DEVON ENERGY Reports Second Quarter Earnings Results for Fiscal Year 2023
August 22, 2023
☀️Earnings Overview
On August 1, 2023, DEVON ENERGY ($NYSE:DVN) reported their earnings results for the second quarter of fiscal year 2023 ending June 30, 2023. The total revenue was USD 3.5 billion, a decrease of 38.7% from the same quarter the previous year. Additionally, net income decreased by 64.2%, with a total of USD 0.69 billion.
Price History
Their stock opened at $53.7 and closed at the same price, down by 0.6% from the previous closing price of 54.0. This is a sign that investors are not overly confident in the company’s ability to keep their growth trajectory going. Despite the slight decrease in stock price, DEVON ENERGY still managed to report strong earnings overall for the quarter.
Overall, DEVON ENERGY’s second quarter earnings results demonstrate that the company is performing well despite some current market conditions. Investors will likely continue to watch their stock price to see if it can sustain its current momentum as the fiscal year continues. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Devon Energy. More…
| Total Revenues | Net Income | Net Margin |
| 17.01k | 4.74k | 27.8% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Devon Energy. More…
| Operations | Investing | Financing |
| 7.1k | -6.06k | -4k |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Devon Energy. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 23.36k | 12.21k | 17.19 |
Key Ratios Snapshot
Some of the financial key ratios for Devon Energy are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 43.0% | 173.0% | 38.3% |
| FCF Margin | ROE | ROA |
| 6.2% | 37.0% | 17.4% |
Analysis
At GoodWhale, we analyze DEVON ENERGY‘s financials with our advanced tools to get a better understanding of the company’s performance. We use the Star Chart to evaluate DEVON ENERGY’s standing in terms of growth, dividend, asset and profitability. We can see that DEVON ENERGY is strong in dividend and profitability, while it is only medium in terms of growth and weak in asset. This makes DEVON ENERGY a ‘rhino’ type of company, which we would classify as one that has achieved moderate revenue or earnings growth. For investors who are looking for moderate growth and strong dividends, DEVON ENERGY would be an attractive option. Moreover, its high health score of 9/10 with regard to its cashflows and debt indicates that the company is capable of paying off debt and raising capital to fund future operations. This makes DEVON ENERGY an even more attractive investment option for many types of investors. More…
Peers
Devon Energy Corp is an oil and gas exploration and production company. Its competitors are EOG Resources Inc, Pioneer Natural Resources Co, Diamondback Energy Inc.
– EOG Resources Inc ($NYSE:EOG)
EOG Resources Inc is an American petroleum and natural gas exploration and production company with operations in the United States, Canada, Trinidad and Tobago, the United Kingdom, and China. The company is headquartered in Houston, Texas.
EOG Resources Inc has a market cap of 76.23B as of 2022 and a Return on Equity of 21.35%. The company is engaged in the exploration, development, production, and marketing of crude oil and natural gas. It has operations in the United States, Canada, Trinidad and Tobago, the United Kingdom, and China.
– Pioneer Natural Resources Co ($NYSE:PXD)
Pioneer Natural Resources is an American oil and gas exploration and production company with operations in the United States, Canada, and Trinidad and Tobago. The company has a market cap of $59.8 billion as of 2022 and a return on equity of 21.22%. Pioneer Natural Resources is one of the largest independent oil and gas producers in the United States. The company’s operations are focused on the Permian Basin in West Texas, where it is one of the largest leaseholders and producers.
– Diamondback Energy Inc ($NASDAQ:FANG)
Founded in 2007, Diamondback Energy Inc is an oil and natural gas company based in Midland, Texas. It is engaged in the exploration, development, and production of onshore oil and natural gas reserves in the Permian Basin in West Texas. As of December 31, 2020, the company had estimated proved reserves of 5.4 billion barrels of oil equivalent.
Diamondback Energy Inc has a market cap of 25.96B as of 2022. Its ROE for the same year is 31.52%. The company is engaged in the exploration, development, and production of onshore oil and natural gas reserves in the Permian Basin in West Texas. As of December 31, 2020, the company had estimated proved reserves of 5.4 billion barrels of oil equivalent.
Summary
DEVON ENERGY reported their Q2 2023 earnings on August 1, 2023, with total revenue of USD 3.5 billion, a 38.7% decrease from the same quarter in the prior year. Net income was USD 0.69 billion, representing a 64.2% year-over-year decrease. This news has presented investors with a unique opportunity to invest in DEVON ENERGY at a lower price point.
With limited downside risk and potential upside reward, DEVON ENERGY has become an attractive option for investors looking for a long-term play in the energy sector. As the company continues to focus on cost containment and efficiency, investors should remain confident about the future of the company.
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