What's In The Offing For Devon Energy's (DVN) Q3 Earnings?

Devon Energy Corp. (NYSE:DVN) is scheduled to release third-quarter 2019 results on Nov 5. In the last reported quarter, the company delivered a positive earnings surprise of 19.4%.

Let’s see how things have shaped up before the upcoming earnings announcement.

Factors to Consider

Higher production from STACK and Delaware Basin is likely to have had a positive impact on third-quarter average daily oil production. The company expects total third-quarter oil production from its retained assets within 143,000-151,000 barrels per day.

Third-quarter earnings are likely to have benefited from lower shares outstanding and cost-reduction initiatives undertaken by the company.

The Zacks Consensus Estimate for third-quarter earnings is pegged at 19 cents per share, indicating a decline of 69.84% from the prior-year reported figure.

What Our Quantitative Model Predicts

Our proven model does not conclusively predict an earnings beat for Devon Energy this season. A stock needs to have both a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) to surpass estimates. That is not the case here as you will see below.

Earnings ESP: The company’s Earnings ESP is -3.48%.

You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Zacks Rank: Devon Energy currently carries a Zacks Rank #3.

Stocks to Consider

Here are a few companies worth considering from the same industry that have the right combination of elements to beat on earnings in the upcoming releases.

Cheniere Energy, Inc. (NYSE:LNG) is slated to release second-quarter results on Nov 1. It has an Earnings ESP of +88.46% and a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.

Noble Energy Inc. (NYSE:NBL) is set to release third-quarter results on Nov 7. It has an Earnings ESP of +10.76% and a Zacks Rank of 3.

Berry Petroleum Corporation (NASDAQ:BRY) is set to release third-quarter results on Nov 7. It has an Earnings ESP of +0.21% and a Zacks Rank of 3.

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