Research Desk Line-up: Continental Resources Post Earnings Coverage
LONDON, UK / ACCESSWIRE / August 16, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Devon Energy Corp. (NYSE: DVN), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=DVN, following the Company's posting of its financial results for the second quarter fiscal 2017 (Q2 FY17) on August 01, 2017. The Oklahoma City-based Company's core diluted EPS grew on a year-over-year basis, outshining Wall Street's estimates. Devon Energy's Q2 FY17 operating cash flow surged 135% y-o-y. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
Get more of our free earnings reports coverage from other constituents of the Independent Oil & Gas industry. Pro-TD has currently selected Continental Resources, Inc. (NYSE: CLR) for due-diligence and potential coverage as the Company announced on August 08, 2017, its operating and financial results for Q2 2017 which ended on June 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on Continental Resources when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on DVN; also brushing on CLR. With the links below you can directly download the report of your stock of interest free of charge at:
During Q2 FY17, Devon Energy total revenues and other came in at $3.27 billion, up from $2.49 billion recorded at the end of Q2 FY16. However, total revenues for the reported quarter lagged behind market consensus estimates of $3.32 billion. The Company's oil, gas and natural gas liquids (NGL) sales revenues increased to $1.21 billion during Q2 FY17 from $1.09 billion reported in Q2 FY16. Furthermore, marketing and midstream revenues also rose to $1.93 billion in Q2 FY17 from $1.55 billion in Q2 FY16.
The oil and gas exploration Company reported net earnings attributable to Devon of $425 million, or $0.80 per diluted share, in Q2 FY17 versus net loss attributable to Devon of $1.57 billion, or $3.04 loss per diluted share, in Q2 FY16. Meanwhile, the Company's core earnings attributable to Devon grew to $177 million, or $0.34 per diluted share, during Q2 FY17 from $33 million, or $0.06 per diluted share, in the prior year's same quarter. Market analysts had forecasted that the Company would report core earnings of $0.33 per share for Q2 FY17.
Devon Energy total costs and expenses declined to $2.73 billion during Q2 FY17 from $3.99 billion in the past year's comparable quarter. The Company reported operating income of $542 million during Q2 FY17 compared to operating loss of $1.50 billion in Q2 FY16.
In Q2 FY17, Devon Energy's oil production volume was down to 238 thousand barrels per day (MBbls/d) during Q2 FY17 from 259 MBbls/d in Q2 FY16. NGL production volume was 97 MBbls/d for Q2 FY17 versus 131 MBbls/d in Q2 FY16. Quarterly production volume of gas totaled 1,208 million cubic feet per day (MMcf/d) in Q2 FY17 versus 1,527 MMcf/d in the prior year's comparable quarter. Meanwhile, oil equivalent production volume was 536 thousand barrels of oil equivalent per day (MBoe/d) in Q2 FY17 compared to 644 MBoe/d in the last year's corresponding quarter.
Cash Matters and Balance Sheet
In the quarter ended on June 30, 2017, Devon Energy generated $810 million as net cash from operating activities, surging from $345 million in the prior year's same quarter. The Company's capital expenditures, including acquisitions for the reported quarter were $757 million, versus $452 million in Q2 FY16.
The Company's cash and cash equivalents balance stood at $2.37 billion as on June 30, 2017, compared to $1.96 billion at the close of books on December 31, 2016. Furthermore, the Company's total long-term debt increased to $10.56 billion as on June 30, 2017, from $10.15 billion as on December 31, 2016.
In a separate press release on June 07, 2017, Devon Energy's Board of Directors declared a quarterly cash dividend of $0.06 per share on the company's common stock for Q3 FY17. The dividend is payable on September 29, 2017, on a record date of September 15, 2017.
Due to strong capital efficiency during the first half of FY17, Devon Energy lowered its full-year E&P capital investment outlook by $100 million. The Company now expects E&P capital investment in FY17 to range from $1.9 billion to $2.2 billion.
On Tuesday, August 15, 2017, Devon Energy's stock closed the trading session at $30.92, slightly dropping 0.48% from its previous closing price of $31.07. A total volume of 4.00 million shares were exchanged during the session. Shares of the Company have a PE ratio of 7.04 and have a dividend yield of 0.78%. The stock currently has a market cap of $16.33 billion.
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