Devon Energy (DVN) Stock Skyrockets Today on Strong Third Quarter Earnings

NEW YORK (TheStreet) -- Shares of Devon Energy Corp.  (DVN) are sharply up by 9.76% to $61.49 in afternoon trading on Wednesday, following the company's third quarter earnings report that showed profit higher than analysts' estimates, helped in large part by the sale of its U.S. oil and natural gas properties.

The Oklahoma City-based company posted a third quarter profit of $1 billion, or $2.47 per share, up from $429 million, or $1.05 per share a year ago. Excluding items, Devon posted earnings of $1.34 per share, beating analysts' consensus estimate of $1.23 per share.

Revenue for the quarter was $5.34 billion, also surpassing analysts' estimate of $4.15 billion in revenue.

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 Devon is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids.

Separately, TheStreet Ratings team rates DEVON ENERGY CORP as a Hold with a ratings score of C+.

DVN Chart DVN data by YCharts

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