Devon Energy: 3Q Earnings Snapshot
OKLAHOMA CITY (AP) _ Devon Energy Corp. (DVN) on Tuesday reported third-quarter profit of $495 million.
The Oklahoma City-based company said it had profit of $1.19 per share. Earnings, adjusted to account for discontinued operations and non-recurring gains, came to 23 cents per share.
The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 19 cents per share.
The oil and gas exploration company posted revenue of $1.92 billion in the period, which also beat Street forecasts. Four analysts surveyed by Zacks expected $1.57 billion.
Devon Energy shares have risen slightly more than 2% since the beginning of the year, while the Standard & Poor’s 500 index has increased 23%. In the final minutes of trading on Tuesday, shares hit $23.07, a drop of 30% in the last 12 months.