Is This Shale Giant A Buy After Earnings Miss? ...Middle East

As expected, Devon Energy (NYSE:DVN) was hammered by the market on the release of earnings, which missed analysts' EPS estimates by $0.09 and modestly exceeded revenue by $6.6 mm. They then committed two unpardonable sins. First, raising the 2023 capex forecast range modestly for the year, which analysts view dimly these days. Second, the company raised the standard dividend to $0.20, but reduced the variable to $0.69, a 34% drop from the prior quarter. On a forward basis, this is a 6.2% YOC, which is not too shabby, but tell that to the analysts…

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