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Devon Energy’s Q1 Earnings Miss the Mark; Shares Fall (DVN)

By Dividend.com,  May 02, 2012, 09:16:19 AM EDT

Oil and natural gas producer Devon Energy Corporation ( DVN ) on Wednesday posted a decline in first quarter earnings, missing Wall Street estimates and sending its shares lower in premarket trading.

The Oklahoma City-based company reported first quarter net income of $393 million, or 97 cents per share, compared with $416 million, or 97 cents per share, in the year-ago period. Last year's results had far fewer shares outstanding.

Excluding special items, adjusted profit was $1.05 per share. Revenue rose 16% from last year to $2.5 billion.

On average, Wall Street analysts expected a much higher profit of $1.44 per share, albeit on lower revenue of $2.4 billion.

Devon Energy shares fell $2.80, or -4%, in premarket trading Wednesday.

The Bottom Line
Shares of Devon Energy ( DVN ) have a 1.13% dividend yield, based on last night's closing stock price of $70.65. The stock has technical support in the $65 price area. If the shares can firm up, we see overhead resistance around the $75-$76 price levels.

Devon Energy Corporation ( DVN ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Stocks

Referenced Stocks: DVN



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