For the quarter ended September 2023, Devon Energy (DVN - Free Report) reported revenue of $3.84 billion, down 29.4% over the same period last year. EPS came in at $1.65, compared to $2.18 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $4.03 billion, representing a surprise of -4.82%. The company delivered an EPS surprise of +5.77%, with the consensus EPS estimate being $1.56.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Devon Energy performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Production - Total oil equivalent per day: 665 millions of barrels of oil equivalent compared to the 663.26 millions of barrels of oil equivalent average estimate based on eight analysts.
- Average Daily Production - Total Gas: 1070 millions of cubic feet versus the seven-analyst average estimate of 1046.94 millions of cubic feet.
- Average Daily Production - Total Oil: 321 millions of barrels of oil versus 323.95 millions of barrels of oil estimated by seven analysts on average.
- Average Daily Production - Total NGL: 166 millions of barrels of oil versus the seven-analyst average estimate of 165.2 millions of barrels of oil.
- Average price per bbl - Oil (Realized price, including cash settlements): $79.81 compared to the $80.43 average estimate based on five analysts.
- Average price per bbl - NGL (Realized price without hedges): $20.72 compared to the $22.73 average estimate based on five analysts.
- Average price per mcf - Gas (Realized price, including cash settlements): $2.01 compared to the $1.90 average estimate based on five analysts.
- Average price per bbl - Oil (Realized price without hedges): $80.48 versus the five-analyst average estimate of $80.47.
- Average price per mcf - Gas (Realized price without hedges): $1.92 versus the five-analyst average estimate of $1.75.
- Average price per bbl - NGL (Realized price, including cash settlements): $20.72 compared to the $21.75 average estimate based on four analysts.
- Revenues- Marketing and midstream revenues: $1.15 billion versus the four-analyst average estimate of $1.19 billion. The reported number represents a year-over-year change of -24.3%.
- Revenues- Oil, gas and NGL sales: $2.88 billion versus $2.92 billion estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -21.4% change.
View all Key Company Metrics for Devon Energy here>>>Shares of Devon Energy have returned +1.3% over the past month versus the Zacks S&P 500 composite's +1.5% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.
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For the quarter ended September 2023, Devon Energy (DVN - Free Report) reported revenue of $3.84 billion, down 29.4% over the same period last year. EPS came in at $1.65, compared to $2.18 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $4.03 billion, representing a surprise of -4.82%. The company delivered an EPS surprise of +5.77%, with the consensus EPS estimate being $1.56.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Devon Energy performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Production - Total oil equivalent per day: 665 millions of barrels of oil equivalent compared to the 663.26 millions of barrels of oil equivalent average estimate based on eight analysts.
- Average Daily Production - Total Gas: 1070 millions of cubic feet versus the seven-analyst average estimate of 1046.94 millions of cubic feet.
- Average Daily Production - Total Oil: 321 millions of barrels of oil versus 323.95 millions of barrels of oil estimated by seven analysts on average.
- Average Daily Production - Total NGL: 166 millions of barrels of oil versus the seven-analyst average estimate of 165.2 millions of barrels of oil.
- Average price per bbl - Oil (Realized price, including cash settlements): $79.81 compared to the $80.43 average estimate based on five analysts.
- Average price per bbl - NGL (Realized price without hedges): $20.72 compared to the $22.73 average estimate based on five analysts.
- Average price per mcf - Gas (Realized price, including cash settlements): $2.01 compared to the $1.90 average estimate based on five analysts.
- Average price per bbl - Oil (Realized price without hedges): $80.48 versus the five-analyst average estimate of $80.47.
- Average price per mcf - Gas (Realized price without hedges): $1.92 versus the five-analyst average estimate of $1.75.
- Average price per bbl - NGL (Realized price, including cash settlements): $20.72 compared to the $21.75 average estimate based on four analysts.
- Revenues- Marketing and midstream revenues: $1.15 billion versus the four-analyst average estimate of $1.19 billion. The reported number represents a year-over-year change of -24.3%.
- Revenues- Oil, gas and NGL sales: $2.88 billion versus $2.92 billion estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -21.4% change.
View all Key Company Metrics for Devon Energy here>>>Shares of Devon Energy have returned +1.3% over the past month versus the Zacks S&P 500 composite's +1.5% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.
Zacks Names #1 Semiconductor Stock
It's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom.
With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028.
See This Stock Now for Free >>
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