In this article, we are going to discuss the 10 energy stocks that crushed earnings estimates in the first quarter.
As of the writing of this piece, the S&P Energy index has surged by almost 26.4% since the beginning of 2026. This compares to gains of around 9.4% posted by the overall S&P 500 during the period.
A large number of US energy operators exceeded Wall Street expectations in the ongoing earnings season, helped by the soaring oil prices amid the Iran war and the rising demand for American LNG in global markets. As a result, we have seen multiple American oil and gas majors rallying to new highs in recent days.
The war has also disrupted around a fifth of the global LNG supply, leading to a greater preference for US-sourced LNG. As a result, the country’s pipeline operators benefited from the strong oil and gas output in the Permian Basin.
Moreover, the US Gulf Coast refiners witnessed the strongest margins seen in years, as the Middle East oil disruptions raised the demand for American crude. US refining margins, measured by the 3-2-1 crack spread, surged about 73% on average in the first quarter from a year earlier.
Notably, these margins are expected to remain strong for a few more quarters even after the Strait of Hormuz reopens, since that will be the amount of time required to restore refined product inventories to pre-war levels.
With that said, here are the Energy Stocks that Beat Earnings Estimates in the First Quarter.
Our Methodology
To collect data for this article, we referred to several screeners to find energy stocks that delivered adjusted profits of more than 20% compared to Wall Street estimates in the ongoing earnings season. We then ranked these stocks by the number of hedge funds invested in them at the end of Q4 2025, as per the Insider Monkey database. The following are the Energy Stocks that Beat Earnings Estimates in Q1.
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10. Venture Global, Inc. (NYSE:VG)
Number of Hedge Fund Holders: 22
Venture Global, Inc. (NYSE:VG) develops and constructs LNG export projects to provide clean, affordable energy to the world. The company is currently one of the largest LNG exporters in the United States.
Venture Global, Inc. reported strong results for its Q1 2026 on May 12. The company delivered adjusted profits of $0.19 and topped expectations by $0.07, while its revenue also grew by almost 60% YoY to $4.6 billion and exceeded estimates by $750 million. The LNG supplier’s quarterly net income rose 23.2% YoY to $488 million, driven by the higher LNG sales volumes at its Plaquemines Project in Louisiana.
Venture Global, Inc. exported 130 cargos and sold 481 TBtu of LNG during the first quarter, up from 63 cargos and 228.3 TBtu a year earlier. The company expects to ship 147 to 154 cargos from its Calcasieu Project and 347 to 369 cargos from the Plaquemines Project in FY 2026.
Given the strong results, Venture Global, Inc. raised its 2026 EBITDA guidance to $8.2 billion to $8.5 billion, up from $5.2 billion to $5.8 billion previously. The company also announced that it remains on track to be the largest LNG producer in North America by the end of 2027, with a target of over 100 million tonnes of annual production by 2030.
9. Viper Energy, Inc. (NASDAQ:VNOM)
Number of Hedge Fund Holders: 41
Viper Energy, Inc. (NASDAQ:VNOM) is a publicly traded Delaware corporation focused on owning and acquiring mineral and royalty interests, primarily in the Permian Basin.
Viper Energy, Inc. announced better-than-expected results for its Q1 2026 on May 4, with the company’s adjusted earnings of $1.22 per share beating estimates by $0.69. The energy firm also exceeded expectations with an average production of 130,711 boepd during the quarter, including average oil production of 65,000 bpd.
Moreover, Viper Energy, Inc. announced the Riverbend acquisition, in which it will acquire more than 3,000 net royalty acres and roughly 2,000 barrels of daily oil production, paid using $337 million in cash and 3.7 million Class A shares.
Given the strong start to the year, Viper Energy, Inc. increased the midpoint of its full-year 2026 oil production guidance by roughly 2.5%, driven primarily by Diamondback’s increased near-term activity and continued development of Viper’s high concentration royalty interest. Notably, the raised production outlook represents over 5% organic growth relative to the company’s pro forma 2025 exit rate.
Viper Energy, Inc. also declared a quarterly dividend of $0.68 per share on May 5. The stock currently boasts an impressive annual dividend yield of 4.74% and was recently included in our list of the 15 Best High Yield Energy Stocks to Buy Right Now.
8. Liberty Energy Inc. (NYSE:LBRT)
Number of Hedge Fund Holders: 47
Liberty Energy Inc. (NYSE:LBRT) is a major energy industry service provider across North America.
Liberty Energy Inc. hit a new high after the company posted an adjusted profit of $0.06 per share in its Q1 report on April 22, crushing the Wall Street estimates of a loss of $0.14 per share. Its revenue also grew by 4.4% YoY to just over $1 billion and topped forecasts by more than $61 million.
The strong performance was driven by the outsized demand for Liberty Energy Inc.’s premium completion service offering, outstanding operational execution, and technology-driven efficiency gains. Notably, the company ended the first quarter with record-level output, generating more horsepower hours than ever before in its 15-year operating history.
Liberty Energy Inc.’s strong rally was supported by the company guiding for even stronger results in Q2. Liberty is expecting high-single-digit sequential revenue growth in the second quarter on increased utilization, in addition to forecasting the corresponding improvements in profitability.
7. Phillips 66 (NYSE:PSX)
Number of Hedge Fund Holders: 61
Next on our list of Energy Stocks that Beat Estimates is Phillips 66 (NYSE:PSX). It is a diversified and integrated downstream energy provider that manufactures, transports, and markets products.
Phillips 66 (NYSE:PSX) reported its Q1 2026 results on April 20. The company delivered a surprise adjusted profit of $0.49 per share and exceeded expectations by $0.88, as strong refining margins and higher capacity utilization helped it offset the impact of volatile commodity prices.
Phillips 66 (NYSE:PSX)’s refining segment reported adjusted earnings of $208 million in the first quarter, swinging from a loss of $937 million in the same period last year. Moreover, the company’s realized refining margin climbed to $10.11 per barrel, up from $6.81 a year earlier. The refiner’s crude capacity utilization also reached 95% during the quarter, compared to 80% from a year ago. That said, the soaring commodity prices amid the Iran war reduced the value of the company’s hedges, offsetting gains from stronger underlying operations.
Oakmark Select Fund stated the following regarding Phillips 66 (NYSE:PSX) in its Q1 2026 investor letter:
“Phillips 66 (NYSE:PSX) was the top contributor during the quarter. The U.S.-headquartered downstream energy company’s stock price rose as it benefited from higher crack spreads (the difference in price between crude oil and refined petroleum), heightened geopolitical risk and solid fourth-quarter 2025 earnings. Fundamental results have been encouraging, and we believe PSX is set to be a major beneficiary of rising crack spreads. We continue to see PSX as a durably advantaged energy company focused on returning cash flow to shareholders.”
6. Marathon Petroleum Corporation (NYSE:MPC)
Number of Hedge Fund Holders: 64
Marathon Petroleum Corporation (NYSE:MPC) is a leading integrated downstream and midstream energy company that operates the largest refining system in the United States.
Marathon Petroleum Corporation reported better-than-expected results for its Q1 2026 on May 5. The company’s adjusted EPS of $1.65 comfortably beat forecasts by $0.90, as supply disruptions driven by the Middle East conflict sent refining margins soaring. Its revenue also surged by 8.5% YoY to almost $34.6 billion and topped estimates by over $3.7 billion.
Marathon Petroleum Corporation delivered an adjusted EBITDA of $2.8 billion during the first quarter, up from $2 billion in the year-ago period. The strong performance comes as the company remains largely insulated from global crude supply disruptions, since its crude sourcing comes mainly from the United States and Canada. As the top refiner in the US by volume, Marathon’s refining and marketing margin was $17.74 per barrel during the quarter, 32.6% higher than last year.
Given the strong results, Marathon Petroleum Corporation boosted its share repurchase program by $5 billion on May 5. Following this increment, the company would have had $8.6 billion available under its share repurchase authorizations as of the end of the first quarter.
5. Solaris Energy Infrastructure, Inc. (NYSE:SEI)
Number of Hedge Fund Holders: 65
Solaris Energy Infrastructure, Inc. (NYSE:SEI) delivers proprietary power generation and distribution solutions, as well as logistics equipment and services, to clients in the data center, energy, commercial, and industrial sectors.
Solaris Energy Infrastructure, Inc. soared to an all-time high after reporting strong results for its Q1 2026. The company grew its adjusted earnings by 120% YoY and 26% sequentially to $0.44 per share, topping consensus by $0.18. At the same time, its revenue of $196 million was also up by over 55% compared to last year and beat forecasts by $11 million.
Solaris Energy Infrastructure, Inc. has emerged as a strong beneficiary of the strong power demand from the AI data centers, as it is a supplier of modular, gas-powered turbines that power these facilities. As a result, the company’s Power Solutions segment delivered a sequential adjusted EBITDA growth of 24% during the first quarter, driven primarily by the increased activity.
Additionally, Solaris Energy Infrastructure, Inc. announced over 2 GW of long-term contracted power with three different leading technology companies in Q1, in addition to expanding its generation capacity by over 40% to 3.1 GW.
Following the impressive start to the year, Solaris Energy Infrastructure, Inc. raised its total adjusted EBITDA guidance for Q2 by 10% to $83 million to $93 million. Moreover, the company introduced a Q3 guidance of $80 million to $95 million, tied to a shift from temporary to permanent power at the Stateline JV and deliveries of new equipment.
4. Valero Energy Corporation (NYSE:VLO)
Number of Hedge Fund Holders: 65
Valero Energy Corporation (NYSE:VLO) is the world’s premier independent petroleum refiner and a leading producer of low-carbon transportation fuels.
Valero Energy Corporation reported an adjusted profit of $4.22 per share in its Q1 report on April 30, topping expectations by $1.06 on the back of strength in its refining segment, margins, and throughput volumes. Revenue for the quarter also surged by 7% YoY to $32.4 billion and beat estimates by over $2.5 billion.
Valero Energy Corporation’s refining segment delivered an operating income of $1.8 billion in Q1, compared to an operating loss of $530 million in the same period last year. The company’s margin per barrel of throughput was $14.90 during the quarter, up from $9.78 in the year-ago period, while average throughput volumes also surged by 3.6% to 2.9 million barrels per day.
Valero Energy Corporation expects the $230 million St. Charles FCC optimization project to begin operations in the third quarter of this year. The company expects refining margins to remain strong for six months to a year even after the waterway of Hormuz reopens, since that will be the amount of time required to restore refined product inventories to pre-war levels.
3. Kinder Morgan, Inc. (NYSE:KMI)
Number of Hedge Fund Holders: 66
Kinder Morgan, Inc. (NYSE:KMI) is one of the largest energy infrastructure companies in North America. The company has an interest in or operates approximately 78,000 miles of pipelines and 136 terminals.
Kinder Morgan, Inc. posted a solid performance in its Q1 report on April 22. The company grew its adjusted EPS by 41% YoY to $0.48 and topped expectations by $0.09, helped by the increased US natural gas demand due to the Middle East conflict and data center expansion. Adjusted EBITDA for the quarter surged by 18% YoY to over $2.5 billion, while revenue also increased by almost 14% YoY to $4.83 billion and beat estimates by $280 million.
Kinder Morgan, Inc. moved about 49,475 billion Btu of natural gas a day during the first quarter, up from 45,978 billion Btu a day in the year-ago period. However, the company’s total product volumes, including refined fuels such as jet fuel and diesel, fell to 1,965 thousand bpd from 2,047 thousand barrels a day a year earlier.
Kinder Morgan, Inc. expects its net income attributable to the company to remain flat at $3.1 billion in FY 2026, while adjusted EPS is forecasted to rise 5% YoY to $1.36. Moreover, Kinder Morgan expects adjusted EBITDA of $8.6 billion for the year.
2. Bloom Energy Corporation (NYSE:BE)
Number of Hedge Fund Holders: 88
Bloom Energy Corporation (NYSE:BE) designs, manufactures, sells, and installs solid-oxide fuel cell systems for on-site power generation in the United States and internationally. Bloom’s Energy Server generates power onsite, converting fuels like natural gas, biogas, and hydrogen into electricity without combustion.
Bloom Energy Corporation rallied to a new high after crushing Wall Street estimates in its Q1 report on April 28, driven by the rising demand for digital power as part of the artificial intelligence boom. The company’s adjusted EPS of $0.44 topped forecasts by $0.31, while its revenue more than doubled to $751 million and exceeded expectations by $211 million.
Notably, Bloom Energy Corporation raised its guidance for FY 2026, with the company now forecasting adjusted EPS in the range of $1.85 to $2.25, up from $1.33 to $1.48 previously. Moreover, it raised its revenue target for the year from $3.1 billion –$3.3 billion to $3.4 billion – $3.8 billion, indicating a robust YoY growth of 80% at the midpoint.
Polen Capital, an investment management company, stated the following regarding Bloom Energy Corporation in its Q1 2026 investor letter:
“Bloom Energy Corporation is a provider of solid oxide fuel cells that play a critical role in delivering clean, reliable, “always on” power at scale. AI data centers require an enormous amount of power and one of the key challenges to date has been the inability of power grids to supply the necessary electricity to meet the constant and growing demands from AI workloads. Bloom’s “Energy Server” fuel cells help address this issue, generating cost-efficient, reliable power onsite, converting fuels like natural gas, biogas and hydrogen into electricity without combustion. With the high demand for always on, decentralized power solutions, Bloom stands to potentially benefit from both capacity expansions and new project wins tied to hyperscaler and industrial customers.”
1. GE Vernova Inc. (NYSE:GEV)
Number of Hedge Fund Holders: 115
Topping our list of Energy Stocks that Beat Earnings Estimates is GE Vernova Inc. (NYSE:GEV). The company engages in the provision of various products and services that generate, transfer, orchestrate, convert, and store electricity in the United States, Europe, Asia, the Middle East, and Africa.
GE Vernova Inc. soared to an all-time high after exceeding forecasts in its Q1 2026 earnings on April 22. The sharp rise in power demand has boosted the orders for gas turbines and grid equipment, strengthening the company’s core businesses. GEV delivered an adjusted EPS of $2.01 during the quarter against estimates of $1.67, while its revenue also surged by more than 16% YoY to over $9.3 billion and beat forecasts by $90 million.
GE Vernova Inc. grew its adjusted EBITDA by 87% YoY to $896 million, while its net profit also skyrocketed to $4.75 billion, up from $264 million in the same period last year. Notably, the company’s free cash flow of $4.8 billion during the quarter was more than what it generated in the whole of 2025.
GE Vernova Inc. added $13 billion to its backlog in Q1, taking the total to $163 billion. The company now expects to reach its $200 billion backlog goal in 2027, versus its previous forecast of 2028.
Given the strong start to the year, GE Vernova Inc. raised its FY 2026 revenue guidance to $44.5-$45.5 billion, up from $44-$45 billion previously. Moreover, the company boosted its free cash flow target for the year to between $6.5 billion and $7.5 billion, up from its previous forecast of $5 billion to $5.5 billion.
Fred Alger Management, an investment management company, stated the following regarding GE Vernova Inc. in its Q1 2026 investor letter:
“GE Vernova Inc. is a purpose-built global energy company operating through three segments — Power, Wind, and Electrification — that provide technologies to generate, transfer, convert, and store electricity. The company supports approximately a quarter of the world’s electricity generation through a massive installed base of gas and wind turbines, and its record backlog and high-margin services business provide significant visibility into long-term free cash flow potential through the end of the decade. We believe GE Vernova is uniquely positioned to benefit from the global energy transition and rising power demand driven by AI data centers. During the quarter, shares contributed positively to performance supported by a strong fiscal fourth-quarter earnings report that highlighted a significant organic increase in orders, led by a tripling of Gas Power equipment orders and record bookings in the Electrification segment.”
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