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Devon Energy (DVN) to Report Q1 Earnings: What's in Store?

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Devon Energy Corporation DVN is set to report first-quarter earnings on May 4, after market close. This oil and gas company delivered a negative earnings surprise of 100% in the last reported quarter.

Let’s discuss the factors that are likely to get reflected in the upcoming quarterly results.

Factors at Play

Strong oil production from the high-margin Delaware Basin region is expected to have boosted first-quarter oil production. Moreover, improving oil prices are likely to have positively impacted earnings in the first quarter.

Its efficient management of debt and strong cost control are also anticipated to have aided earnings in the quarter.

Expectations

The Zacks Consensus Estimate for first-quarter oil production is pegged at 252,000 barrels of oil equivalent per day, which indicates year-over-year growth of 54.6%.

The Zacks Consensus Estimate for the bottom line for the first quarter is pegged at 35 cents per share, indicating a 169.2% increase from the prior-year reported figure.

What Our Quantitative Model Predicts

Our proven model does not conclusively predict an earnings beat for Devon this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That is not the case here as you will see below. You can see the complete list of today’s Zacks #1 Rank stocks here.

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

Earnings ESP: The company has an Earnings ESP of 0.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Zacks Rank: Devon currently carries a Zacks Rank #3.

Stocks to Consider

Investors can consider the following players from the same industry that have the right combination of elements to post an earnings beat in the to-be-reported quarter.

Diamondback Energy FANG is scheduled to release first-quarter 2021 numbers on May 3. It has an Earnings ESP of +3.47% and sports a Zacks Rank #1.

Pioneer Natural Resources Company PXD is slated to release first-quarter 2021 numbers on May 4. It has an Earnings ESP of +4.63% and holds a Zacks Rank #3.

EQT Corporation EQT is slated to release first-quarter 2021 numbers on May 5. It has an Earnings ESP of +4.39% and carries a Zacks Rank #3.

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