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Devon Energy (DVN) to Post Q1 Earnings: What's in the Offing?
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Devon Energy Corporation (DVN - Free Report) is set to report first-quarter earnings on May 2, after market close. This oil and gas company delivered an earnings surprise of 14.9% in the last reported quarter.
Let’s discuss the factors that are likely to get reflected in the upcoming quarterly results.
Factors to Consider
Strong production from Devon’s multi-basin domestic assets is likely to have boosted first-quarter performance.
Devon Energy, courtesy of its stable free cash flow, continues to buy back shares, which will have a positive impact on earnings. Devon is also lowering outstanding debt, thereby reducing capital servicing expenses. The benefits of the same will get reflected in first-quarter earnings.
Expectation
The Zacks Consensus Estimate for the first quarter is currently pegged at $1.74 per share, which suggests growth of 286.7%.
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 as you see below.
Earnings ESP: Devon Energy has an Earnings ESP of 0.00%. 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 this reporting cycle.
Coterra Energy Inc. (CTRA - Free Report) is scheduled to release first-quarter 2022 numbers on May 3. CTRA has an Earnings ESP of +1.47% and has a Zacks Rank of 3.
Coterra Energy’s long-term (three to five years) earnings growth is currently pegged at 55%. The Zacks Consensus Estimate for 2022 earnings of Coterra Energy implies year-over-year growth of 76%.
EOG Resources Inc. (EOG - Free Report) is expected to beat earnings estimates when it releases first-quarter 2022 numbers on May 6. EOG has an Earnings ESP of +0.89% and sports a Zacks Rank of 1.
EOG Resources delivered an average surprise of 7.1% in the last four quarters. The Zacks Consensus Estimate for 2022 earnings of EOG Resources implies year-over-year growth of 88.5%.
Riley Exploration Permian, Inc. (REPX - Free Report) is scheduled to release fiscal second-quarter 2022 numbers on May 11. REPX has an Earnings ESP of +6.45% and sports a Zacks Rank of 1.
The Zacks Consensus Estimate for 2022 earnings of Riley Exploration Permian implies year-over-year growth of 173.9%.
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Devon Energy (DVN) to Post Q1 Earnings: What's in the Offing?
Devon Energy Corporation (DVN - Free Report) is set to report first-quarter earnings on May 2, after market close. This oil and gas company delivered an earnings surprise of 14.9% in the last reported quarter.
Let’s discuss the factors that are likely to get reflected in the upcoming quarterly results.
Factors to Consider
Strong production from Devon’s multi-basin domestic assets is likely to have boosted first-quarter performance.
Devon Energy, courtesy of its stable free cash flow, continues to buy back shares, which will have a positive impact on earnings. Devon is also lowering outstanding debt, thereby reducing capital servicing expenses. The benefits of the same will get reflected in first-quarter earnings.
Expectation
The Zacks Consensus Estimate for the first quarter is currently pegged at $1.74 per share, which suggests growth of 286.7%.
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 as you 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 0.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Devon Energy currently sports a Zacks Rank #1. 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 this reporting cycle.
Coterra Energy Inc. (CTRA - Free Report) is scheduled to release first-quarter 2022 numbers on May 3. CTRA has an Earnings ESP of +1.47% and has a Zacks Rank of 3.
Coterra Energy’s long-term (three to five years) earnings growth is currently pegged at 55%. The Zacks Consensus Estimate for 2022 earnings of Coterra Energy implies year-over-year growth of 76%.
EOG Resources Inc. (EOG - Free Report) is expected to beat earnings estimates when it releases first-quarter 2022 numbers on May 6. EOG has an Earnings ESP of +0.89% and sports a Zacks Rank of 1.
EOG Resources delivered an average surprise of 7.1% in the last four quarters. The Zacks Consensus Estimate for 2022 earnings of EOG Resources implies year-over-year growth of 88.5%.
Riley Exploration Permian, Inc. (REPX - Free Report) is scheduled to release fiscal second-quarter 2022 numbers on May 11. REPX has an Earnings ESP of +6.45% and sports a Zacks Rank of 1.
The Zacks Consensus Estimate for 2022 earnings of Riley Exploration Permian implies year-over-year growth of 173.9%.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.