OKLAHOMA CITY (AP) — Devon Energy Corp. (DVN) on Tuesday reported third-quarter profit of $109 million.
The Oklahoma City-based company said it had profit of 27 cents per share. Earnings, adjusted to account for discontinued operations and non-recurring gains, came to 26 cents per share.
The results beat Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 19 cents per share.
The oil and gas exploration company posted revenue of $1.85 billion in the period, which also beat Street forecasts. Four analysts surveyed by Zacks expected $1.57 billion.
Devon Energy shares have risen about 2% since the beginning of the year, while the Standard & Poor’s 500 index has increased 23%. The shares closed Tuesday at $22.98, a drop of 30% in the last 12 months.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on DVN at https://www.zacks.com/ap/DVN
This story has been updated throughout to correct the earnings data to reflect numbers from the company’s third quarter. An earlier version included second-quarter results.