Advertisement
Australia markets closed
  • ALL ORDS

    8,153.70
    +80.10 (+0.99%)
     
  • ASX 200

    7,896.90
    +77.30 (+0.99%)
     
  • AUD/USD

    0.6519
    -0.0017 (-0.25%)
     
  • OIL

    83.11
    +1.76 (+2.16%)
     
  • GOLD

    2,254.80
    +42.10 (+1.90%)
     
  • Bitcoin AUD

    108,534.57
    +2,426.78 (+2.29%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • AUD/EUR

    0.6037
    +0.0006 (+0.10%)
     
  • AUD/NZD

    1.0903
    +0.0023 (+0.21%)
     
  • NZX 50

    12,105.29
    +94.63 (+0.79%)
     
  • NASDAQ

    18,254.69
    -26.15 (-0.14%)
     
  • FTSE

    7,952.62
    +20.64 (+0.26%)
     
  • Dow Jones

    39,807.37
    +47.29 (+0.12%)
     
  • DAX

    18,492.49
    +15.40 (+0.08%)
     
  • Hang Seng

    16,541.42
    +148.58 (+0.91%)
     
  • NIKKEI 225

    40,168.07
    -594.66 (-1.46%)
     

What's in the Offing for Devon Energy's (DVN) Q3 Earnings?

Devon Energy Corp. DVN 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 and EPS Surprise
Devon Energy Corporation Price and EPS Surprise

Devon Energy Corporation price-eps-surprise | Devon Energy Corporation Quote

ADVERTISEMENT

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 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. NBL 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 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 >>


Want 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
 
Noble Energy Inc. (NBL) : Free Stock Analysis Report
 
Cheniere Energy, Inc. (LNG) : Free Stock Analysis Report
 
Devon Energy Corporation (DVN) : Free Stock Analysis Report
 
Berry Petroleum Corporation (BRY) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research