FMP
Devon Energy Surpasses Revenue Expectations Despite Earnings Miss, Stock Rises 2%
Nov 6, 2024 12:24 PM - Davit Kirakosyan
Image credit: FMP
Devon Energy (NYSE:DVN) posted impressive third-quarter 2024 results, with revenue surpassing estimates and helping lift its stock by more than 2% in pre-market today.
The oil and gas giant reported revenue of $4.02 billion, well above the anticipated $3.72 billion and reflecting substantial growth over last year’s figures. However, its adjusted earnings per share landed at $1.10, narrowly missing the consensus estimate of $1.11.
The strong revenue performance overshadowed the slight earnings miss, driving investor confidence and boosting Devon’s stock.
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