Stock Monitor: Barnwell Industries Post Earnings Reporting
LONDON, UK / ACCESSWIRE / May 24, 2018 / If you want access to our free earnings report on Devon Energy Corp. (NYSE: DVN) ("Devon"), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=DVN. The Company reported its financial and operational results on May 01, 2018, for the first quarter of the fiscal year 2018 ended March 31, 2018. The Company surpassed analysts' estimates for earnings but missed revenue forecasts in Q1 FY18. Register today and get access to over 1,000 Free Research Reports by joining our site below:
Active-Investors.com is currently working on the research report for Barnwell Industries, Inc. (NYSE AMER: BRN), which also belongs to the Basic Materials sector as the Company Devon Energy. Do not miss out and become a member today for free to access this upcoming report at:
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Devon Energy most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Earnings Highlights and Summary
Devon's total revenues reached $3.81 billion in Q1 FY18, reflecting an increase of 7.29% from $3.55 billion in Q1 FY17. The Company's revenue numbers missed analysts' consensus estimates of $3.89 billion. For the quarter under review, the Company's upstream revenues were $1.32 billion, down 14.41% on a y-o-y basis; while its marketing and midstream revenues were $2.49 billion, up 23.93% on a y-o-y basis.
Devon's total production averaged 544,000 oil-equivalent barrels (Boe) per day in Q1 FY18. Oil accounted for the largest component of the product mix at approximately 46% of total volumes. The Company's production expenses totaled $543 million, or $11.08 per Boe, in Q1 FY18, and were in-line with its guidance.
During Q1 FY18, Devon incurred total expenses of $3.99 billion, 23.71% higher than $3.23 billion in Q1 FY17. The Company's production expenses jumped 18.82% to $543 million on a y-o-y basis, while its exploration expenses declined 65.26% to $33 million on a y-o-y basis in the reported quarter. Besides, Devon incurred marketing and midstream expenses of $2.21 billion in the quarter under review, up 22.05% from $1.81 billion in the prior year's same quarter.
Devon's net loss attributable to common shareholders was $197 million in the quarter ended March 31, 2018, versus net earnings attributable to common shareholders of $303 million in the last year's comparable period. The Company's diluted loss per share was $0.38 in Q1 FY18 compared to diluted earnings per share (EPS) of $0.58 in Q1 FY17. The reported earnings results included charges due to early retirement of debt, asset dispositions, asset and exploration impairments, deferred tax asset valuation allowance, fair value changes in financial instruments, and foreign currency. Devon's non-GAAP core EPS attributable to common shareholders, excluding these special items, was $0.20 in Q1 FY18, higher than analysts' consensus estimates of $0.19.
During Q1 FY18, Devon's Devon US & Canada segment had net revenues of $2.20 billion in Q1 FY18. The segment had upstream revenues of $1.32 billion and marketing and midstream revenues of $879 million in the reported quarter.
Devon's EnLink segment reported revenues of $1.76 billion in Q1 FY18.
Devon had total cash, cash equivalents, and restricted cash of $1.42 billion as on March 31, 2018, compared to $2.67 billion as on March 31, 2017. The Company had a net debt of $8.56 billion at the end of Q1 FY18.
For the three months ended March 31, 2018, Devon's net cash flow from operating activities was $804 million, 7.77% higher than $746 million in the corresponding period of last year. The Company incurred capital expenditure of $832 million in Q1 FY18, an increase of 27.41% from $653 million in Q1 FY17.
For Q1 FY18, Devon's Board of Directors authorized a $1.0 billion share-repurchase program of its common stock. By the end of April, Devon had repurchased 6.2 million shares under the program at a total cost of $204 million, with an average share purchase price of $33. The Company intends to complete the stock repurchase program by the end of 2018. Besides, the Company's Board of Directors also approved a 33% increase in its quarterly common stock dividend to $0.08 per share compared to the previous rate of $0.06 per share. The new quarterly dividend rate would be effective from Q2 FY18.
Devon raised its full-year 2018 oil production outlook, driven by its strong year-to-date results and confidence in its Delaware and STACK focused capital programs. Devon expects production to be in the range of 536,000 - 560,000 Boe per day for FY18. This raised production guidance (at midpoint) represents an estimated growth rate of 16% on a y-o-y basis from 2017 compared to the previous guidance of 14%. The Company expects net earnings attributable to non-controlling interests to be in the band of $185 million to $205 million for FY18.
For the second quarter of the fiscal year 2018, Devon estimates total production from its assets to be within the range of 524,000 - 549,000 Boe per day. Devon expects net earnings attributable to non-controlling interests to be in the band of $30 million to $50 million for Q2 FY18.
Stock Performance Snapshot
May 23, 2018 - At Wednesday's closing bell, Devon Energy's stock marginally advanced 0.93%, ending the trading session at $42.19.
Volume traded for the day: 6.36 million shares.
Stock performance in the last month – up 22.36%; previous three-month period – up 38.74%; past twelve-month period – up 11.55%; and year-to-date – up 1.91%
After yesterday's close, Devon Energy's market cap was at $22.29 billion.
Price to Earnings (P/E) ratio was at 107.63.
The stock has a dividend yield of 0.76%.
The stock is part of the Basic Materials sector, categorized under the Independent Oil & Gas industry.
Active-Investors (A-I) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. A-I has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.
A-I has not been compensated; directly or indirectly; for producing or publishing this document.
PRESS RELEASE PROCEDURES:
The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third-party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email firstname.lastname@example.org. Rohit Tuli, a CFA® charterholder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by A-I. A-I is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.
A-I, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. A-I, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, A-I, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.
NOT AN OFFERING
This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither A-I nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://active-investors.com/legal-disclaimer/.
For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:
Phone number: 73 29 92 6381
Office Address: 6, Jalan Kia Peng, Kuala Lumpur, 50450 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.