Devon Energy Q3 earnings on deck; what to expect (NYSE:DVN)

• Devon Power (NYSE:DVN) is scheduled to announce Q3 earnings outcomes on Tuesday, November seventh, after market shut.
• The consensus EPS estimate is $1.55 and the consensus income estimate is $3.63 billion.
• Over the past 2 years, DVN has overwhelmed EPS estimates 75% of the time and has overwhelmed income estimates 88% of the time.
• Over the past 3 months, EPS estimates have seen 17 upward revisions and a pair of downward. Income estimates have seen 2 upward revisions and 1 downward.
• The corporate on August 1 reported Q2 non-GAAP EPS of $1.18, lacking estimates by simply 1 cent. Income of $3.45 billion was down 38.7% from final yr and got here under expectations by $90 million.
• DVN has a Quant score of “HOLD“, with a 3.32 score rating.
• DVN has an business rating of 41 out of 72 amongst oil & fuel exploration and manufacturing shares, as per SA’s Quant rating.
• Wall Road and Looking for Alpha authors charge the DVN inventory a “BUY“.
• DVN inventory rose 45.8% in 2022, whereas the benchmark S&P 500 Index slipped practically 20% for the yr.
• Inventory is down 15.1% to this point this yr as of Friday’s shut. The S&P 500 Power Sector Index is down 1.35% YTD.

Latest commentary on Devon

“Devon Power’s inventory has been overwhelmed down this yr, however we predict the selloff is overdone. Devon’s valuation is enticing relative to friends and will make them an acquisition goal. M&A exercise within the oil and fuel sector may favor Devon as a result of nature of their property within the Delaware Basin. We imagine the inventory is a purchase at these ranges,” writes SA contributor UFD Capital in an October 18 report.

“Devon Power has been oversold on account of a excessive share of particular person investor possession and being the bottom share value within the unbiased producer peer group. This permits the inventory to be extraordinarily risky and has created a shopping for alternative. I view the inventory as no less than 10% undervalued in comparison with mid-cycle oil costs,” writes SA contributor Ronald Ferrie in an October 9 report, and charges DVN as a purchase below $48/share.