We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
What's in the Offing for Devon Energy (DVN) in Q3 Earnings?
Read MoreHide Full Article
Devon Energy Corporation (DVN - Free Report) is set to report third-quarter earnings on Nov 1, after market close. This oil and gas company delivered an earnings surprise of 8.82% in the last reported quarter.
Let’s discuss the factors that are likely to be reflected in the upcoming quarterly results.
Factors at Play
Devon Energy’s third-quarter earnings are likely to have benefited from strong production from its high-quality domestic assets. The company’s third-quarter earnings are also likely to have gained from its low-cost structure and the recovery in commodity prices.
A systematic share buyback is likely to have aided earnings. DVN has repurchased $1.2 billion worth shares to date.
Expectations
The Zacks Consensus Estimate for third-quarter earnings per share and total revenues are pegged at $2.13 and $4.91 billion, which implies year-over-year growth of 97.22% and 41.73%, respectively.
What Our Quantitative Model Predicts
Our proven model does not conclusively predict an earnings beat for Devon Energy this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That is not the case here, as you will see below.
Earnings ESP: Devon Energy has an Earnings ESP of -0.01%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Investors can consider the following players from the same industry that have the right combination of elements to beat on earnings in this reporting cycle.
Chesapeake Energy Corporation (CHK - Free Report) is scheduled to release third-quarter 2022 numbers on Nov 1. CHK has an Earnings ESP of +0.42% and currently carries a Zacks Rank of 2.
Chesapeake Energy’s long-term (three to five-year) earnings growth rate is 6.27%. The Zacks Consensus Estimate for Chesapeake’s third-quarter 2022 earnings implies year-over-year growth of 88.2%.
Murphy Oil Corporation (MUR - Free Report) is scheduled to release third-quarter 2022 numbers on Nov 3. MUR has an Earnings ESP of +0.79% and a Zacks Rank of 3.
The Zacks Consensus Estimate for third-quarter 2022 earnings of Murphy Oil implies year-over-year growth of 550%.
Diamondback Energy (FANG - Free Report) is scheduled to release third-quarter 2022 numbers on Nov 8. FANG has an Earnings ESP of +0.63% and currently carries a Zacks Rank of 3.
FANG’s long-term earnings growth is 21.9%. The Zacks Consensus Estimate for third-quarter 2022 earnings of Diamondback Energy implies year-over-year growth of 119.4%.
Image: Bigstock
What's in the Offing for Devon Energy (DVN) in Q3 Earnings?
Devon Energy Corporation (DVN - Free Report) is set to report third-quarter earnings on Nov 1, after market close. This oil and gas company delivered an earnings surprise of 8.82% in the last reported quarter.
Let’s discuss the factors that are likely to be reflected in the upcoming quarterly results.
Factors at Play
Devon Energy’s third-quarter earnings are likely to have benefited from strong production from its high-quality domestic assets. The company’s third-quarter earnings are also likely to have gained from its low-cost structure and the recovery in commodity prices.
A systematic share buyback is likely to have aided earnings. DVN has repurchased $1.2 billion worth shares to date.
Expectations
The Zacks Consensus Estimate for third-quarter earnings per share and total revenues are pegged at $2.13 and $4.91 billion, which implies year-over-year growth of 97.22% and 41.73%, respectively.
What Our Quantitative Model Predicts
Our proven model does not conclusively predict an earnings beat for Devon Energy this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That is not the case here, as you will see below.
Devon Energy Corporation Price and EPS Surprise
Devon Energy Corporation price-eps-surprise | Devon Energy Corporation Quote
Earnings ESP: Devon Energy has an Earnings ESP of -0.01%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Devon Energy currently carries a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Stocks to Consider
Investors can consider the following players from the same industry that have the right combination of elements to beat on earnings in this reporting cycle.
Chesapeake Energy Corporation (CHK - Free Report) is scheduled to release third-quarter 2022 numbers on Nov 1. CHK has an Earnings ESP of +0.42% and currently carries a Zacks Rank of 2.
Chesapeake Energy’s long-term (three to five-year) earnings growth rate is 6.27%. The Zacks Consensus Estimate for Chesapeake’s third-quarter 2022 earnings implies year-over-year growth of 88.2%.
Murphy Oil Corporation (MUR - Free Report) is scheduled to release third-quarter 2022 numbers on Nov 3. MUR has an Earnings ESP of +0.79% and a Zacks Rank of 3.
The Zacks Consensus Estimate for third-quarter 2022 earnings of Murphy Oil implies year-over-year growth of 550%.
Diamondback Energy (FANG - Free Report) is scheduled to release third-quarter 2022 numbers on Nov 8. FANG has an Earnings ESP of +0.63% and currently carries a Zacks Rank of 3.
FANG’s long-term earnings growth is 21.9%. The Zacks Consensus Estimate for third-quarter 2022 earnings of Diamondback Energy implies year-over-year growth of 119.4%.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.