Wall Street analysts forecast that Devon Energy (DVN) will report quarterly earnings of $0.81 per share in its upcoming release, pointing to a year-over-year decline of 30.2%. It is anticipated that revenues will amount to $4.03 billion, exhibiting a decrease of 8.5% compared to the year-ago quarter.
The consensus EPS estimate for the quarter has been revised 11.6% lower 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 use consensus earnings and revenue estimates as indicators of quarterly business performance, exploring analysts' projections for specific key metrics can offer valuable insights.
Given this perspective, it's time to examine the average forecasts of specific Devon Energy metrics that are routinely monitored and predicted by Wall Street analysts.
The collective assessment of analysts points to an estimated 'Revenues- Oil' of $2.22 billion. The estimate indicates a change of -11.1% from the prior-year quarter.
Analysts' assessment points toward 'Revenues- Gas' reaching $261.04 million. The estimate suggests a change of +59.2% year over year.
It is projected by analysts that the 'Revenues- NGL' will reach $391.82 million. The estimate indicates a change of -8.7% from the prior-year quarter.
The consensus among analysts is that 'Revenues- Marketing and midstream revenues' will reach $1.41 billion. The estimate indicates a change of +0.9% from the prior-year quarter.
The average prediction of analysts places 'Production - Total oil equivalent per day' at 841.10 thousands of barrels of oil equivalent. Compared to the current estimate, the company reported 848.00 thousands of barrels of oil equivalent in the same quarter of the previous year.
According to the collective judgment of analysts, 'Average Daily Production - Total Oil' should come in at 386.42 thousands of barrels of oil per day. The estimate compares to the year-ago value of 398.00 thousands of barrels of oil per day.
Based on the collective assessment of analysts, 'Average Daily Production - Total Gas' should arrive at . The estimate compares to the year-ago value of .
Analysts forecast 'Average Daily Production - Total NGL' to reach 226.08 thousands of barrels of oil per day. The estimate compares to the year-ago value of 221.00 thousands of barrels of oil per day.
Analysts expect 'Average price per bbl - Oil (Realized price, including cash settlements)' to come in at $61.97 . The estimate is in contrast to the year-ago figure of $69.19 .
The combined assessment of analysts suggests that 'Production - NGL - Delaware Basin' will likely reach 133.39 thousands of barrels of oil per day. Compared to the present estimate, the company reported 127.00 thousands of barrels of oil per day in the same quarter last year.
The consensus estimate for 'Production - NGL - Eagle Ford' stands at 11.36 thousands of barrels of oil per day. Compared to the current estimate, the company reported 21.00 thousands of barrels of oil per day in the same quarter of the previous year.
Analysts predict that the 'Production - NGL - Anadarko Basin' will reach 29.80 thousands of barrels of oil per day. Compared to the present estimate, the company reported 30.00 thousands of barrels of oil per day in the same quarter last year.
View all Key Company Metrics for Devon Energy here>>>
Shares of Devon Energy have experienced a change of +18.6% in the past month compared to the -0.3% move of the Zacks S&P 500 composite. With a Zacks Rank #4 (Sell), DVN is expected to underperform the overall market in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
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Devon Energy Corporation (DVN): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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