X
<

Is Devon Energy on Track to Beat 2Q17 Earnings Estimate?

PART:
1 2 3 4 5 6 7 8 9
Part 6
Is Devon Energy on Track to Beat 2Q17 Earnings Estimate? PART 6 OF 9

How Devon Energy Stock Has Performed since 1Q17 Earnings

Devon Energy stock performance since 1Q17 earnings

Devon Energy (DVN) announced its 1Q17 earnings on May 2, 2017, after the market closed. Reported revenues of ~$3.6 billion were higher than the Wall Street analyst consensus of ~$2.9 billion. The company beat the estimate by $0.01. It reported an adjusted profit of $0.41 per share, whereas the Wall Street analyst consensus was for a profit of $0.40 per share. To know more about DVN’s earnings, refer to Parts 1, 2, and 5 of this series.

How Devon Energy Stock Has Performed since 1Q17 Earnings

Interested in DVN? Don't miss the next report.

Receive e-mail alerts for new research on DVN

Success! You are now receiving e-mail alerts for new research. A temporary password for your new Market Realist account has been sent to your e-mail address.

Success! has been added to your Ticker Alerts.

Success! has been added to your Ticker Alerts. Subscriptions can be managed in your user profile.

Since DVN’s 1Q17 earnings release, the stock has fallen ~15.0%. It’s been making a pattern of lower highs and lower lows since its 1Q17 earnings and is in a bearish trend. On a weekly time frame, DVN stock is trading below its 50-week and 200-week moving averages. On July 25, 2017, the stock closed at $32.98, whereas its 50-week and 200-week moving averages were $40.77 and $49.24, respectively. That means DVN stock is ~19.0% below its 50-week moving average.

Crude oil and natural gas prices

Since Devon Energy’s 1Q17 earnings release, DVN stock has been underperforming crude oil (USO) and natural gas (UNG) prices. Since the earnings release, crude oil (USO) prices have risen nearly half a percentage point. Natural gas (UNG) prices have fallen ~8.0% during the same period.

DVN’s peers

Due to falling crude oil and natural gas prices since DVN’s 1Q17 earnings release, the Energy Select Sector SPDR ETF (XLE) has underperformed the S&P 500 ETF (SPY). SPY has risen ~4.0%, whereas XLE has fallen more than ~1.0%. DVN’s peers Encana (ECA) and ConocoPhillips (COP) have fallen ~2.0% and ~5.0%, respectively, in the same period. That means DVN has underperformed its peers during the period. Devon Energy, ConocoPhillips, and Encana all have operations in the Permian Basin in the United States.

XLE generally invests at least 95.0% of its total assets in oil and gas companies. In the next part, we’ll take a look at the short interest in Devon Energy stock.

X

Please select a profession that best describes you: