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.
Compared to Estimates, Devon Energy (DVN) Q2 Earnings: A Look at Key Metrics
Read MoreHide Full Article
Devon Energy (DVN - Free Report) reported $3.45 billion in revenue for the quarter ended June 2023, representing a year-over-year decline of 38.6%. EPS of $1.18 for the same period compares to $2.59 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $3.81 billion, representing a surprise of -9.23%. The company delivered an EPS surprise of +0.85%, with the consensus EPS estimate being $1.17.
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.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
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: 662 MBOE/D compared to the 653.21 MBOE/D average estimate based on eight analysts.
Average Daily Production - Total NGL: 164 MBBL/D versus 160.32 MBBL/D estimated by seven analysts on average.
Average Daily Production - Total Gas: 1054 MMcf/D versus the seven-analyst average estimate of 1029.16 MMcf/D.
Average Daily Production - Total Oil: 323 MBBL/D compared to the 322.03 MBBL/D average estimate based on seven analysts.
Average price per bbl - NGL (Realized price without hedges): $17.79 versus the four-analyst average estimate of $20.52.
Average price per bbl - Oil (Realized price without hedges): $71.74 compared to the $71.12 average estimate based on four analysts.
Average price per bbl - NGL (Realized price, including cash settlements): $17.79 compared to the $18.50 average estimate based on four analysts.
Average price per mcf - Gas (Realized price, including cash settlements): $1.66 versus $1.76 estimated by four analysts on average.
Average price per bbl - Oil (Realized price, including cash settlements): $71.74 compared to the $71.13 average estimate based on four analysts.
Average price per mcf - Gas (Realized price without hedges): $1.27 compared to the $1.52 average estimate based on four analysts.
Revenues- Marketing and midstream revenues: $1.04 billion versus $1.40 billion estimated by four analysts on average. Compared to the year-ago quarter, this number represents a -38.9% change.
Revenues- Oil, gas and NGL sales: $2.49 billion versus the two-analyst average estimate of $2.58 billion. The reported number represents a year-over-year change of -39.2%.
Shares of Devon Energy have returned +10.6% over the past month versus the Zacks S&P 500 composite's +3.3% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Compared to Estimates, Devon Energy (DVN) Q2 Earnings: A Look at Key Metrics
Devon Energy (DVN - Free Report) reported $3.45 billion in revenue for the quarter ended June 2023, representing a year-over-year decline of 38.6%. EPS of $1.18 for the same period compares to $2.59 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $3.81 billion, representing a surprise of -9.23%. The company delivered an EPS surprise of +0.85%, with the consensus EPS estimate being $1.17.
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.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
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: 662 MBOE/D compared to the 653.21 MBOE/D average estimate based on eight analysts.
- Average Daily Production - Total NGL: 164 MBBL/D versus 160.32 MBBL/D estimated by seven analysts on average.
- Average Daily Production - Total Gas: 1054 MMcf/D versus the seven-analyst average estimate of 1029.16 MMcf/D.
- Average Daily Production - Total Oil: 323 MBBL/D compared to the 322.03 MBBL/D average estimate based on seven analysts.
- Average price per bbl - NGL (Realized price without hedges): $17.79 versus the four-analyst average estimate of $20.52.
- Average price per bbl - Oil (Realized price without hedges): $71.74 compared to the $71.12 average estimate based on four analysts.
- Average price per bbl - NGL (Realized price, including cash settlements): $17.79 compared to the $18.50 average estimate based on four analysts.
- Average price per mcf - Gas (Realized price, including cash settlements): $1.66 versus $1.76 estimated by four analysts on average.
- Average price per bbl - Oil (Realized price, including cash settlements): $71.74 compared to the $71.13 average estimate based on four analysts.
- Average price per mcf - Gas (Realized price without hedges): $1.27 compared to the $1.52 average estimate based on four analysts.
- Revenues- Marketing and midstream revenues: $1.04 billion versus $1.40 billion estimated by four analysts on average. Compared to the year-ago quarter, this number represents a -38.9% change.
- Revenues- Oil, gas and NGL sales: $2.49 billion versus the two-analyst average estimate of $2.58 billion. The reported number represents a year-over-year change of -39.2%.
View all Key Company Metrics for Devon Energy here>>>Shares of Devon Energy have returned +10.6% over the past month versus the Zacks S&P 500 composite's +3.3% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.