Natural gas futures inched higher this morning, trading up 19 cents at $7.43, as parts...
Natural gas futures inched higher this morning, trading up 19 cents at $7.43, as parts of the country move from heating demand to cooling demand, which could increase the amount of gas power generators burn to meet air conditioning loads and keep storage injections lower than usual in coming weeks.
The energy sector is set for a lower start, pressured by weakness in the...
The energy sector is set for a lower start, pressured by weakness in the crude complex and the major market futures. U.S. stocks fell and the dollar held near record highs as concerns about economic growth lingered ahead of an expected U.S. rate hike this week and data showed COVID-19 lockdowns have slowed down China’s factory activity.
WTI and Brent crude oil are down in early trading as concerns over weak economic growth in China overshadowed fears of a potential European ban on Russian crude which could increase supply constraints. As a result of ongoing COVID-19 lockdowns, China released data on Saturday showing that factory activity in the world's second-largest economy contracted for a second month to its lowest since February 2020.
Chevron raised its Permian Basin operations growth forecast to 15% from 10% as the company continues to recover from the COVID-19 pandemic. In the last quarter, production in the Permian Basin grew to 692,000 barrels of oil equivalent per day and is expected to grow to 700,000 to 750,000 boe/d for all of 2022.
MarketWatch: Stocks open mostly higher; Nasdaq flat after worst month since 2008
Stocks opened mostly higher Monday as investors await this week's Federal Reserve meeting, though the...
Stocks opened mostly higher Monday as investors await this week's Federal Reserve meeting, though the Nasdaq Composite edged lower after turning in its worst monthly performance since 2008. The Dow Jones Industrial Average DJIA, -0.01% rose 77 points, or 0.2%, while the S&P 500 SPX, -0.14% edged up 0.1%. The Nasdaq COMP, 0.16% was down less than 0.1% at 12,334.
Devon Energy Inc. (NYSE: DVN) is the country’s third-largest independent producer of oil and natural gas. The company’s stock has added about 188% to its share price over the past 12 months, thanks largely to a jump in crude oil prices that began in late September.
Consensus estimates call for first-quarter revenue of $3.57 billion, which would be down 16.5% sequentially but up by 103% year over year. Adjusted EPS are forecast at $1.76, up 26.4% sequentially and 290% higher year over year. For the full 2022 fiscal year, Devon is forecast to post EPS of $8.05, up 128%, on revenue of $14.81 billion, up 21.3%.
Analysts are unsurprisingly bullish on the stock, with 22 of 30 giving the shares a Buy or Strong Buy rating. Devon’s stock trades at 7.4 times expected 2022 EPS, 7.8 times estimated 2023 earnings of $7.66 and 9.1 times estimated 2024 earnings of $6.60 per share. The stock’s 52-week range is $23.02 to $65.45. Devon pays an annual dividend of $4.00 (yield of 6.68%). Total shareholder return for the past year was 165.9%.
