Devon Energy (DVN) Stock Gains in After-Hours Trading on Earnings Beat

Devon Energy (DVN) stock was up in after-hours trading after the company's 2015 third quarter earnings results beat analysts' expectations.
By Amanda Albright ,

NEW YORK (TheStreet) -- Devon Energy (DVN) - Get Report stock was up by 0.09% to $45.26 in after-hours trading on Tuesday, after the oil and natural gas company reported its 2015 third quarter earnings results. 

After the market close, Devon Energy posted third quarter earnings of 76 cents per share on revenue of $3.6 billion.  Analysts surveyed by Thomson Reuters were expecting the company to report earnings of 52 cents per share on revenue of $3.97 billion.

"Our strategy of operating in North America's best resource plays, coupled with a focus on delivering best-in-class execution, continues to generate top-tier results," said Dave Hager, CEO of Devon Energy, in a statement. "Across our asset portfolio, well performance has consistently exceeded type curve expectations through higher production rates, declining capital costs and lower operating expenses."

Devon Energy reported oil production of 282,000 barrels per day, a 31% increase compared to the third quarter of 2014.

Devon Energy raised its 2015 production outlook by 2% to a midpoint of 276,000 barrels per day. 

Separately, TheStreet Ratings team rates DEVON ENERGY CORP as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:

We rate DEVON ENERGY CORP (DVN) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.

You can view the full analysis from the report here: DVN

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