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Devon Energy (DVN) to Report Q2 Earnings: What to Expect
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Devon Energy Corporation (DVN - Free Report) is set to report second-quarter earnings on Aug 1, after market close. The oil and gas company delivered an earnings surprise of 8.05% in the last reported quarter.
Let’s discuss the factors that are likely to get reflected in the upcoming quarterly results.
Factors at Play
Devon Energy’s second-quarter earnings are expected to have benefited from the solid contribution from the Delaware Basin assets and strong commodity prices.
Devon Energy’s second-quarter earnings are expected to have benefited from systematic share buybacks, resulting in lower shares outstanding. Efficient cost management is also anticipated to have boosted earnings of the company.
Expectations
The Zacks Consensus Estimate for Devon Energy’s 2022 earnings per share and total revenues are pegged at $9.09 and $18.54 billion, respectively. Estimates for earnings per share and total revenues suggest year-over-year improvements of 55.57% and 157.51%%, respectively.
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 second-quarter 2022 numbers on Aug 2. CTRA currently has an Earnings ESP of +4.51% and a Zacks Rank of 3.
Coterra Energy delivered an average surprise of 0.3% in the last four quarters. The Zacks Consensus Estimate for CTRA’s 2022 earnings implies year-over-year growth of 108.4%.
Diamondback Energy (FANG - Free Report) is scheduled to release second-quarter 2022 numbers on Aug 2. FANG presently has an Earnings ESP of +0.20% and a Zacks Rank of 3.
Diamondback Energy delivered an average surprise of 7.1% in the last four quarters. The Zacks Consensus Estimate for 2022 earnings of FANG implies year-over-year growth of 124.5%.
Pioneer Natural Resources Company is likely to come up with an earnings beat when it reports second-quarter results on Aug 8. Pioneer Natural Resources has an Earnings ESP of +0.73% and a Zacks Rank #2 at present.
The Zacks Consensus Estimate for Pioneer Natural Resources’ 2022 EPS of $33.16 per share implies a year-over-year surge of 150.1%.
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Devon Energy (DVN) to Report Q2 Earnings: What to Expect
Devon Energy Corporation (DVN - Free Report) is set to report second-quarter earnings on Aug 1, after market close. The oil and gas company delivered an earnings surprise of 8.05% in the last reported quarter.
Let’s discuss the factors that are likely to get reflected in the upcoming quarterly results.
Factors at Play
Devon Energy’s second-quarter earnings are expected to have benefited from the solid contribution from the Delaware Basin assets and strong commodity prices.
Devon Energy’s second-quarter earnings are expected to have benefited from systematic share buybacks, resulting in lower shares outstanding. Efficient cost management is also anticipated to have boosted earnings of the company.
Expectations
The Zacks Consensus Estimate for Devon Energy’s 2022 earnings per share and total revenues are pegged at $9.09 and $18.54 billion, respectively. Estimates for earnings per share and total revenues suggest year-over-year improvements of 55.57% and 157.51%%, respectively.
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 carries a Zacks Rank #3. 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 second-quarter 2022 numbers on Aug 2. CTRA currently has an Earnings ESP of +4.51% and a Zacks Rank of 3.
Coterra Energy delivered an average surprise of 0.3% in the last four quarters. The Zacks Consensus Estimate for CTRA’s 2022 earnings implies year-over-year growth of 108.4%.
Diamondback Energy (FANG - Free Report) is scheduled to release second-quarter 2022 numbers on Aug 2. FANG presently has an Earnings ESP of +0.20% and a Zacks Rank of 3.
Diamondback Energy delivered an average surprise of 7.1% in the last four quarters. The Zacks Consensus Estimate for 2022 earnings of FANG implies year-over-year growth of 124.5%.
Pioneer Natural Resources Company is likely to come up with an earnings beat when it reports second-quarter results on Aug 8. Pioneer Natural Resources has an Earnings ESP of +0.73% and a Zacks Rank #2 at present.
The Zacks Consensus Estimate for Pioneer Natural Resources’ 2022 EPS of $33.16 per share implies a year-over-year surge of 150.1%.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.