Devon Energy Earnings: Here’s Why the Stock is Up Now

Devon Energy Corporation (NYSE:DVN) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 3.76%.

Devon Energy Corporation Earnings Cheat Sheet

Results: Adjusted Earnings Per Share increased 120% to $1.21 in the quarter versus EPS of $0.55 in the year-earlier quarter.

Revenue: Rose 20.79% to $3.09 billion from the year-earlier quarter.

Actual vs. Wall St. Expectations: Devon Energy Corporation reported adjusted EPS income of $1.21 per share. By that measure, the company beat the mean analyst estimate of $0.95. It beat the average revenue estimate of $2.65 billion.

Quoting Management: “The second quarter was an outstanding one for Devon as we continued to successfully grow high-margin oil production,” said John Richels, president and chief executive officer. “We remain on track to deliver total companywide oil production growth in the high teens for 2013, led by light-oil growth of nearly 40 percent in the U.S.”

Key Stats (on next page)…

Revenue increased 56.74% from $1.97 billion in the previous quarter. EPS increased 83.33% from $0.66 in the previous quarter.

Looking Forward: Analysts have a more positive outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has risen from a profit of $1.01 to a profit $1.09. For the current year, the average estimate has moved up from a profit of $3.67 to a profit of $3.84 over the last ninety days.

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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)