Some of the biggest movers this earnings season may not be responding to earnings at all.
Shares of Consol Energy, Chesapeake Energy and Transocean are each expected to either rise or fall some 20 percent in the next six weeks, leading MKM derivatives strategist Jim Strugger to report that they are the energy stocks expected to see the biggest moves around earnings.
All three of these companies are indeed set to report in this time period, but that's only part of the reason why such big action is anticipated.
"Earnings really isn't being priced too crazy, but the sector as a whole is pricing in more volatility," said Stacey Gilbert, head of derivative strategy at Susquehanna.
The main cause of that is the expected volatility of "oil itself. If you look at the options market, it's suggested that we could see moves of 2.5 percent on a single day at least twice a week. Compare that to a year ago, when the expectation was for that to happen once a month," Gilbert said.
"All this volatility in the oil market just wreaks havoc on these particular companies," added Phillip Streible, senior market strategist at RJO Futures, in a Friday "Power Lunch" segment. "We've seen deteriorating net income levels, we've seen operating cash start to dwindle a lot."
Further contributing to the uncertainty, potentially, is a process known as redetermination, whereby banks re-evaluate their lending to energy companies, using oil prices as a key input. Some firms are still in the middle of this biannual process, according to Reuters.