Devon Energy In Spotlight After Q1 Profit Miss, Oil Production Forecast Raise: Retail’s Divided

The company raised its full-year 2025 oil production forecast by 1% to a range of 382,000 to 388,000 barrels per day.

Devon Energy (DVN) stock garnered retail attention on Wednesday after its first-quarter profit narrowly missed Wall Street’s estimates.

The oil and gas producer reported a core profit of $1.21 per share for the three months ended on March 31, compared with analysts’ expectations of $1.22 per share, according to FinChat data.

Due to a decline in oil prices, its net income fell to $494 million, or $0.77 per share, for the first quarter, compared with $596 million, or $0.94 per share, in the year-ago quarter.

Devon’s quarterly production rose nearly 23% to 815,000 barrels of oil equivalent per day, aided by its $5 billion acquisition of Grayson Mills assets.

The company raised its full-year 2025 oil production forecast by 1% to a range of
382,000 to 388,000 barrels per day.

Its peers, Diamondback Energy and Coterra Energy, have opted to lower their oil production amid a low oil price environment.

Benchmark Brent crude oil prices fell below $60 per barrel in April for the first time since 2021 amid concerns over oversupply from OPEC+ and lower demand.

However, it lowered its full-year capital budget by $100 million to boost free cash flow.

On Monday, Devon agreed to sell its equity interest in the Matterhorn Pipeline for approximately $375 million to bolster its balance sheet.

“Devon will continue to monitor the macro environment and has significant flexibility to adjust its activity and capital programs,” the company said.

Retail sentiment on Stocktwits was in the ‘neutral’ (50/100) territory, while retail chatter was ‘normal.’

One user said that despite analysts saying the stock is undervalued, it fails to impress.

Devon stock has fallen 8.3% year to date (YTD).

For updates and corrections, email newsroom[at]stocktwits[dot]com.<