Devon's 2 Major Plays Will Shoot Stock Higher In 2013
By Income Hunter:In early May, Devon Energy (DVN) became one of few energy companies to miss analyst expectations this earnings season, reporting $1.05 earnings per share in the first quarter. Analysts expected to see earnings per share of $1.44. Devon attributed much of the impact on "unusually wide Canadian oil price differentials"-- presumably against the WTI Cushing, Oklahoma cash price-- and pointed out that prices were normalizing as of the end of the quarter.Based on the lower than expected first quarter results, Devon CFO Jeff Agosta indicated that shareholders could expect profits in the next quarter to arrive $50 million below previous guidance, though he also pointed out that the company expects to meet its goal of raising liquid hydrocarbon output to 40% of the company's total output. This is inline with moves by other companies, including Anadarko (APC) and Cabot Oil & Gas (COG), moving to diversify into liquids basedComplete Story »
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