Devon Energy’s stock price action
After losing ~77% of its market capitalization between June 2014 and February 2016, Devon Energy’s (DVN) stock price is finally showing signs of a new uptrend. In April 2016 Devon Energy’s stock crossed the 200-day moving average for the first time in the last year and is currently trading ~15% above it. Since February 2016, Devon Energy’s stock price has risen by a whopping ~124%.
Devon Energy’s relative performance
Devon Energy’s year-to-date performance
For 2016, DVN is outperforming bigger upstream companies from the S&P 500 (SPY). DVN is up by ~21%, whereas bigger oil and gas producers Occidental Petroleum (OXY) and EOG Resources (EOG) are up by ~16% and ~18%, respectively. ConocoPhillips (COP) is down by ~8% for 2016.
Devon Energy’s stock price performance after past results
Devon Energy reported its 1Q16 earnings after the market close, on May 3, 2016. In 1Q16, excluding one-time items, Devon Energy (DVN) reported EPS (earnings per share) of -$0.53 per share, $0.10 better than the estimate of -$0.63 per share. Following the earnings release, the better-than-expected earnings led to Devon Energy’s stock price falling by ~10% in four sessions.
DVN reported its 4Q15 earnings after the market close, on February 16, 2015. In 4Q15, excluding one-time items, DVN reported EPS of $0.77 per share, $0.06 better than the estimated EPS of $0.71 per share. Following the earnings release, the better-than-expected earnings led to Devon Energy’s stock price falling by ~14% in three sessions.
A contrarian reaction occurred after the 2Q15 earnings release as well, when Devon Energy’s stock price decreased by ~25% in three weeks, even after beating the consensus earnings estimates by $0.35 per share. DVN’s 3Q15 post-earnings release reaction was positive, with its stock price increasing by ~6% in five sessions after beating the earnings estimates by $0.24 per share. However, considering the magnitude of the beat, the reaction was muted.
After the 1Q15 earnings release, Devon Energy’s stock price reacted negatively, with a decline of ~3% in two weeks. This was mainly due to the $0.03 per share miss on the earnings estimates.