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What's in the Offing for Devon Energy's (DVN) Q3 Earnings?
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Devon Energy Corp. (DVN - Free Report) is scheduled to release third-quarter 2019 results on Nov 5. In the last reported quarter, the company delivered a positive earnings surprise of 19.4%.
Let’s see how things have shaped up before the upcoming earnings announcement.
Factors to Consider
Higher production from STACK and Delaware Basin is likely to have had a positive impact on third-quarter average daily oil production. The company expects total third-quarter oil production from its retained assets within 143,000-151,000 barrels per day.
Third-quarter earnings are likely to have benefited from lower shares outstanding and cost-reduction initiatives undertaken by the company.
The Zacks Consensus Estimate for third-quarter earnings is pegged at 19 cents per share, indicating a decline of 69.84% from the prior-year reported figure.
Our proven model does not conclusively predict an earnings beat for Devon Energy this season. A stock needs to have both a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) to surpass estimates. That is not the case here as you will see below.
Earnings ESP: The company’s Earnings ESP is -3.48%.
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
Here are a few companies worth considering from the same industry that have the right combination of elements to beat on earnings in the upcoming releases.
Noble Energy Inc. is set to release third-quarter results on Nov 7. It has an Earnings ESP of +10.76% and a Zacks Rank of 3.
Berry Petroleum Corporation (BRY - Free Report) is set to release third-quarter results on Nov 7. It has an Earnings ESP of +0.21% and a Zacks Rank of 3.
Today's Best Stocks from Zacks
Would you like to see the updated picks from our best market-beating strategies? From 2017 through 2018, while the S&P 500 gained +15.8%, five of our screens returned +38.0%, +61.3%, +61.6%, +68.1%, and +98.3%.
This outperformance has not just been a recent phenomenon. From 2000 – 2018, while the S&P averaged +4.8% per year, our top strategies averaged up to +56.2% per year.
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What's in the Offing for Devon Energy's (DVN) Q3 Earnings?
Devon Energy Corp. (DVN - Free Report) is scheduled to release third-quarter 2019 results on Nov 5. In the last reported quarter, the company delivered a positive earnings surprise of 19.4%.
Let’s see how things have shaped up before the upcoming earnings announcement.
Factors to Consider
Higher production from STACK and Delaware Basin is likely to have had a positive impact on third-quarter average daily oil production. The company expects total third-quarter oil production from its retained assets within 143,000-151,000 barrels per day.
Third-quarter earnings are likely to have benefited from lower shares outstanding and cost-reduction initiatives undertaken by the company.
The Zacks Consensus Estimate for third-quarter earnings is pegged at 19 cents per share, indicating a decline of 69.84% from the prior-year reported figure.
Devon Energy Corporation Price and EPS Surprise
Devon Energy Corporation price-eps-surprise | Devon Energy Corporation Quote
What Our Quantitative Model Predicts
Our proven model does not conclusively predict an earnings beat for Devon Energy this season. A stock needs to have both a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) to surpass estimates. That is not the case here as you will see below.
Earnings ESP: The company’s Earnings ESP is -3.48%.
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
Here are a few companies worth considering from the same industry that have the right combination of elements to beat on earnings in the upcoming releases.
Cheniere Energy, Inc. (LNG - Free Report) is slated to release second-quarter results on Nov 1. It has an Earnings ESP of +88.46% and a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Noble Energy Inc. is set to release third-quarter results on Nov 7. It has an Earnings ESP of +10.76% and a Zacks Rank of 3.
Berry Petroleum Corporation (BRY - Free Report) is set to release third-quarter results on Nov 7. It has an Earnings ESP of +0.21% and a Zacks Rank of 3.
Today's Best Stocks from Zacks
Would you like to see the updated picks from our best market-beating strategies? From 2017 through 2018, while the S&P 500 gained +15.8%, five of our screens returned +38.0%, +61.3%, +61.6%, +68.1%, and +98.3%.
This outperformance has not just been a recent phenomenon. From 2000 – 2018, while the S&P averaged +4.8% per year, our top strategies averaged up to +56.2% per year.
See their latest picks free >>