Devon Energy Corp DVN:NYSE

Last Price$55.82NYSE Closing Price as of 7:00PM ET 6/29/22
NYSE 15-minute delayed Bid/Ask Quotes
Today's Change-3.64(6.12%)
Bid (Size)$55.62 (1)
Ask (Size)$55.82 (1)
Day Low / High$55.62 - 60.99
Volume12.7 M

Sector Update: Energy Stocks Rally Despite Tuesday Retreat by Crude Oil

2:09PM ET 5/03/2022 MT Newswires
Energy stocks were sharply higher this afternoon, with the NYSE Energy Sector Index rising 2.9% while the SPDR Energy Select Sector ETF (XLE) was up 2.6%. The Philadelphia Oil-Service Sector index also was posting a 2.8% advance and the Dow Jones US Utilities Index was adding 1.4%.

West Texas Intermediate crude oil was sinking $1.93 to $103.24 per barrel while North Sea Brent crude also was sliding $1.93 to $105.65 per barrel. Henry Hub natural gas futures were surging $0.55 higher to $8.02 per 1 million BTU.

In company news, CVR Energy (CVI) climbed nearly 14% after the petroleum refinery and nitrogen fertilizer company reported a surprise GAAP profit for its Q1 ended March 31, earning $0.93 per share compared with a $0.39 per share net loss during the same quarter last year and topping the Capital IQ consensus expecting a $0.10 per share loss. Revenue grew 62% year-over-year to $2.37 billion, also exceeding the $1.83 billion analyst mean.

Ameresco (AMRC) gained more than 11% after reporting non-GAAP Q1 net income of $0.36 per share, improving on its $0.25 per share adjusted profit during the same quarter in 2021 and exceeding the Capital IQ consensus looking for the clean-energy technology firm earning $0.28 per share during the three months ended March 31, excluding one-time items. Revenue rose 88% to $474 million, blowing past the $410.8 million Street view.

Devon Energy (DVN) added 9.6% after the oil and natural gas producer reported core Q1 net income and revenue exceeding analyst estimates and also increasing its quarterly dividend by 27% to $1.27 per share. Excluding one-time items, it earned $1.88 per share compared with its $0.45 per share adjusted profit during the year-ago quarter and the Capital IQ consensus expecting $1.76 per share.