Energy company, Devon Energy Corporation(DVN) reported a net loss for the quarter, but beat analysts estimates Wednesday.
The Oklahoma City, OK based company reported third quarter net loss of -$719 million, or $1.80 per share, compared with net income of $1.038 billion or $2.50 per share last year. Adjusted earnings were $355 million or 88 cents per share. Analysts expected EPS of 68 cents.
The loss in earnings was due to a $1.1 billion non-cash asset impairment charge
Revenue for the quarter was $1.865 billion down 46% from last years revenue of $3.502 billion. Thomson Reuters analysts expected to see revenue of $2.27 billion.
Devon Energy shares were mostly flat during premarket trading Wednesday.
The Bottom Line
Shares of Devon Energy (DVN) have a 1.34% dividend yield, based on last night’s closing stock price of $59.62. The stock has technical support in the $55 price area. If the shares can firm up, we see overhead resistance around the $63-$65 price levels.
Devon Energy Corporation(DVN) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.