Devon Energy: 3Q Earnings Snapshot
OKLAHOMA CITY (AP) _ Devon Energy Corp. (DVN) on Tuesday reported third-quarter earnings of $2.54 billion.
On a per-share basis, the Oklahoma City-based company said it had profit of $5.14. Earnings, adjusted to account for discontinued operations, came to 63 cents per share.
The results surpassed Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 43 cents per share.
The oil and gas exploration company posted revenue of $2.58 billion in the period, also surpassing Street forecasts. Seven analysts surveyed by Zacks expected $2.12 billion.
Devon Energy shares have fallen 20 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased 3 percent. In the final minutes of trading on Tuesday, shares hit $32.93, a drop of 19 percent in the last 12 months.