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Devon Energy (DVN) Reports Q3 Earnings: What Key Metrics Have to Say
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For the quarter ended September 2023, Devon Energy (DVN - Free Report) reported revenue of $3.84 billion, down 29.4% over the same period last year. EPS came in at $1.65, compared to $2.18 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $4.03 billion, representing a surprise of -4.82%. The company delivered an EPS surprise of +5.77%, with the consensus EPS estimate being $1.56.
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.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
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: 665 millions of barrels of oil equivalent compared to the 663.26 millions of barrels of oil equivalent average estimate based on eight analysts.
Average Daily Production - Total Gas: 1070 millions of cubic feet versus the seven-analyst average estimate of 1046.94 millions of cubic feet.
Average Daily Production - Total Oil: 321 millions of barrels of oil versus 323.95 millions of barrels of oil estimated by seven analysts on average.
Average Daily Production - Total NGL: 166 millions of barrels of oil versus the seven-analyst average estimate of 165.2 millions of barrels of oil.
Average price per bbl - Oil (Realized price, including cash settlements): $79.81 compared to the $80.43 average estimate based on five analysts.
Average price per bbl - NGL (Realized price without hedges): $20.72 compared to the $22.73 average estimate based on five analysts.
Average price per mcf - Gas (Realized price, including cash settlements): $2.01 compared to the $1.90 average estimate based on five analysts.
Average price per bbl - Oil (Realized price without hedges): $80.48 versus the five-analyst average estimate of $80.47.
Average price per mcf - Gas (Realized price without hedges): $1.92 versus the five-analyst average estimate of $1.75.
Average price per bbl - NGL (Realized price, including cash settlements): $20.72 compared to the $21.75 average estimate based on four analysts.
Revenues- Marketing and midstream revenues: $1.15 billion versus the four-analyst average estimate of $1.19 billion. The reported number represents a year-over-year change of -24.3%.
Revenues- Oil, gas and NGL sales: $2.88 billion versus $2.92 billion estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -21.4% change.
Shares of Devon Energy have returned +1.3% over the past month versus the Zacks S&P 500 composite's +1.5% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.
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Devon Energy (DVN) Reports Q3 Earnings: What Key Metrics Have to Say
For the quarter ended September 2023, Devon Energy (DVN - Free Report) reported revenue of $3.84 billion, down 29.4% over the same period last year. EPS came in at $1.65, compared to $2.18 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $4.03 billion, representing a surprise of -4.82%. The company delivered an EPS surprise of +5.77%, with the consensus EPS estimate being $1.56.
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.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
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: 665 millions of barrels of oil equivalent compared to the 663.26 millions of barrels of oil equivalent average estimate based on eight analysts.
- Average Daily Production - Total Gas: 1070 millions of cubic feet versus the seven-analyst average estimate of 1046.94 millions of cubic feet.
- Average Daily Production - Total Oil: 321 millions of barrels of oil versus 323.95 millions of barrels of oil estimated by seven analysts on average.
- Average Daily Production - Total NGL: 166 millions of barrels of oil versus the seven-analyst average estimate of 165.2 millions of barrels of oil.
- Average price per bbl - Oil (Realized price, including cash settlements): $79.81 compared to the $80.43 average estimate based on five analysts.
- Average price per bbl - NGL (Realized price without hedges): $20.72 compared to the $22.73 average estimate based on five analysts.
- Average price per mcf - Gas (Realized price, including cash settlements): $2.01 compared to the $1.90 average estimate based on five analysts.
- Average price per bbl - Oil (Realized price without hedges): $80.48 versus the five-analyst average estimate of $80.47.
- Average price per mcf - Gas (Realized price without hedges): $1.92 versus the five-analyst average estimate of $1.75.
- Average price per bbl - NGL (Realized price, including cash settlements): $20.72 compared to the $21.75 average estimate based on four analysts.
- Revenues- Marketing and midstream revenues: $1.15 billion versus the four-analyst average estimate of $1.19 billion. The reported number represents a year-over-year change of -24.3%.
- Revenues- Oil, gas and NGL sales: $2.88 billion versus $2.92 billion estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -21.4% change.
View all Key Company Metrics for Devon Energy here>>>Shares of Devon Energy have returned +1.3% over the past month versus the Zacks S&P 500 composite's +1.5% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.