In its upcoming report, Devon Energy (DVN) is predicted by Wall Street analysts to post quarterly earnings of $1.27 per share, reflecting an increase of 9.5% compared to the same period last year. Revenues are forecasted to be $4.36 billion, representing a year-over-year increase of 21.3%.
Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted downward by 13.7% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.
Ahead of a company's earnings disclosure, it is crucial to give due consideration to changes in earnings estimates. These revisions serve as a noteworthy factor in predicting potential investor reactions to the stock. Numerous empirical studies consistently demonstrate a strong relationship between trends in earnings estimate revision and the short-term price performance of a stock.
While investors usually depend on consensus earnings and revenue estimates to assess the business performance for the quarter, delving into analysts' forecasts for certain key metrics often provides a more comprehensive understanding.
That said, let's delve into the average estimates of some Devon Energy metrics that Wall Street analysts commonly model and monitor.
It is projected by analysts that the 'Revenues- Marketing and midstream revenues' will reach $1.27 billion. The estimate points to a change of +14% from the year-ago quarter.
Analysts predict that the 'Revenues- Oil, gas and NGL sales' will reach $3.10 billion. The estimate suggests a change of +17.9% year over year.
According to the collective judgment of analysts, 'Production - Total oil equivalent per day' should come in at 817.20 millions of barrels of oil equivalent. Compared to the current estimate, the company reported 664 millions of barrels of oil equivalent in the same quarter of the previous year.
The average prediction of analysts places 'Average Daily Production - Total Oil' at 383.85 millions of barrels of oil. The estimate is in contrast to the year-ago figure of 319 millions of barrels of oil.
The collective assessment of analysts points to an estimated 'Average Daily Production - Total Gas' of 1,329.95 millions of cubic feet. Compared to the current estimate, the company reported 1079 millions of cubic feet in the same quarter of the previous year.
Based on the collective assessment of analysts, 'Average Daily Production - Total NGL' should arrive at 211.10 millions of barrels of oil. The estimate is in contrast to the year-ago figure of 165 millions of barrels of oil.
Analysts forecast 'Average price per bbl - Oil (Realized price, including cash settlements)' to reach $68.99. The estimate is in contrast to the year-ago figure of $75.15.
The consensus among analysts is that 'Production - Oil - Other' will reach 3.91 millions of barrels of oil per day. Compared to the current estimate, the company reported 4 millions of barrels of oil per day in the same quarter of the previous year.
Analysts expect 'Production - Oil - Anadarko Basin' to come in at 12.65 millions of barrels of oil per day. Compared to the present estimate, the company reported 11 millions of barrels of oil per day in the same quarter last year.
Analysts' assessment points toward 'Production - Oil - Eagle Ford' reaching 46.66 millions of barrels of oil per day. Compared to the current estimate, the company reported 43 millions of barrels of oil per day in the same quarter of the previous year.
The consensus estimate for 'Production - NGL - Eagle Ford' stands at 19.91 millions of barrels of oil per day. The estimate compares to the year-ago value of 14 millions of barrels of oil per day.
The combined assessment of analysts suggests that 'Production - NGL - Anadarko Basin' will likely reach 29.44 millions of barrels of oil per day. The estimate is in contrast to the year-ago figure of 26 millions of barrels of oil per day.
View all Key Company Metrics for Devon Energy here>>>
Shares of Devon Energy have experienced a change of -6% in the past month compared to the -0.5% move of the Zacks S&P 500 composite. With a Zacks Rank #3 (Hold), DVN is expected to mirror the overall market performance 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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