After-hours buzz: Devon Energy, Concho Resources, Cadence Design & more

FAN Editor

Check out the companies making headlines after the bell:

Devon Energy shares surged more than 6 percent after reporting fourth-quarter earnings and plans to separate its Canadian and Barnett Shale assets. The company said these plans aim “to complete the transformation to a high-return U.S. oil growth business.” The oil producer’s adjusted earnings per share were 10 cents. The company also announced it is adding $5 billion to its stock buyback plan. It also raised its quarterly dividend to 9 cents per share.

Shares of Concho sunk more than 4 percent after the company reported disappointing fourth-quarter earnings. The oil and gas producer posted earnings per share of 94 cents, compared to the $1.13 forecast by analysts surveyed by Refinitiv. Revenue missed coming in at $1.07 billion, compared to the $1.19 billion expected by Wall Street. Concho lowered its 2019 capital expenditures outlook to between $2.8 billion and $3 billion, while estimates were $3.27 billion.

Shares of Cadence Design rose more than 6 percent following the release of its better-than-expected fourth-quarter earnings. Earnings per share were 52 cents, beating a Refinitiv estimate by 5 cents. Revenue also beat coming in at $570 million, compared to the estimated $550 million. The software company also issued strong first-quarter and 2019 guidance.

Shares of LendingClub moved 6 percent lower after posting mixed fourth-quarter earnings and issuing weak 2019 guidance. The loan company reported earnings of 3 cents per share on revenues of $181.5 million. Analysts estimated earnings of 2 cents on revenues of $181.9 million, according to Refinitiv.

Diamondback Energy shares initially dropped more than 3 percent after market close after the company released disappointing fourth-quarter earnings. Earnings per share were $1.21, below the $1.62 estimated by analysts polled by Refinitiv. Revenue missed at $633 million, compared to the $661 million forecast by Wall Street. The stock has since recovered its losses.

Free America Network Articles

Leave a Reply

Next Post

Sources: Brothers expected to testify before grand jury in Jussie Smollett case

Last Updated Feb 19, 2019 9:44 PM EST Chicago — The Jussie Smollett mystery moved into a Chicago courthouse on Tuesday. Two brothers who said the actor paid them to stage an attack on him were talking to prosecutors, sources told CBS News. The brothers spent the afternoon at the […]