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What's in the Offing for Devon Energy's (DVN) Q3 Earnings?

Devon Energy Corp. DVN is scheduled to release third-quarter 2019 results on Nov 5. In the last reported quarter, the company delivered a positive earnings surprise of 19.4%.

Let’s see how things have shaped up before the upcoming earnings announcement.

Factors to Consider

Higher production from STACK and Delaware Basin is likely to have had a positive impact on third-quarter average daily oil production. The company expects total third-quarter oil production from its retained assets within 143,000-151,000 barrels per day.

Third-quarter earnings are likely to have benefited from lower shares outstanding and cost-reduction initiatives undertaken by the company.

The Zacks Consensus Estimate for third-quarter earnings is pegged at 19 cents per share, indicating a decline of 69.84% from the prior-year reported figure.

Devon Energy Corporation Price and EPS Surprise

Devon Energy Corporation Price and EPS Surprise

Devon Energy Corporation price-eps-surprise | Devon Energy Corporation Quote

What Our Quantitative Model Predicts

Our proven model does not conclusively predict an earnings beat for Devon Energy this season. A stock needs to have both a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) to surpass estimates. That is not the case here as you will see below.

Earnings ESP: The company’s Earnings ESP is -3.48%.

You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Zacks Rank: Devon Energy currently carries a Zacks Rank #3.

Stocks to Consider

Here are a few companies worth considering from the same industry that have the right combination of elements to beat on earnings in the upcoming releases.

Cheniere Energy, Inc. LNG is slated to release second-quarter results on Nov 1. It has an Earnings ESP of +88.46% and a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.

Noble Energy Inc. NBL is set to release third-quarter results on Nov 7. It has an Earnings ESP of +10.76% and a Zacks Rank of 3.

Berry Petroleum Corporation BRY is set to release third-quarter results on Nov 7. It has an Earnings ESP of +0.21% and a Zacks Rank of 3.

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

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