Devon Energy (DVN) came out with quarterly earnings of $0.45 per share, beating the Zacks Consensus Estimate of $0.35 per share. This compares to earnings of $0.13 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of 28.57%. A quarter ago, it was expected that this oil and gas exploration company would post earnings of $0.05 per share when it actually produced break-even earnings, delivering a surprise of -100%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Devon Energy, which belongs to the Zacks Oil and Gas - Exploration and Production - United States industry, posted revenues of $1.76 billion for the quarter ended March 2021, missing the Zacks Consensus Estimate by 20.44%. This compares to year-ago revenues of $2.09 billion. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.