Devon Energy (DVN) Down 9.3% Since Last Earnings Report: Can It Rebound?

Zacks12-06

A month has gone by since the last earnings report for Devon Energy (DVN). Shares have lost about 9.3% in that time frame, underperforming the S&P 500. Will the recent negative trend continue leading ...

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Shares have lost about 9.3% in that time frame, underperforming the S&P 500.\nWill the recent negative trend continue leading ...</p>\n\n<a href=\"https://finance.yahoo.com/news/devon-energy-dvn-down-9-163047739.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Devon Energy (DVN) Down 9.3% Since Last Earnings Report: Can It Rebound?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDevon Energy (DVN) Down 9.3% Since Last Earnings Report: Can It Rebound?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-12-06 00:30 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/devon-energy-dvn-down-9-163047739.html><strong>Zacks</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>A month has gone by since the last earnings report for Devon Energy (DVN). Shares have lost about 9.3% in that time frame, underperforming the S&P 500.\nWill the recent negative trend continue leading ...</p>\n\n<a href=\"https://finance.yahoo.com/news/devon-energy-dvn-down-9-163047739.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"DVN","symbol_name":"德文能源","start_time":0,"source_url":"https://finance.yahoo.com/news/devon-energy-dvn-down-9-163047739.html","article_id":"2489749845","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/9tpS8u8rAmiEoUItmUZeOA--~B/aD02MDE7dz05MDA7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/zacks.com/090f58c1efbe3555b861102525e50b39"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2489749845","pubTimestamp":1733416247,"columns":[],"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"A month has gone by since the last earnings report for Devon Energy . Shares have lost about 9.3% in that time frame, underperforming the S&P 500.Will the recent negative trend continue leading up to its next earnings release, or is Devon Energy due for a breakout?Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.Total production expenses in third-quarter 2024 were $763 million, up 0.8% year over year.Devon repurchased shares worth $295 million in the third quarter from its $3 billion share-repurchase program. Since the inception of the buyback program in late 2021, the company has repurchased shares worth $3 billion.Due to a year-over-year decline in realized price in the reported quarter and an increase in gathering, processing and transportation expenses, it resulted in field-level cash margins of $28.41 per Boe in the reported quarter, down 18.2%","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"DVN":"德文能源","LNG":"Cheniere Energy Inc","CQP":"Cheniere Energy Partners L.P."},"translate_title":"德文能源(DVN)自上次盈利报告以来下跌9.3%：能否反弹？","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"DVN":1,"CQP":0.9,"LNG":0.9},"content_text":"A month has gone by since the last earnings report for Devon Energy (DVN). Shares have lost about 9.3% in that time frame, underperforming the S&P 500.\nWill the recent negative trend continue leading up to its next earnings release, or is Devon Energy due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers. \nDevon Energy's Q3 Earnings and Revenues Beat EstimatesDevon Energy Corp. reported third-quarter 2024 earnings per share (EPS) of $2.51, outpacing the Zacks Consensus Estimate of $2.47 by 1.6%.GAAP earnings per share in the reported quarter were $1.30 compared with $1.34 in the year-ago quarter. The difference between GAAP and operating earnings in the third quarter was due to an impact of 20 cents from fair value changes in financial instruments, 1 cent from deferred tax asset valuation allowance, and 1 cent from restructuring and transaction costs.\nRevenues\nTotal revenues for the quarter were $4.02 billion, which surpassed the Zacks Consensus Estimate of $3.75 billion by 7.2%. Strong production volumes from the Delaware Basin boosted performance, offset marginally by the drop in realized prices of the commodities.The top line increased 4.9% from the year-ago quarter’s figure.\nProduction\nNet production for the third quarter totaled 728,000 barrels of oil equivalent per day (Boe/d), up 9.5% year over year. Actual production volume exceeded the guided range of 670,000-690,000 Boe/d. Strong performance from the Delaware Basin and Powder River Basin boosted year-over-year production volumes.Natural gas liquids production increased 16.9% year over year to 194,000 barrels per day (Bbl/d). Oil production amounted to 335,000 Bbl/d, up 4.4% on a year-over-year basis, attributed to a strong contribution from the Delaware Basin.\nRealized Prices\nRealized oil prices (including cash settlements) for the quarter were $74.26 per barrel, down 6.95% from $79.81 a year ago. Realized prices for natural gas liquids were $19.36 per barrel, down 6.6% from $20.72 in the prior-year quarter.Realized gas prices were 84 cents per thousand cubic feet, reflecting a 58.2% decline from $2.01 a year ago.Total oil equivalent realized prices, including cash settlements, were $40.71 per barrel of oil equivalent, down nearly 13.2% year over year.\nOther Highlights\nTotal production expenses in third-quarter 2024 were $763 million, up 0.8% year over year.Devon repurchased shares worth $295 million in the third quarter from its $3 billion share-repurchase program. Since the inception of the buyback program in late 2021, the company has repurchased shares worth $3 billion.Due to a year-over-year decline in realized price in the reported quarter and an increase in gathering, processing and transportation expenses, it resulted in field-level cash margins of $28.41 per Boe in the reported quarter, down 18.2% year-over-year.Devon declared its fixed quarterly cash dividend of 22 cents per share, payable on Dec. 30, 2024, to shareholders of record at the close of business on Dec. 13, 2024. With the recent pullback in commodity prices and equities, as well as the additional leverage taken on by the company, Devon’s management has decided not to declare a variable dividend in the current quarter. Devon’s capital allocation will now focus on strengthening the balance sheet and returning capital to shareholders through the fixed dividend and share buybacks.\nFinancial Highlights\nAs of Sept. 30, 2024, the company had cash and cash equivalents (including restricted cash) of $676 million compared with $875 million as of Dec. 31, 2023.As of Sept. 30, 2024, long-term debt amounted to $8.88 billion, up from $5.67 billion as of Dec. 31, 2023.Devon’s net cash from operating activities was $1.66 billion in the fourth quarter compared with $1.72 billion a year ago. Capital expenditures totaled $877 million, down 3% from the previous year quarter.\nDevon’s Q4 Guidance\nFourth-quarter production is expected in the range of 811,000-830,000 Boe per day and capital spending is estimated in the band of $915-$985 million. The fourth-quarter production guidance represents a 13% increase sequentially.This fourth-quarter volume growth will be driven by an estimated 110,000 Boe/d of incremental production from Devon Energy’s Williston Basin acquisition.\nHow Have Estimates Been Moving Since Then?\nIn the past month, investors have witnessed a downward trend in estimates review.\nThe consensus estimate has shifted -18.09% due to these changes.\nVGM Scores\nAt this time, Devon Energy has an average Growth Score of C, though it is lagging a lot on the Momentum Score front with an F. However, the stock was allocated a grade of A on the value side, putting it in the top 20% for this investment strategy.\nOverall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.\nOutlook\nEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Devon Energy has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.\nPerformance of an Industry Player\nDevon Energy belongs to the Zacks Oil and Gas - Exploration and Production - United States industry. Another stock from the same industry, Cheniere Energy (LNG), has gained 13% over the past month. More than a month has passed since the company reported results for the quarter ended September 2024.\nCheniere Energy reported revenues of $3.76 billion in the last reported quarter, representing a year-over-year change of -9.5%. EPS of $3.93 for the same period compares with $2.37 a year ago.\nFor the current quarter, Cheniere Energy is expected to post earnings of $2.75 per share, indicating a change of -52.3% from the year-ago quarter. The Zacks Consensus Estimate has changed +0.8% over the last 30 days.\nThe overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Cheniere Energy. Also, the stock has a VGM Score of C.\nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nDevon Energy Corporation (DVN) : Free Stock Analysis Report\nCheniere Energy, Inc. (LNG) : Free Stock Analysis Report\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2489749845"}