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Devon Energy (DVN) to Post Q2 Earnings: What's in the Offing?
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Devon Energy Corporation (DVN - Free Report) is set to report second-quarter 2023 results on Aug 1, after market close. This oil and gas company delivered an earnings surprise of 5.04% 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 domestic focus and multi-basin, high-quality assets are likely to have strong production volumes in the second quarter. The ongoing share repurchase program and reduction in shares outstanding are likely to be accretive to its second-quarter earnings.
However, the correction in commodity prices might have adversely impacted the quarter under discussion.
Expectations
Devon Energy expects total production for the second quarter to be in the range of 643,000 to 664,000 Boe/d, including 316,000 to 324,000 barrels of oil per day. DVN expects its second-quarter natural gas liquid (NGL) production volume in the range of 159,000-165,000 barrels per day.
The Zacks Consensus Estimate for second-quarter oil production is pegged at 322,000 barrels per day, up 7.3% from the year-ago reported quarter. The Zacks Consensus Estimate for second-quarter NGL production is pegged at 160,000 barrels per day, up 2.6% from the year-ago reported quarter.
The Zacks Consensus Estimate for second-quarter production volume is in line with the company's guidance, with consistent output from all key basins driving production.
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 0.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Devon Energy currently carries a Zacks Rank #3.
Stocks to Consider
Investors can consider the following players from the same sector that have the right combination of elements to beat on earnings in this reporting cycle.
TC Energy (TRP - Free Report) is likely to deliver an earnings surprise when it reports second-quarter earnings on Jul 28, 2023. TRP has an Earnings ESP of +0.46% and sports a Zacks Rank #1 at present.
TRP’s long-term (three- to five-year) earnings growth is 4%. The Zacks Consensus Estimate for TRP’s earnings of 2023 implies a year-over-year decline of 0.3%.
Murphy USA Inc. (MUSA - Free Report) is likely to deliver an earnings surprise when it reports second-quarter earnings on Aug 2, 2023. MUSA has an Earnings ESP of +0.20% and currently has a Zacks Rank #2.
The Zacks Consensus Estimate for 2023 earnings of MUSA suggests a year-over-year decline of 25.9%.
Texas Pacific Land Corporation (TPL - Free Report) is likely to deliver an earnings surprise when it posts second-quarter earnings on Aug 2, 2023, after market close. TPL has an Earnings ESP of +1.04% and a Zacks Rank #2.
The Zacks Consensus Estimate for TPL’s 2023 earnings implies a year-over-year decline of 18.9%.
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Devon Energy (DVN) to Post Q2 Earnings: What's in the Offing?
Devon Energy Corporation (DVN - Free Report) is set to report second-quarter 2023 results on Aug 1, after market close. This oil and gas company delivered an earnings surprise of 5.04% 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 domestic focus and multi-basin, high-quality assets are likely to have strong production volumes in the second quarter. The ongoing share repurchase program and reduction in shares outstanding are likely to be accretive to its second-quarter earnings.
However, the correction in commodity prices might have adversely impacted the quarter under discussion.
Expectations
Devon Energy expects total production for the second quarter to be in the range of 643,000 to 664,000 Boe/d, including 316,000 to 324,000 barrels of oil per day. DVN expects its second-quarter natural gas liquid (NGL) production volume in the range of 159,000-165,000 barrels per day.
The Zacks Consensus Estimate for second-quarter oil production is pegged at 322,000 barrels per day, up 7.3% from the year-ago reported quarter. The Zacks Consensus Estimate for second-quarter NGL production is pegged at 160,000 barrels per day, up 2.6% from the year-ago reported quarter.
The Zacks Consensus Estimate for second-quarter production volume is in line with the company's guidance, with consistent output from all key basins driving production.
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 0.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Devon Energy currently carries a Zacks Rank #3.
Stocks to Consider
Investors can consider the following players from the same sector that have the right combination of elements to beat on earnings in this reporting cycle.
TC Energy (TRP - Free Report) is likely to deliver an earnings surprise when it reports second-quarter earnings on Jul 28, 2023. TRP has an Earnings ESP of +0.46% and sports a Zacks Rank #1 at present.
You can see the complete list of today’s Zacks #1 Rank stocks here.
TRP’s long-term (three- to five-year) earnings growth is 4%. The Zacks Consensus Estimate for TRP’s earnings of 2023 implies a year-over-year decline of 0.3%.
Murphy USA Inc. (MUSA - Free Report) is likely to deliver an earnings surprise when it reports second-quarter earnings on Aug 2, 2023. MUSA has an Earnings ESP of +0.20% and currently has a Zacks Rank #2.
The Zacks Consensus Estimate for 2023 earnings of MUSA suggests a year-over-year decline of 25.9%.
Texas Pacific Land Corporation (TPL - Free Report) is likely to deliver an earnings surprise when it posts second-quarter earnings on Aug 2, 2023, after market close. TPL has an Earnings ESP of +1.04% and a Zacks Rank #2.
The Zacks Consensus Estimate for TPL’s 2023 earnings implies a year-over-year decline of 18.9%.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.