Devon Energy Reports Net Loss; Beats Estimates (DVN)

Devon Energy Reports Net Loss; Beats Estimates (DVN)

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Energy company, Devon Energy Corporation(DVN) reported a net loss for the fourth quarter, but beat analysts estimates on Wednesday.

The Oklahoma City, OK based company reported a fourth quarter net loss of -$357 million, or 89 cents per share, compared to a net income of $507 million, or $1.25 per share last year. DVN said that the loss for the fourth quarter was caused by an impairment charge of $896 million.

Excluding special items, the company reported earnings of $316 million, or 78 cents per share, which beat analyst estimate of 75 cents per share.

Revenue for the quarter was $2.58 billion, which beat analysts estimate of $2.36 billion.

Oil production in the fourth quarter increased 13% to 151,000 barrels per share. This increase included a significant growth in U.S. oil production.

Devon Energy shares were down 78 cents, or -1.29% during Wednesday morning trading. The stock has declined -20% in the past year.

The Bottom Line
Shares of Devon Energy Corporation(DVN) have a 1.32% yield, based on Tuesday’s closing price of $60.57.

Devon Energy Corporation(DVN) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 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.

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