cboe has been broadening its index derivatives portfolio. In May 2026, the company introduced daily expiries for Dow Jones Industrial Average options and earlier launched the S&P 500 Equal Weight Index, providing investors with greater flexibility for short-term hedging and access to diversified market exposure.
ICE continues to strengthen its equity derivatives business through partnerships with MSCI and FTSE. ICE launched MSCI equity index futures on ICE Futures Abu Dhabi and currently offers more than 90 MSCI index futures spanning global and sector benchmarks, reflecting its focus on providing diversified tools for managing equity exposure.
CME’s Price Performance, Valuation & EstimatesShares of CME have lost 3.2% over the past year compared with the industry’s decline of 12.7%.
Image Source: Zacks Investment Research
From a valuation standpoint, CME Group trades at a forward price-to-earnings ratio of 20.96X, higher than the industry average of 19.73X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for CME Group’s 2026 EPS and revenues indicates a year-over-year increase of 9.6% and 8.1%, respectively.
The consensus estimate for 2027 EPS and revenues indicates an increase of 4.3% and 4.7%, respectively, from the corresponding 2026 estimates
The Zacks Consensus Estimate for 2026 and 2027 earnings has moved north 1.2% and 1%, respectively, over the past 60 days.
Image Source: Zacks Investment Research
CME currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
New solution delivers advanced fraud risk scoring, property data reports and automated condition clearing directly within the loan origination workflow
ATLANTA & NEW YORK--(BUSINESS WIRE)--Intercontinental Exchange, Inc. (NYSE: ICE), one of the world's leading providers of financial market technology and data powering global capital markets, today announced the launch of ICE Fraud Monitor, a robust mortgage fraud and property research solution designed to help lenders reduce risk and expedite underwriting.
Integrated directly with Encompass®, ICE’s loan origination system (LOS), Fraud Monitor centralizes fraud risk scoring and property risk data in a user-friendly dashboard, reducing the need for underwriters to navigate between multiple vendor portals. Underwriters can click on fraud categories to view underlying data sources and supporting reports, making it easier to investigate potential issues. The solution’s configurable, exception-based automation can clear conditions and update Encompass, helping to streamline the review process.
“Fraud reviews are often fragmented and highly manual, creating bottlenecks in the underwriting process and contributing to condition fatigue among lenders,” said Bob Hart, President of Mortgage Technology at ICE. “Fraud Monitor helps simplify that process by bringing fraud detection, condition management and supporting documentation into a unified workflow within Encompass. By automating portions of the review process and giving underwriters faster access to detailed reports, they can identify and resolve potential fraud risks more efficiently while keeping loans moving through the pipeline.”
Fraud Monitor incorporates configurable risk scoring and ongoing monitoring capabilities that allow lenders to tailor workflows based on their internal risk management and compliance policies. The solution integrates data from ICE SiteXPro property records, credit and employment validation sources, exclusionary lists and watchlists, and other third-party fraud and verification tools to provide lenders with a more comprehensive view of potential risk indicators. The solution also maintains a full audit trail with automated recordkeeping, user-level permissions, time-stamped condition clearances and compliance-ready reporting.
To learn more about Fraud Monitor, visit: https://mortgagetech.ice.com/products/fraud-monitor.
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds, and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity, and options exchanges -- including the New York Stock Exchange -- and clearing houses help people invest, raise capital and manage risk. We offer some of the world’s largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines, and automates industries to connect our customers to opportunity.
Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 5, 2026.
Shares of exchange stocks are tumbling after the regulatory approval of perpetual futures for bitcoin ignited concerns that a new wave of trading products could pose an existential threat for Wall Street.
CME Group, known for its derivatives and futures trading platforms, dropped more than 2% in Tuesday's session. The stock is down more than 8% over the last two days and is poised to record its biggest weekly drop since 2020.
Cboe Global Markets, an exchange and derivatives network, plunged more than 8% in Tuesday trading. That brought its losses for this week to more than 17%, also pacing for its largest weekly decline going back to 2020.
CME Group, 5 days
New York Stock Exchange parent Intercontinental Exchange slid more than 1% on Tuesday and is down more than 3% for the week. Nasdaq shares tumbled more than 5% in the session, dragging the stock into the red week to date.
The Commodity Futures Trading Commission last week approved perpetual futures — a type of future-style contract with no expiration date — for bitcoin trading on Kalshi. This tool, known in short as "perps," is popular among retail traders abroad.
Investors are worried that the CFTC could give the green light to other asset classes to trade via perpetual futures next. That could increase competition for the traditional exchanges that have long dominated on Wall Street.
Cboe, 5 days
The "concern is that perps could come to equity products, and potentially displace CME/CBOE S&P products," Barclays analyst Ben Budish told clients in a Tuesday note.
'Shooting first'Budish said perpetual futures could provide a competitive challenge to certain products that target retail investors. But the analyst said there's already comparable offerings in the U.S. that haven't meaningfully changed how retail investors trade so far.
Despite the recent pullback, RBC analyst Ashish Sabadra said the competitive risk can be managed because there are "fundamental" differences between perpetual future mechanisms and those offered by exchanges. Sabadra said perpetual futures may face leverage limits from clearing houses as a way to mitigate risk and that there's limited institutional interest.
In other words: Investors are "shooting first and asking questions later," said Jay Woods, chief market strategist at Freedom Capital Markets.
"There [may be] merit on the news for a minor setback," Woods said. "But this seems like a major overreaction to me."
Perpetual futures aren't the only challenge facing exchange providers in the eyes of traders, according to David Krakauer, vice president of portfolio management at Mercer Advisors.
Investors are worried that financial technology companies and other platforms could begin offering products that rival those from traditional exchanges, Krakauer said. What's more, he said stakeholders in these stocks are wondering if the rise of prediction markets will draw attention away from conventional asset classes.
watch now
Growing interestKalshi CEO Tarek Mansour assuaged investors' worries, saying that the prediction market platform is aiming to win approval for and then build out perpetual futures offerings that go beyond solely bitcoin.
"Kalshi is starting with perpetual futures on bitcoin, and then we're going to expand from there," Mansour said Monday on CNBC's "Squawk on the Street."
Perps see more than $90 trillion in volume annually, making it "one of the largest asset classes on the planet today," Mansour said. That's without participation from U.S. investors due to regulatory roadblocks, despite interest in the products, he added.
"The demand has been very clear for a few years in America," Mansour said. "People want it here. Institutions want it here."
To be sure, Piper Sandler analyst Patrick Moley told clients in a note last month that Hyperliquid's perpetual futures platform Trade[XYZ] isn't yet taking significant market share from legacy operators. For instance, Trade[XYZ]'s volume equates to less than 1% of what's seen in products tied to the S&P 500 and oil from the Intercontinental Exchange and CME, the bank found.
Robinhood CEO Vlad Tenev said the potential to bring perps to the U.S. is "very attractive" in an interview with CNBC's "Squawk on the Street" on Tuesday.
Tenev said American traders should be able to use perpetual futures without going through unregulated platforms that are accessed by virtual private networks, also known as VPNs. U.S. crypto investors have been known for years to trade perpetual futures for bitcoin through offshore accounts.
— CNBC's Davis Giangiulio, Sean Conlon and Tanaya Macheel contributed to this report.
Shares of major US exchange operators extended their decline on Tuesday as investors assessed the potential impact of newly approved cryptocurrency perpetual futures contracts.
Analysts say the move could reshape competition across derivatives markets and create new challenges for established exchange operators.
The selloff followed the Commodity Futures Trading Commission's decision to clear the way for regulated crypto platforms to offer Bitcoin perpetual futures in the United States.
The approval marks the first time US investors will have access to perpetual crypto futures through domestic, regulated exchanges.
Cboe Global Markets led the declines, falling about 9%, while CME Group and Intercontinental Exchange ICE each lost roughly 4%.
The move has sparked concerns that perpetual futures, commonly known as "perps," could eventually expand beyond cryptocurrencies into other asset classes, increasing competition for established exchange operators.
Perpetual futures are derivative contracts that do not have a traditional expiration date.
The products have historically been popular on offshore crypto exchanges and are widely used by retail traders seeking leveraged exposure.
Analysts said the approval of regulated crypto perps could create new competition within retail trading markets.
"The question will be how quickly perps get approved across other asset classes, such as equities and commodities," TD Cowen analyst Bill Katz said in a Reuters report.
The possibility that perpetual futures could eventually be introduced for stocks, commodities, or other markets has prompted investors to reassess the long-term competitive position of incumbent exchanges.
According to analysts, the emergence of new products and platforms could pressure valuation multiples across the exchange sector as investors evaluate changing market structures and future growth prospects.
TD Cowen maintained its Hold rating on Cboe despite highlighting the competitive risks.
The firm suggested investors should monitor whether new Bitcoin perpetual futures products affect Cboe's trading volumes and pricing power over time.
While investors reacted negatively to the approval, several analysts argued that perpetual futures are unlikely to meaningfully disrupt traditional futures markets in the near term.
"We believe competitive risk is manageable given fundamental product differences and structural advantages for both exchanges (Cboe, CME)," RBC analyst Ashish Sabadra said in a Reuters report.
Analysts noted that perpetual futures have primarily attracted retail traders because of their leverage and shorter holding periods. Institutional adoption remains limited.
"The contracts are not designed for hedging, but rather retail-oriented speculation. As such, it's hard to envision perpetual futures contracts displacing the existing liquidity and volumes at CME Group and ICE," Raymond James analyst Patrick O'Shaughnessy said.
As a result, analysts generally view the competitive threat as concentrated in retail trading rather than the institutional markets that generate much of the volume and liquidity on established exchanges.
For investors, the key question remains whether the approval of crypto perpetual futures represents a niche expansion within digital assets or the beginning of a broader shift in how derivatives products are offered across US financial markets.
Toronto, Ontario--(Newsfile Corp. - June 2, 2026) - Canlan Ice Sports Corp. (TSX: ICE) ("Canlan Sports") and Entripy Custom Clothing, Canada's leading destination for custom apparel, today announced a landmark naming rights agreement that will see Canlan Sports Oakville renamed the Entripy Centre - a Canlan Sports Community. The agreement includes prominent Entripy branding throughout the sports complex's interior and exterior, effective immediately.
The alliance unites two Canadian brands with deep roots in sport, team culture, and community - bringing together Canlan Sports' legacy in recreational hockey and multi-sport programming with Entripy's identity as the go-to brand for teams across the country. The Entripy Centre will continue to serve as a premier destination for recreational hockey, skating, and community sport programming in the Greater Toronto Area.
Under the agreement, Entripy Custom Clothing will receive brand presence across interior and exterior signage, digital displays, and activation opportunities tied to league play, tournaments, and community events at the Oakville location.
"We are thrilled to welcome Entripy Custom Clothing as a naming rights partner at our Oakville sports complex," said Joey St-Aubin, President and CEO of Canlan Sports. "This partnership is a natural fit. Entripy has built an incredible brand around the spirit of team and community, which are values that are at the very heart of everything we do at Canlan Sports. Together, we look forward to creating an even more vibrant and connected experience for the athletes, families, and teams who call this sports complex home."
The Entripy Centre in Oakville features 4 NHL-sized ice surfaces, year-round programming, and state-of-the-art amenities serving thousands of recreational athletes and their families across the region. The newly branded Entripy Centre is a vital hub for local hockey, hosting tournaments, leagues, hiqh quality programming, public skating, and community events. Work has commenced on slight infrastructure modifications to the Entripy Centre, with a formal ribbon-cutting event to be announced.
"Oakville is our hometown. Entripy started 26 years ago making custom branded apparel and uniforms for local teams, schools and businesses, and has grown to serve customers across Canada- but we’ve never forgotten where it began," said Jas Brar, CEO of Entripy Custom Clothing. "It's no different than kids who lace up at this rink for the first time and go on to play on bigger stages - the journey always starts somewhere. The Entripy Centre puts us at the centre of the community that built us, because every team, every player, and every family that walks through those doors is part of our story too."
About Entripy Custom Clothing:
Entripy is Canada's leader in custom-printed apparel, uniforms and promotional items. With screen printing, digital printing and embroidery all done in-house, Entripy delivers custom-branded solutions for companies and organizations across Canada looking to "put their logo on it." Proudly Canadian, Entripy's use of proprietary technology allows the company to offer one of the fastest turnaround times, on-demand production, and an effortless fulfillment process that is unmatched within the industry. Entripy is a certified member of the Canadian Aboriginal and Minority Supplier Council (CAMSC).
About Canlan Sports:
Canlan Sports is a brand that exists to create a world where everyone can connect and play. Our vision: To be gamechangers, always pushing the boundaries to inspire every recreational sport enthusiast to love the game. Canlan Sports is a leading owner, operator and investor in the multi-sport recreation sector committed to creating sports communities that change lives for the better. Through our portfolio of partnerships, Canlan Sports is the largest private sector owner and operator of recreational sports surfaces with 15 sports complexes and over 70 playing surfaces across Canada and the US, offering a wide array of ice, court, turf and digital sports experiences.
To learn more, please visit us at www.canlansports.com
Media Contacts:
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/299907
Source: Canlan Ice Sports Corp.
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Cyber security initiative deployed across exchanges and clearinghouses, NYSE, FIDS, and mortgage technology
ATLANTA & NEW YORK--(BUSINESS WIRE)--Intercontinental Exchange, Inc. (NYSE: ICE), one of the world's leading providers of financial market technology and data powering global capital markets, today announced it is part of Anthropic’s cyber security initiative, Project Glasswing.
ICE operates some of the world's most critical financial infrastructure. As part of Project Glasswing, ICE has deployed Anthropic's Claude Mythos Preview into its cybersecurity infrastructure to help identify and remediate any vulnerabilities before they can be exploited through emerging AI capabilities.
Anthropic’s Claude Mythos Preview is deployed across all of ICE's businesses including the NYSE and other exchanges, clearinghouses, data services business, and mortgage technology platform, with the deployment, security architecture and governance of its use managed by ICE.
“The systems we run are the backbone of global financial markets. As part of Project Glasswing, we’re advancing the use and sophistication of AI across our cyber security in a manner that is secure, auditable, and designed for regulated industries,” said Ben Jackson, President of ICE. “Reflecting our uncompromising commitment to the security and resilience of the infrastructure on which the world's global markets rely, we can detect vulnerabilities at scale and deliver the highest quality services to our customers.”
“Working with Anthropic on Project Glasswing, we are advancing our technology-forward innovations while protecting the integrity of our state of the art infrastructure powering the global capital markets,” said Lynn Martin, President, NYSE Group.
ICE joins a select group of members who are part of Project Glasswing which together represent the next frontier of AI-secured financial and technological critical infrastructure.
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity, and options exchanges – including the New York Stock Exchange – and clearing houses help people invest, raise capital and manage risk. We offer some of the world’s largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines and automates industries to connect our customers to opportunity.
Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 – Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 5, 2026.
ATLANTA & NEW YORK--(BUSINESS WIRE)--Intercontinental Exchange, Inc. (NYSE:ICE), one of the world’s leading providers of financial market technology and data powering global capital markets, today reported May 2026 trading volume and related revenue statistics, which can be viewed on the company’s investor relations website at https://ir.theice.com/ir-resources/supplemental-information in the Monthly Statistics Tracking spreadsheet.
May highlights include:
Total average daily volume (ADV) up 14% y/y; open interest (OI) up 24% y/y, including record OI of 130.6M lots on May 25 Total Energy OI up 6% y/y, including record options OI of 31.2M lots on May 22 Brent ADV up 6% y/y; OI up 3% y/y Total Natural Gas ADV up 3% y/y; OI up 10% y/y, including record OI of 47.9M lots on May 22 North American Gas OI up 10% y/y, including record OI of 41.4M lots on May 25 TTF gas ADV up 11% y/y; OI up 6% y/y Asia gas ADV up 30% y/y; OI up 33% y/y Total Agriculture & Metals ADV up 60% y/y; OI up 39% y/y Sugar ADV up 44% y/y; OI up 23% y/y Cocoa ADV up 85% y/y; OI up 56% y/y Coffee ADV up 23% y/y; OI up 21% y/y Cotton ADV up 151% y/y; OI up 94% y/y Total Financials ADV up 37% y/y; OI up 56% y/y, including record OI of 54.5M lots on May 29 Total Interest Rates ADV up 38% y/y; OI up 63% y/y, including record OI of 50.8M lots on May 29 Euribor ADV up 29% y/y; OI up 45% y/y, including record OI of 27.1M lots on May 29 SONIA ADV up 34% y/y; OI up 96% y/y, including record OI of 19.6M lots on May 14 Gilts ADV up 47% y/y; OI up 13% y/y Total Equity Indices ADV up 25% y/y MSCI ADV up 39% y/y; OI up 4% y/y NYSE Cash Equities ADV up 12% y/y NYSE Equity Options ADV up 54% y/y About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds, and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity, and options exchanges -- including the New York Stock Exchange -- and clearing houses help people invest, raise capital and manage risk. We offer some of the world’s largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines, and automates industries to connect our customers to opportunity.
Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 5, 2026.
NYSE issues a midday advisory direct from the trading floor. NEW YORK, June 3, 2026 /PRNewswire/ -- The New York Stock Exchange (NYSE) provides a midday update directly from the NYSE Trading Floor.
BTCK combines exposure to bitcoin and regulated carbon credit futures through a single exchange-traded product
MIAMI--(BUSINESS WIRE)--7RCC Global, a financial technology and research firm focused on bridging traditional capital markets, digital assets, and regulated market infrastructure, today marked the trading debut of the 7RCC Spot Bitcoin and Carbon Credit Futures ETF (NYSE Arca: BTCK), an exchange-traded product designed to provide investors with exposure to bitcoin alongside regulated carbon credit futures through a single investment vehicle. Built around the 7RCC Kaiko Bitcoin Carbon Credit Index, BTCK begins trading on NYSE Arca today.
7RCC paired together bitcoin and regulated carbon credit futures in BTCK’s underlying strategy deliberately. The markets for both underlying assets are driven by largely independent forces, adoption and monetary dynamics on one side, emissions policy and compliance demand on the other, bringing two distinct return drivers into a single allocation.
“We started 7RCC because we believed digital assets would become a permanent part of the global financial system and that investors would want them in familiar, regulated structures built for the long term," said Rali Perduhova, Co-Founder and CEO of 7RCC Global. "BTCK pairs bitcoin with regulated carbon markets, bringing together two asset classes driven by distinct market forces. It's designed to give investors a single, transparent way to access exposures that have historically been difficult to combine within one investment vehicle."
The Fund seeks to reflect the daily changes of the price of bitcoin and the value of carbon credit futures, as represented by the 7RCC Kaiko Bitcoin Carbon Credit Index, less the expenses of the Fund. Under normal market conditions, the Fund allocates approximately 80% of its assets to bitcoin and approximately 20% to carbon credit futures linked to major regulated emissions-allowance markets, including the European Union Emissions Trading System (EU ETS), California Cap-and-Trade (CCA), and the Regional Greenhouse Gas Initiative (RGGI). BTCK differs from a single-asset spot bitcoin ETF by adding a regulated carbon futures allocation.
BTCK trades on NYSE Arca and can be accessed through brokerage accounts that support listed ETFs, allowing investors to gain exposure without maintaining a separate digital asset wallet or exchange account.
7RCC's broader work focuses on expanding access to emerging asset classes through regulated investment vehicles and on developing market infrastructure for regulated investment products. "BTCK is an important milestone for 7RCC, reflecting years of research and our belief that regulated, transparent structures are the right way to bring new asset classes to investors," Perduhova added.
BTCK is a series of Teucrium Commodity Trust, sponsored by Teucrium Trading, LLC, with PINE Distributors LLC serving as Marketing Agent. The Fund tracks the 7RCC Kaiko Bitcoin Carbon Credit Index and trades on NYSE Arca under the ticker BTCK. The Index is provided by Kaiko (benchmark administrator) and calculated by Solactive AG; the Fund's bitcoin is held by Gemini Trust Company, with U.S. Bank serving as cash custodian and administrator.
For more information about BTCK, including the prospectus and risk disclosures, please visit teucrium.com/btck.
About 7RCC Global
7RCC Global is a financial technology and research firm focused on bridging traditional capital markets, digital assets, and regulated market infrastructure. The firm develops index methodologies and technology designed to expand access to emerging asset classes through regulated investment vehicles. 7RCC developed the methodology behind the 7RCC Kaiko Bitcoin Carbon Credit Index. Beyond its index work, the firm is building next-generation infrastructure for digital ownership and transfer within regulated investment products — part of a broader effort to modernize how new asset classes reach investors. 7RCC is not a broker-dealer, an investment adviser, or the Fund's sponsor or distributor.
About Teucrium Trading, LLC
Teucrium is a provider of exchange-traded funds (ETFs) that focuses on offering exposure to alternative asset classes. The company also provides White-Label ETF services, allowing partners to create customized ETF products. For more information, visit www.Teucrium.com.
Important Risk Information
Investing involves risk, including possible loss of principal. Bitcoin is highly volatile and subject to market, regulatory, custody, and technology risks. Carbon credit futures are subject to futures market risks, including liquidity risk, roll risk (which can be negative), and regulatory and political developments affecting emissions-allowance markets. The Fund is a commodity pool regulated by the CFTC and is not registered under the Investment Company Act of 1940 and is not subject to regulation thereunder. As a commodity pool, the Fund issues a Schedule K-1 for tax reporting rather than a Form 1099; consult a tax advisor. Past performance does not guarantee future results. An investor may lose all or substantially all of an investment.
Bitcoin and bitcoin futures are a relatively new asset class. They are subject to unique and substantial risks, and historically, have been subject to significant price volatility. The value of an investment in the Fund could decline significantly and without warning, including to zero. You should be prepared to lose your entire investment. Bitcoin is largely unregulated and bitcoin investments may be more susceptible to fraud and manipulation than more regulated investments.
Because the Fund invests primarily in spot bitcoin, with a portion allocated to carbon credit futures contracts, an investment in the Fund will subject the investor to the risks of bitcoin and the carbon credit markets. This could result in substantial fluctuations in the price of the Fund’s shares.
Commodities and futures generally are volatile, and instruments whose underlying investments include commodities and futures are not suitable for all investors. Futures investing is highly speculative and involves a high degree of risk.
7RCC Kaiko Bitcoin Carbon Credit Index: The 7RCC Kaiko Bitcoin Carbon Credit Index is a financial benchmark designed to track the performance of a portfolio that combines digital assets with environmental sustainability. It serves as the underlying index for the 7RCC Spot Bitcoin and Carbon Credit Futures ETF. It is not possible to invest directly in an index.
This material must be preceded or accompanied by a prospectus. Please read the prospectus carefully before investing. To obtain a current prospectus visit www.teucrium.com/btck.
Distributed by PINE Distributors LLC, Member FINRA / SIPC. Sponsored by Teucrium Trading, LLC. PINE Distributors LLC is not affiliated with Teucrium Trading, 7RCC, or any affiliates.
Not an offer or solicitation to buy or sell any securities outside the United States. 7rccglobal.com · teucrium.com/btck
LONDON--(BUSINESS WIRE)--Intercontinental Exchange, Inc. (NYSE:ICE), one of the world's leading providers of financial market technology and data powering global capital markets, today announced that ICE Benchmark Administration Limited (IBA), a leading administrator of regulated benchmarks, has launched two new ICE Swap Rate® Inflation Swap benchmarks.
The new benchmarks reference the U.K. Retail Prices Index (RPI) for GBP and the Eurozone Harmonised Index of Consumer Prices excluding tobacco (HICP ex-tobacco) for EUR, based on zero-coupon inflation index swaps. The RPI and HICP ex-tobacco are key U.K. and Eurozone indices which measure inflation by tracking the changing cost of a representative basket of goods and services.
ICE Swap Rate® Inflation Swap benchmarks aim to provide market participants with robust, transparent reference rates for use in transactions and valuations. The GBP and EUR reference rates are calculated daily using the ICE Swap Rate® Waterfall Methodology based on dealer-to-client data provided by Tradeweb and are published in tenors from 1 to 30 years.
“As a global leader in regulated benchmark administration, IBA is uniquely positioned to bring the same rigorous governance, data management and technology that underpins the existing ICE Swap Rate® suite of benchmarks to the inflation swap market,” said Clive de Ruig, President of IBA.
“Amid evolving inflationary pressures and shifting central bank policies across the U.K. and Eurozone, the demand for inflation risk management tools has grown, and ICE Swap Rate® Inflation Swap benchmarks are designed to give market participants regulated, transparent reference rates to ensure certainty and predictability in inflation swap settlement,” continued de Ruig.
In addition to ICE Swap Rate® Inflation Swap benchmarks, IBA publishes ICE Swap Rate® benchmarks based on swaps referencing EURIBOR, €STR, SONIA and SOFR, and swap spreads linked to SOFR. IBA also publishes SONIA spread-adjusted and SOFR spread-adjusted ICE Swap Rate® settings.
ICE Swap Rate® is designated as a “critical benchmark” under the U.K. Benchmarks Regulation and has been specified as a “significant benchmark” under the EU Benchmarks Regulation.
ICE Swap Rate® benchmark settings are available under licence, including for redistribution, valuation and pricing activities and for use in transactions and financial products. Prospective licensees should contact IBA's licensing team at [email protected].
About ICE Benchmark Administration
ICE Benchmark Administration is authorized and regulated by the U.K. Financial Conduct Authority for the regulated activity of administering a benchmark under the Financial Services and Markets Act 2000 and the U.K. Benchmarks Regulation and is recognised by the European Securities and Markets Authority as an administrator of significant benchmarks located in a third country under the EU Benchmarks Regulation. IBA reserves all rights in the ICE Swap Rate benchmark methodology and settings. ICE Swap Rate and ICE Benchmark Administration are registered trademarks of IBA and/or its affiliates. The "SONIA" mark is used under licence from the Bank of England (the benchmark administrator of SONIA), and the use of such mark does not imply or express any approval or endorsement by the Bank of England. "Bank of England" and "SONIA" are registered trademarks of the Bank of England. IBA is not affiliated with the New York Fed. The New York Fed does not sanction, endorse, or recommend any products or services offered by IBA.
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds, and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity, and options exchanges -- including the New York Stock Exchange -- and clearing houses help people invest, raise capital and manage risk. We offer some of the world’s largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines, and automates industries to connect our customers to opportunity.
Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 5, 2026.
Key Takeaways ICE's acquisitions built an end-to-end digital mortgage platform and expanded software-based revenues. Deals including Interactive Data, Ellie Mae, and Black Knight broadened data and fixed-income capabilities. Acquisitions support revenue diversification, recurring income growth and long-term competitive advantages. Intercontinental Exchange, Inc.’s (ICE - Free Report) acquisitions have been its core growth driver, helping the company evolve from an energy-trading marketplace into a diversified operator of exchanges, clearing houses, data services, fixed-income platforms and mortgage technology businesses.
A series of acquisitions—including Interactive Data, MERS, Simplifile, Ellie Mae and Black Knight—allowed ICE to build an end-to-end digital mortgage platform covering loan origination, processing, servicing, registration and analytics. Acquisitions increased ICE's exposure to subscription-based software, data and analytics revenues, which tend to be more stable than transaction-driven exchange revenues.
Intercontinental Exchange's acquisition strategy has consistently targeted businesses with strong network effects, proprietary data and recurring revenue streams. The company's largest recent deals have shifted ICE beyond traditional exchange operations and toward technology and software-driven earnings growth. As a result, acquisitions have become one of the most important drivers of ICE's long-term revenue diversification, margin expansion and competitive advantage. ICE strengthens its competitive position through select acquisitions and strategic relationships.
Intercontinental Exchange has completed many acquisitions, and it expects to continue to pursue acquisitions and joint ventures. The success of the acquisitions will depend on the ability to integrate the businesses and realize anticipated cost savings, revenue synergies and growth opportunities.
ICE recently acquired American Financial Exchange (“AFX”) in January 2025. AFX operates an electronic marketplace that enables U.S. banks and financial institutions to lend and borrow directly from one another. Intercontinental Exchange believes AFX expands ICE's fixed-income and data business and enhances interbank lending market capabilities. The deal also creates opportunities to develop new benchmark and data products, and supports recurring revenue growth from data and network services.
ICE does not typically fund acquisitions solely from cash reserves. Instead, it relies on its strong cash generation and investment-grade credit profile to raise debt, while occasionally issuing stock for part of the purchase price. This approach allowed ICE to complete transformative acquisitions such as Ellie Mae and Black Knight without overly straining its balance sheet.
Through acquisitions, ICE has built a broad financial infrastructure ecosystem that competes with companies such as Nasdaq, Inc. (NDAQ - Free Report) , CME Group Inc. (CME - Free Report) and Cboe Global Markets across multiple business lines.
What About Its Peers?Nasdaq: Acquisitions have been a key pillar of Nasdaq's strategy to transform itself from a stock exchange operator into a diversified technology, data, analytics and financial infrastructure company. Through acquisitions, Nasdaq has expanded its presence in market technology, anti-financial-crime solutions, regulatory technology, index businesses and software services.
CME Group: Acquisitions have played a meaningful role in the evolution of CME Group, although the company has generally been more selective and less acquisition-driven than its peers. CME's acquisitions have primarily focused on expanding its derivatives product suite, market infrastructure and data capabilities.
ICE’s Price PerformanceShares of ICE have lost 20.5% in the past year, outperforming the industry.
Image Source: Zacks Investment Research
ICE’s UndervaluationThe stock is undervalued compared with its industry. It is currently trading at a price-to-earnings multiple of 16.81, lower than the industry average of 19.61.
Image Source: Zacks Investment Research
Estimate Movement for ICEThe Zacks Consensus Estimate for ICE’s second-quarter 2026 EPS has moved down 0.5% in the past 30 days. The same for full-year 2026 and 2027 EPS have both moved up 0.5% in the past 30 days.
The consensus estimate for ICE’s 2026 and 2027 EPS and revenues indicates year-over-year increase.
Image Source: Zacks Investment Research
ICE stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
ATLANTA & NEW YORK--(BUSINESS WIRE)--Intercontinental Exchange, Inc. (NYSE:ICE), one of the world’s leading providers of financial market technology and data powering global capital markets, today announced that the European Securities and Markets Authority (ESMA) has granted recognition to ICE Data Indices (IDI) as a third country benchmark administrator under Article 32 of the EU Benchmarks Regulation (EU BMR).
This important recognition decision means that the 100 Climate Transition and Paris-Aligned Benchmarks currently offered by IDI remain available for use by ‘supervised entities’ in the European Union.
The IDI Climate Transition and Paris-Aligned Benchmarks form part of the Climate Index series (“Climate Indices”) offered by IDI which is a range of fixed income indices that incorporate ESG screening criteria along with a carbon reduction methodology to meet our clients’ demand for indices that support the transition to net zero carbon emissions by 2050. The Climate Indices represent different currencies and emissions metrics, and include indices such as the:
ICE Euro Corporate Climate Transition CTB Index (ER00CTB) ICE Sterling Corporate Climate Transition Absolute Emissions CTB Index (UR00CTBA) ICE Emerging Markets Corporate Plus Paris-Aligned Absolute Emissions PAB Index (EMCBPABA) ICE US High Yield Paris-Aligned PAB Index (H0A0PAB) ICE Global Corporate Paris-Aligned Absolute Emissions PAB Index (G0BCPABA) “With the ongoing demand for responsible and sustainable investing, the goal of carbon reduction has become even more important for investors,” said Preston Peacock, Head of ICE Data Indices. “Receiving this recognition from ESMA expands our reach and further supports our efforts to continue helping investors make more informed decisions to achieve their emission reduction goals.”
IDI administers a number of other benchmarks which are not currently in scope of the EU Benchmarks Regulation.
In addition to being recognized by ESMA, IDI is also recognized as a third country benchmark administrator by the U.K. Financial Conduct Authority.
ICE is a leading provider of indices, with over $2 trillion total assets under management benchmarked to ICE Indices, and a deep expertise administering and publishing indices used throughout global markets. Its broad offering includes over 8,000 global equity, fixed income, commodity and foreign exchange indices to support benchmarking and performance measurement by investors, backed by a 50-year track record.
For more information about ICE indices, visit https://www.ice.com/fixed-income-data-services/index-solutions/fixed-income-indices.
For more information about ICE’s corporate climate indices, please visit: Sustainability Indices.
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds, and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity, and options exchanges -- including the New York Stock Exchange -- and clearing houses help people invest, raise capital and manage risk. We offer some of the world’s largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines, and automates industries to connect our customers to opportunity.
Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 5, 2026.
First-quarter second-lien withdrawals hit an 18-year high as borrowers seek to preserve lower interest rates
ATLANTA & NEW YORK--(BUSINESS WIRE)--Intercontinental Exchange, Inc. (NYSE: ICE), one of the world's leading providers of financial market technology and data powering global capital markets, today released its June 2026 ICE Mortgage Monitor report, which found that homeowners tapped equity at the highest first-quarter levels since 2021. The increase was driven in part by second-lien lending, which reached its strongest first-quarter volume in nearly two decades as more borrowers chose to preserve their existing low-rate first mortgages.
“The housing market continues to be defined by the lock-in effect,” said Andy Walden, Head of Mortgage and Housing Market Research at ICE. “Millions of homeowners are sitting on first mortgages with rates well below current market levels, making second liens and HELOCs an attractive way to access equity without giving up those loans. While higher mortgage rates have reduced refinance opportunities and softened affordability gains in recent months, home prices continue to firm across much of the country and affordability remains improved from year-ago levels.”
Key findings from the June Mortgage Monitor include:
Q1 equity withdrawals increased, and Q1 second-lien lending reached an 18-year high Equity withdrawals rose 2% year over year in Q1, reaching their highest first-quarter level since 2021. More than half (54%) of all equity extraction came through second liens as borrowers continued to preserve historically low first-mortgage rates. Cash-out refinance withdrawals reached their highest first-quarter level since 2022, while second-lien withdrawals posted their strongest first-quarter performance in nearly two decades. 3.9 million homeowners who took out primary loans from 2020–2022 now have a second lien Nearly two-thirds of Q1 second-lien originations came from 2020–2022 vintage borrowers seeking to preserve their below market first-lien rates. Now 3.9 million people who took out a primary mortgage from 2020–2022 have added second liens. Cash-out refinances showed a broader vintage mix, with nearly half coming from 2023-or-later borrowers and a quarter from 2020–2022 vintage borrowers. Falling HELOC rates are helping fuel demand for home equity products Average second-lien HELOC rates fell to 6.6% in March, their most attractive level since late 2022. At those rates, a borrower can access $50,000 in equity with a monthly payment of roughly $275, down significantly from early 2024 levels. Average introductory HELOC rates also dipped slightly below the prime rate, highlighting increasingly aggressive lender competition for home equity business. Affordability remains better than a year ago despite recent rate increases A roughly 50-basis-point increase in mortgage rates since February has reversed some of the affordability gains seen earlier this year. Even so, homebuyers still have roughly 3% more purchasing power than they did a year ago, and the monthly payment on the average-priced home remains $48 lower than last May. Purchasing the average-priced home now requires 29.8% of median household income, down from 31.6% a year ago. Home price growth has become more broad-based across the country Nearly 70% of major markets posted annual home price gains in May, the largest share since July 2025, while almost 90% recorded seasonally adjusted month-over-month appreciation, the strongest reading in two years. The spread between the nation’s strongest and weakest housing markets has narrowed to one of the smallest levels on record, suggesting increasingly synchronized home price performance. Northeastern markets continue to lead annual appreciation, while a handful of formerly high-growth Sun Belt markets remain under pressure. “As refinance opportunities become more limited, home equity products are playing a larger role in helping homeowners access liquidity and meet financial goals,” said Bob Hart, President of ICE Mortgage Technology. “Lenders that can effectively identify, engage and serve those borrowers across both mortgage and home equity channels will be best positioned to capitalize on evolving consumer demand.”
Further detail on mortgage origination, performance, equity and home price trends — including charts — can be found in the full Mortgage Monitor report at https://mortgagetech.ice.com/resources/data-reports.
About the ICE Mortgage Monitor
ICE manages the nation’s leading repository of loan-level residential mortgage data and performance information covering the majority of the overall market. The ICE Home Price Index provides one of the most complete, accurate and timely measures of home prices available, covering 95% of U.S. residential properties down to the ZIP code level. In addition, the company maintains one of the most robust public property records databases available, covering 99.9% of the U.S. population and households from more than 3,100 counties.
ICE’s research experts carefully analyze this data to produce a summary supplemented by dozens of charts and graphs that reflect trend and point-in-time observations for the monthly Mortgage Monitor report.
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds, and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity, and options exchanges -- including the New York Stock Exchange -- and clearing houses help people invest, raise capital and manage risk. We offer some of the world’s largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines, and automates industries to connect our customers to opportunity.
Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 5, 2026.
Enables Institutional Investors and asset managers to estimate counterparty price commitment prior to indicating intent to trade
T. Rowe Price Signs On As Anchor Client
ATLANTA & NEW YORK--(BUSINESS WIRE)--Intercontinental Exchange, Inc. (NYSE: ICE), one of the world's leading providers of financial market technology and data powering global capital markets, today announced the launch of ICE Compass, an AI-powered trading analytics platform that gives buy-side fixed income trading desks prioritized trader counterparty rankings and price estimates before executing trades. T. Rowe Price, which provided valuable feedback during the development process and beta testing, has signed on as an anchor client.
ICE Compass enables customers to combine their own real-time and historical trading data with ICE’s market data and pricing streams, as well as the millions of bids and offers, indications of interest and other pricing data points that they receive from trading counterparties each day. The model tracks intraday market movements, trading costs and trading behaviors to generate estimates that help support counterparty selection and pre-trade cost analysis.
“Since our founding, innovation and electronification of markets have been key components of the company’s DNA,” said Chris Edmonds, President of ICE’s Fixed Income and Data Services. “ICE Compass embodies those founding principles and builds on the broad platform that we’ve built around fixed income trading and data at ICE over the years to offer a new level of transparency to the pre-trade lifecycle.”
ICE Compass is built on ICE’s proprietary data assets, including ICE Continuous Evaluated Pricing, fixed income liquidity metrics and indices. The Compass data model improves over time and is continuously refined as new trading data is incorporated. By applying AI and data science expertise, the ICE Compass platform is able to estimate trading counterparty price commitment prior to indicating trading intent and ranks trading counterparties on the competitiveness of their prices across corporates and sovereign bonds globally.
“Finding useful, pre-trade intelligence in the enormous amount of data that buyside firms are bombarded with each day has become increasingly difficult,” said Varun Pawar, Chief Product Officer, Data Services at ICE. “By pooling together data from across firms, trading counterparties and ICE’s vast data warehouse, we’re able to create a pre-trade view of dealer rankings and final cost-of-trade estimates across the market, giving customers a powerful new tool for optimizing their trading strategies and managing risk.”
“At T. Rowe Price, we are focused on using data, technology, and market insight to make faster, more informed trading decisions and enhance execution outcomes for our clients,” said Dwayne Middleton, Global Head of Fixed Income Trading at T. Rowe Price. “Our collaboration with ICE on Compass reflects that priority and supports our continued evolution toward a more transparent, data-driven, and scalable trading model.”
ICE Compass leverages ICE’s vast fixed income and data services platform, which includes comprehensive fixed income execution, clearing and data solutions that can help enhance market insights, manage risks, and uncover investment opportunities. ICE provides fixed income evaluations on approximately three million instruments, reference data across global markets, and indices across all asset classes, with $2 trillion in AUM benchmarked to them. For connectivity and data access, ICE offers a suite of desktop solutions and data feeds, as well as the ICE Global Network, which offers high-quality content, delivery and execution services through ultra-secure, highly resilient fiber and wireless networks.
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds, and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity, and options exchanges -- including the New York Stock Exchange -- and clearing houses help people invest, raise capital and manage risk. We offer some of the world’s largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines, and automates industries to connect our customers to opportunity.
Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 5, 2026.
Investors in Intercontinental Exchange, Inc. (ICE - Free Report) need to pay close attention to the stock based on moves in the options market lately. That is because the Jun 18, 2026 $90 Call had some of the highest implied volatility of all equity options today.
What is Implied Volatility?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.
What do the Analysts Think?Clearly, options traders are pricing in a big move for Intercontinental Exchange shares, but what is the fundamental picture for the company? Currently, Intercontinental Exchange is a Zacks Rank #3 (Hold) in the Securities and Exchanges industry that ranks in the Top 21% of our Zacks Industry Rank. Over the last 60 days, five analysts have increased their earnings estimates for the current quarter, while one analyst has revised the estimate downward. The net effect has taken our Zacks Consensus Estimate for the current quarter from $1.91 per share to $1.97 in that period.
Given the way analysts feel about Intercontinental Exchange right now, this huge implied volatility could mean there’s a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.
On June 10, 2026, we present a DCF analysis for Intercontinental Exchange Inc ICE , a company that has seen a significant decline in its stock price over the past year. The current price of ICE stands at $141.56, reflecting a year-to-date drop of 12.3% and an 18.6% decrease over the past year. Below are key points from our analysis:
DCF Earnings-based intrinsic value of $128.85 vs current price of $141.56 (margin of safety: -9.9%) DCF FCF-based intrinsic value of $134.64 vs current price (second opinion: -5.1% margin of safety) GF Score™ of 88/100 indicates a high reliability of the DCF inputs What Is ICE Worth? DCF Earnings-Based Model The DCF earnings-based model for ICE utilizes a two-stage approach, where we first project earnings growth over the next ten years, followed by a terminal growth phase. The assumptions used in this model are detailed in the table below:
Parameter Value Current EPS (TTM, excl. non-recurring) $7.58 10-Year Growth Rate 10.9% 10-Year Treasury Rate 4.53% Discount Rate (ceil(Treasury) + 6%) 11% Terminal Growth Rate 4% In the growth phase (Years 1-10), we project that EPS will grow at an annual rate of 10.9%, which is then discounted at a rate of 11%. The terminal phase (Years 11-20) assumes a slower growth rate of 4%, also discounted at 11%. The calculation summary is as follows:
Stage Description Value Growth Stage (Years 1-10) EPS growing at 10.9%, discounted at 11% $75.43 Terminal Stage (Years 11-20) 4% terminal growth, discounted at 11% $53.42 Intrinsic Value Growth + Terminal $128.85 Comparing the current price of $141.56 with the intrinsic value of $128.85 indicates that ICE is fairly valued, with a margin of safety of -9.9%. It is important to note that GuruFocus uses EPS excluding non-recurring items, as research shows that stock prices correlate more closely with earnings than with free cash flow. For a detailed calculation, visit the ICE DCF Calculator.
What Does the Free Cash Flow DCF Say? The free cash flow (FCF) based intrinsic value for ICE is calculated at $134.64. When we compare this with the earnings-based intrinsic value of $128.85, we find that both models suggest a similar valuation perspective. The FCF model also indicates that ICE is fairly valued, with a margin of safety of -5.1%. This consistency across both models strengthens the reliability of our valuation analysis.
How Does GF Value™ Compare to the DCF Models? The GF Value™ for ICE is calculated at $167.17, providing a third perspective on the company's valuation. GF Value™ is GuruFocus' proprietary measure that considers historical trading multiples, past business growth, and future performance estimates. While the DCF models suggest that ICE is fairly valued, the GF Value™ indicates that the stock may be undervalued by approximately 15.3%. This discrepancy highlights the importance of considering multiple valuation methods. For more information, visit the GF Value™ page.
What Does ICE's GF Score™ Tell Us? The GF Score™ ranks stocks from 0 to 100 based on five key aspects: Financial Strength, Profitability, Growth, Valuation, and Momentum. Higher GF Score™ values have been associated with better long-term returns based on backtested data from 2006 to 2021. Below is the breakdown of ICE's GF Score™:
Metric Rating GF Score™ 88/100 Financial Strength 4/10 Profitability 8/10 Growth 10/10 Valuation 10/10 Momentum 5/10 ICE has a predictability rank of 2/5 stars, indicating that the DCF model may be less reliable for this stock. For further details, visit the ICE stock page.
Key Assumptions and Limitations It is important to note that DCF models are highly sensitive to the assumptions made regarding growth rates and discount rates. Stocks with low predictability ratings tend to produce less reliable DCF estimates. Additionally, the terminal growth rate of 4% is a simplifying assumption that may not reflect actual future performance.
What This Means for Investors In synthesizing the three valuation models—DCF earnings, DCF FCF, and GF Value™—we find that ICE is currently fairly valued. The DCF models suggest a slight overvaluation, while the GF Value™ indicates potential undervaluation. Overall, investors should consider these insights when evaluating ICE's stock. For the full DCF analysis, visit the ICE DCF Calculator. You can also explore the GF Value™ page, or use the GuruFocus Stock Screener to find undervalued predictable companies.
Frequently Asked Questions What is ICE's intrinsic value based on DCF?
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Toronto, Ontario--(Newsfile Corp. - June 11, 2026) -
Canlan Ice Sports Corp. (TSX: ICE) ("Canlan Sports"), the operator of 15 sports complexes across Canada and the United States and home to the world's largest adult recreational hockey league, today announced Own Your Play™. The launch of this new narrative marks a significant evolution in how Canlan Sports tells stories — centred on the heroes of its communities and the joy, connection, and purpose that recreational sport creates for people of all ages and backgrounds.
"Own Your Play is a declaration of what we believe: play builds community. It reminds us that play has purpose, creates connection, and carries real power. We're proud to share this new brand story with the world."
- Joey St-Aubin, President and CEO, Canlan Sports
Renewed Mission & Vision
Alongside the Own Your Play™ launch, Canlan Sports has sharpened its Vision and Mission to reflect the company's evolution from facility operator to true community builder - and its enduring belief in the transformational power of play.
Vision
A world where everyone has a team.
Mission
We create experiences where people find their people through the power of play.
About Own Your Play™
Own Your Play™ replaces the previous "It's Where We Play" tagline and reflects how Canlan Sports has grown into something far greater than a facility operator. The new brand story celebrates the emotional connections forged through sport — teammates who bond weekly, families who spend weekends together, and friend groups that form new routines. It recognizes that Canlan Sports' complexes are "third places" — the gathering spots outside of home and work where people come for sport but stay for each other. Own Your Play also brings a new visual identity as play is personal. Our new look and feel reflects that — a bolder, more human creative identity that celebrates community, connection, and the joy of being in it together.
Launching on International Day of Play
The timing of the Own Your Play™ launch is no coincidence. June 11 marks International Day of Play, a United Nations-recognized observance that affirms every child's — and every person's — right to play. For Canlan Sports, a company built entirely around the belief that play is essential to human connection and wellbeing, there is no more fitting day to declare its new brand story to the world. International Day of Play is a global call to action to protect and promote play in all its forms — for children and adults alike. Research consistently shows that play reduces stress, strengthens social bonds, improves mental health, and keeps people physically active across every stage of life. These are values Canlan Sports has championed for more than 30 years through its leagues, programs, and community initiatives.
To mark the occasion, Canlan Sports is releasing its new brand video, launching a dedicated Own Your Play landing page at CanlanSports.com, and inviting customers, partners, and communities across North America to share what play means to them. The campaign celebrates the real people — the recreational athletes, the weekend warriors, the first-time skaters, the league veterans — who are the true heroes of the Canlan Sports community.
Watch the video here.
"International Day of Play is a reminder that play unites us. It's what keeps us human. At Canlan Sports, we've always known this. Own Your Play is our way of saying to every person in our community: this is your game, your place. Own it."
- Liana Guiry, Vice President, Sales, Marketing & Customer Experience, Canlan Sports
About Canlan Sports®
Canlan Sports exists to create experiences where people find their people through the power of play because we believe everyone deserves a team. As North America's largest private sector owner and operator of recreational sports complexes, Canlan Sports brings that belief to life across 15 multi-sport complexes and more than 70 playing surfaces spanning Canada and the United States. From ice and court to turf and digital, we offer a wide array of recreational sports experiences designed to build community, foster connection, and change lives for the better.
To learn more, please visit us at canlansports.com
Media Contacts:
Liana Guiry
Vice President, Sales, Marketing and Customer Experience Canlan Sports [email protected]
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/300990
Source: Canlan Ice Sports Corp.
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Revolutionary Ku/Ka Fully Integrated Aero-Conformal Antenna System Sets a New Standard for Aircraft Connectivity and Paves the Way for Supersonic and Hypersonic Flight — Developed in Collaboration with Qorvo
ATLANTA, March 23, 2026 (GLOBE NEWSWIRE) -- NexSat Space Systems Corporation (NexSat) today announced its official company launch and unveiled its first groundbreaking product development, ACE (Aero Conformal ESA) — an industry-first fully integrated Ku/Ka-band electronically steered antenna (ESA), known as “The Invisible Antenna.”
“With NexSat’s launch, we’re on a mission to rewrite the antenna rulebook with our Aero Conformal Electronically Scanned Array (A.C.E.), bringing a smartphone-like simplicity to users and ubiquitous coverage anywhere in the world,” said David Horton, founder and CEO, NexSat.
Working with Qorvo, a leading provider of connectivity and power solutions, NexSat will deliver the next wave of global connectivity to the SATCOM and aero market.
ACE is a fully conformal, embedded Ku/Ka-band ESA, enabled through Qorvo beamformer IC (BFIC) technologies and SATCOM systems expertise in a resilient composite matrix.
Leveraging Qorvo’s latest advances in BFIC technology and phased-array systems expertise, the ultra-thin, conformal architecture minimizes aerodynamic drag while delivering continuous multi-orbit connectivity across dynamic flight envelopes, including high-G, supersonic, and hypersonic regimes. This revolutionary system seamlessly embeds the antenna into aircraft surfaces using a patented 3D robotic Additive Manufacturing and Compression Mold (AM-CM) process, eliminating the need for traditional radomes and external apertures.
“ACE’s fully integrated Ku/Ka capability, combined with our AM-CM process, delivers performance and reliability once considered impossible,” said Horton. “This technology revolutionizes connectivity for today’s business, commercial and defense aircraft, while establishing the foundation for the next generation of supersonic and hypersonic platforms.”
“The collaboration with NexSat highlights how Qorvo’s advanced beamforming IC technology can accelerate innovation across the aerospace communications market,” said Ryan Jennings, director of SATCOM and Systems Engineering at Qorvo. “Our proven capabilities in RF integration and system architectures are key enablers for high-performance, reliable connectivity across new flight domains.”
Serving Aircraft Connectivity Needs
ACE addresses the need for modern aircraft connectivity, targeting business jet aircraft first, with scaled versions for narrow-body and wide-body commercial aircraft in development. ACE supports multi-orbit, multi-network and multi-band requirements, including Ku/Ka and L-band.
Delivering Aerodynamic Advantage to Hypersonic, UAS Platforms
As the first “invisible,” structurally embedded antenna system engineered for speed and performance, ACE is also suitable for any platform across commercial and defense applications, unmanned aerial systems (UAS), and high-speed aerospace platforms such as hypersonic aircraft learn more about NexSat product capabilities.
Through ACE, NexSat Space Systems Corporation is redefining what’s possible in aerospace communications — delivering the world’s first truly invisible, structurally embedded, electronically steerable antenna system, engineered for the edge of speed, space and performance.
About NexSat
NexSat Space Systems Corporation is an advanced aerospace and communications technology company pioneering embedded, conformal, multi-band, multi-orbit and network-agnostic antenna systems better known as the Universal Antenna Layer (UAL). NexSat brings both multi-domain satellite antenna development experience and FAA certification expertise to redefine connectivity, sensing and intelligence across the defense, aerospace and commercial space sectors.
About Qorvo
Qorvo (Nasdaq: QRVO) is a global leader in radio-frequency (RF) and power solutions that connect, protect, and power the world. The company delivers advanced semiconductor technologies and high-performance RF systems for mobile devices, satellite and terrestrial communications, aerospace and defense, automotive, and Internet of Things applications.
Headquartered in Greensboro, North Carolina, Qorvo leverages expertise in GaN, GaAs, and advanced filtering technologies to enable next-generation communications across multi-band and high-reliability environments.
It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors. Luckily, Zacks Premium offers several different ways to do both.
The popular research service can help you become a smarter, more self-assured investor, giving you access to daily updates of the Zacks Rank and Zacks Industry Rank, the Zacks #1 Rank List, Equity Research reports, and Premium stock screens.
Zacks Premium includes access to the Zacks Style Scores as well.
What are the Zacks Style Scores? The Zacks Style Scores, developed alongside the Zacks Rank, are complementary indicators that rate stocks based on three widely-followed investing methodologies; they also help investors pick stocks with the best chances of beating the market over the next 30 days.
Each stock is assigned a rating of A, B, C, D, or F based on their value, growth, and momentum characteristics. Just like in school, an A is better than a B, a B is better than a C, and so on -- that means the better the score, the better chance the stock will outperform.
The Style Scores are broken down into four categories:
Value ScoreValue investors love finding good stocks at good prices, especially before the broader market catches on to a stock's true value. Utilizing ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and many other multiples, the Value Style Score identifies the most attractive and most discounted stocks.
Growth ScoreGrowth investors are more concerned with a stock's future prospects, and the overall financial health and strength of a company. Thus, the Growth Style Score analyzes characteristics like projected and historic earnings, sales, and cash flow to find stocks that will see sustainable growth over time.
Momentum ScoreMomentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.
VGM ScoreIf you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.
How Style Scores Work with the Zacks Rank The Zacks Rank, which is a proprietary stock-rating model, employs earnings estimate revisions, or changes to a company's earnings expectations, to make building a winning portfolio easier.
Investors can count on the Zacks Rank's success, with #1 (Strong Buy) stocks producing an unmatched +23.93% average annual return since 1988, more than double the S&P 500's performance. But the model rates a large number of stocks, and there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.
But it can feel overwhelming to pick the right stocks for you and your investing goals with over 800 top-rated stocks to choose from.
That's where the Style Scores come in.
You want to make sure you're buying stocks with the highest likelihood of success, and to do that, you'll need to pick stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you like a stock that only has a #3 (Hold) rank, it should also have Scores of A or B to guarantee as much upside potential as possible.
As mentioned above, the Scores are designed to work with the Zacks Rank, so any change to a company's earnings outlook should be a deciding factor when picking which stocks to buy.
For instance, a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one that boasts Scores of A and B, still has a downward-trending earnings forecast, and a much greater likelihood its share price will decline as well.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: Qorvo (QRVO - Free Report) Qorvo Inc. is a leading provider of core technologies and radio frequency (RF) solutions for mobile, infrastructure and aerospace/defense applications.
QRVO is a #1 (Strong Buy) on the Zacks Rank, with a VGM Score of B.
It also boasts a Value Style Score of B thanks to attractive valuation metrics like a forward P/E ratio of 11.85; value investors should take notice.
Six analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $0.17 to $6.53 per share. QRVO boasts an average earnings surprise of +28.6%.
With a solid Zacks Rank and top-tier Value and VGM Style Scores, QRVO should be on investors' short list.
