In its upcoming report, Devon Energy (DVN) is predicted by Wall Street analysts to post quarterly earnings of $0.97 per share, reflecting a decline of 19.8% compared to the same period last year. Revenues are forecasted to be $4.14 billion, representing a year-over-year decrease of 6.9%.
The consensus EPS estimate for the quarter has been revised 8.4% higher over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.
Before a company announces its earnings, it is essential to take into account any changes made to earnings estimates. This is a valuable factor in predicting the potential reactions of investors toward the stock. Empirical research has consistently shown a strong correlation between trends in earnings estimate revisions and the short-term price performance of a stock.
While investors typically rely on consensus earnings and revenue estimates to gauge how the business may have fared during the quarter, examining analysts' projections for some of the company's key metrics often helps gain a deeper insight.
That said, let's delve into the average estimates of some Devon Energy metrics that Wall Street analysts commonly model and monitor.
The average prediction of analysts places 'Revenues- Marketing and midstream revenues' at $1.37 billion. The estimate points to a change of -3.7% from the year-ago quarter.
Analysts predict that the 'Revenues- Gas' will reach $273.22 million. The estimate indicates a change of -11.6% from the prior-year quarter.
The combined assessment of analysts suggests that 'Revenues- Oil, gas and NGL sales' will likely reach $3.03 billion. The estimate points to a change of -3.1% from the year-ago quarter.
The collective assessment of analysts points to an estimated 'Revenues- Oil' of $2.41 billion. The estimate indicates a year-over-year change of -0.4%.
Analysts expect 'Average Daily Production - Total Oil' to come in at 383.81 thousands of barrels of oil per day. Compared to the current estimate, the company reported 388.00 thousands of barrels of oil per day in the same quarter of the previous year.
Based on the collective assessment of analysts, 'Average Daily Production - Total Gas' should arrive at . Compared to the present estimate, the company reported in the same quarter last year.
It is projected by analysts that the 'Production - Total oil equivalent per day' will reach 835.13 thousands of barrels of oil equivalent. The estimate is in contrast to the year-ago figure of 815.00 thousands of barrels of oil equivalent.
Analysts forecast 'Average Daily Production - Total NGL' to reach 223.03 thousands of barrels of oil per day. The estimate compares to the year-ago value of 203.00 thousands of barrels of oil per day.
According to the collective judgment of analysts, 'Production - Oil - Anadarko Basin' should come in at 11.70 thousands of barrels of oil per day. Compared to the current estimate, the company reported 11.00 thousands of barrels of oil per day in the same quarter of the previous year.
The consensus among analysts is that 'Production - Oil - Other' will reach 3.30 thousands of barrels of oil per day. Compared to the current estimate, the company reported 4.00 thousands of barrels of oil per day in the same quarter of the previous year.
Analysts' assessment points toward 'Production - NGL - Delaware Basin' reaching 134.80 thousands of barrels of oil per day. Compared to the current estimate, the company reported 118.00 thousands of barrels of oil per day in the same quarter of the previous year.
The consensus estimate for 'Production - NGL - Eagle Ford' stands at 11.70 thousands of barrels of oil per day. Compared to the present estimate, the company reported 15.00 thousands of barrels of oil per day in the same quarter last year.
View all Key Company Metrics for Devon Energy here>>>Over the past month, Devon Energy shares have recorded returns of +5.1% versus the Zacks S&P 500 composite's +12.2% change. Based on its Zacks Rank #2 (Buy), DVN will likely outperform the overall market in the upcoming period. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
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