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:
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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.
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