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Devon Energy Surpasses Revenue Expectations Despite Earnings Miss, Stock Rises 2%

Devon Energy Surpasses Revenue Expectations Despite Earnings Miss, Stock Rises 2% Nov. 6, 2024, 7:24 a.m., readers: 7

Devon Energy (NYSE:DVN) posted impressive third-quarter 2024 results, with revenue surpassing estimates and helping lift its stock by more than 2% in pre-market today. The oil and gas giant reported revenue of $4.02 billion, well above the anticipated $3.72 billion and reflecting substantial growth over last year’s figures. However, its adjusted earnings per share landed at $1.10, narrowly missing the consensus estimate of $1.11. The strong revenue performance overshadowed the slight earnings miss, driving investor confidence and boosting Devon’s stock.

About NYSE: DVN

D evon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates approximately 5,134 gross wells. Devon Energy Corporation was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.

Price: 39.38
Market cap: 25.9 billion USD
Eps: 5.40
P/e ratio: 7.29
Focus Analysis On: DVN