Compared to Estimates, Devon Energy (DVN) Q2 Earnings: A Look at Key Metrics

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Devon Energy performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

• Production - Oil - Total: 503 millions of barrels of oil versus 495.17 millions of barrels of oil estimated by seven analysts on average.
• Production - Gas - Total: 3252 millions of cubic feet compared to the 2928.31 millions of cubic feet average estimate based on seven analysts.
• Production - Total oil equivalent per day: 1359 millions of barrels of oil equivalent per day compared to the 1335.6 millions of barrels of oil equivalent per day average estimate based on seven analysts.
• Production - Natural gas liquids - Total: 314 millions of barrels of oil versus 308.4 millions of barrels of oil estimated by six analysts on average.
• Realized Prices - Oil (Realized price, including cash settlements): $88.09 versus the four-analyst average estimate of $86.14.
• Realized Prices - Gas (Realized price, including cash settlements): $1.05 versus the four-analyst average estimate of $0.98.
• Revenues- Marketing and midstream revenues: $1.9 billion compared to the $1.91 billion average estimate based on four analysts. The reported number represents a change of +41.8% year over year.
• Revenues- Gas: $104 million versus $250.33 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -41.6% change.
• Revenues- Oil: $4.35 billion versus the three-analyst average estimate of $3.89 billion. The reported number represents a year-over-year change of +100.3%.
• Revenues- NGL: $648 million versus the three-analyst average estimate of $579.77 million. The reported number represents a year-over-year change of +81%.
• Revenues- Oil, gas and NGL derivatives: $414 million versus $-292.48 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +75.4% change.
• Revenues- Oil, gas and NGL sales: $5.11 billion versus $4.66 billion estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +88.4% change.

View all Key Company Metrics for Devon Energy here>>>

Shares of Devon Energy have returned -2.8% over the past month versus the Zacks S&P 500 composite's +3.3% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

7 Best Stocks for the Next 30 Days

Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops."

Since 1988, the full list has beaten the market more than 2X over with an average gain of +23.9% per year. So be sure to give these hand picked 7 your immediate attention. 

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research