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- Devon Energy (NYSE:DVN) is scheduled to announce Q4 earnings results on Tuesday, February 27th, after market close.
- The consensus EPS estimate is $1.40 (-15.7% Y/Y) and the consensus revenue estimate is $3.89B (-9.5% Y/Y).
- Over the last 2 years, DVN has beaten EPS estimates 75% of the time and has beaten revenue estimates 88% of the time.
- Over the last 3 months, EPS estimates have seen 3 upward revisions and 17 downward. Revenue estimates have seen 1 upward revision and 3 downward.
- The company on November 7 reported Q3 non-GAAP EPS of $1.65, beating estimates by 10 cents. Revenue of $3.84 billion topped consensus by $210 million.
- DVN has a Quant rating of “HOLD”, with a 3.10 rating score.
- DVN has an industry ranking of 20 out of 70 among oil and gas exploration and production stocks, as per SA’s Quant ranking.
- Wall Street and Seeking Alpha authors rate the DVN stock “BUY”.
- In 2023, DVN stock fell 21.8%, while the S&P 500 Energy Sector Index fell 4.8%. The benchmark S&P 500 Index rose 24.2% for the year.
- Stock is down 2.8% so far this year as of Friday’s close.
Recent commentary on Devon Energy
SA contributor JR Research said in a February 5 report, “DVN is still in a medium-term downtrend, but appears well-supported at the $40 level. As long as that level of support holds robustly, DVN’s long-term uptrend bias shouldn’t be in danger of being scuppered… Notwithstanding my optimism, investors should note that the ongoing uncertainties in the natural gas market could deter a more pronounced upward re-rating. However, I believe much of it has been reflected. Also, demand uncertainties emanating from China could put a dampener on E&P stocks like Devon Energy, given their more exposed revenue cyclicality on commodity prices.”
SA contributor Brent Hecht wrote in a February 4 report, “Devon Energy projects Delaware Basin production to remain flat in 2024 which means overall company production will likely also remain level. Despite a temporary leveling in production growth, the company has turned its attention to capital efficiency and projects substantial FCF growth in 2024. This growth in FCF should support shares as dividend and share buybacks remain strong in 2024 as oil prices potentially bottom.”
