Devon Energy Corp (NYSE: DVN) on Monday said its revenue came in shy of Street estimates in the fiscal first quarter. Shares still jumped 3.0% after-hours on better-than-expected earnings.
Notable figures in Devon Energy Q1 earnings report
- Earned $989 million in the first quarter that translates to $1.48 per share.
- On an adjusted basis, per-share earnings stood at $1.88 in fiscal Q1.
- Generated revenue of $3.81 billion, as per the earnings press release.
- Experts’ forecast was for $1.74 of adjusted EPS on $4.02 billion in revenue.
- Operating cash flow jumped 14% YoY to $1.80 billion.
- Produced 575,000 oil-equivalent barrels per day on average in Q1.
Also on Monday, Devon Energy announced a 27% sequential increase in its dividend to $1.27 per share and a 25% expansion in the stock buyback programme to $2.0 billion.
Bryn Talkington reacts to Devon Energy Q1 results
Commenting on the earnings report and the broader energy trade, Requisite’s Bryn Talkington said on CNBC’s “Closing Bell”:
Shanghai and Beijing are closed. That will open. The draining of the SPR is finite. U.S. oil production is a million barrels per day lower than it was in 2019. So, I think this trade has legs for foreseeable future and these are consistent high-quality earnings that people should own in their portfolios.
She expects the Ukraine war to keep oil prices up, which will continue to help the likes of Devon Energy. The stock is now up nearly 30% for the year.
The post Devon Energy Q1 results: ‘this trade has legs for foreseeable future’ appeared first on Invezz.
Source: https://invezz.com/news/2022/05/03/devon-energy-q1-results-this-trade-has-legs-for-foreseeable-future/