Devon Energy Reports Net Loss; Beats Estimates (DVN)
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.
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