Devon Energy (DVN) Q4 Earnings: How Key Metrics Compare to Wall Street Estimates
For the quarter ended December 2023, Devon Energy (DVN) reported revenue of $4.15 billion, down 3.6% over the same period last year. EPS came in at $1.41, compared to $1.66 in the year-ago quarter.
The reported revenue represents a surprise of +7.11% over the Zacks Consensus Estimate of $3.87 billion. With the consensus EPS estimate being $1.39, the EPS surprise was +1.44%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Devon Energy performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Production - Total oil equivalent per day: 662 millions of barrels of oil equivalent versus 651.2 millions of barrels of oil equivalent estimated by eight analysts on average.
Average Daily Production - Total Gas: 1061 millions of cubic feet compared to the 1040.88 millions of cubic feet average estimate based on seven analysts.
Average Daily Production - Total Oil: 317 millions of barrels of oil versus the seven-analyst average estimate of 315.17 millions of barrels of oil.
Average Daily Production - Total NGL: 169 millions of barrels of oil compared to the 162.64 millions of barrels of oil average estimate based on seven analysts.
Average price per bbl - Oil (Realized price, including cash settlements): $76.98 versus the five-analyst average estimate of $77.36.
Average price per bbl - NGL (Realized price without hedges): $19.67 versus $20.82 estimated by five analysts on average.
Average price per mcf - Gas (Realized price, including cash settlements): $2.02 versus $1.95 estimated by five analysts on average.
Average price per bbl - Oil (Realized price without hedges): $77.32 compared to the $77.50 average estimate based on five analysts.
Average price per mcf - Gas (Realized price without hedges): $1.83 versus $1.87 estimated by five analysts on average.
Revenues- Marketing and midstream revenues: $1.08 billion compared to the $1.15 billion average estimate based on four analysts. The reported number represents a change of -10.6% year over year.
Revenues- Oil, gas and NGL sales: $2.74 billion versus the two-analyst average estimate of $2.73 billion. The reported number represents a year-over-year change of -12.8%.
Revenues- Oil, gas and NGL derivatives: $324 million compared to the -$12.62 million average estimate based on two analysts.
View all Key Company Metrics for Devon Energy here>>>
Shares of Devon Energy have returned +2.5% over the past month versus the Zacks S&P 500 composite's +3.8% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.
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