In the first half-hour of Friday trading, the Dow Jones industrials were up 1.16%, the S&P 500 up 1.09% and the Nasdaq 1.11% higher.
After U.S. markets closed on Thursday, Apple beat analysts’ estimates on both the top and bottom lines, even though revenue was 2.5% lower than in the year-ago quarter. Mac sales fell by about $3.2 billion, accounting for more than all of the year-over-year decline. iPhone and iPad sales both came in higher than estimates. To top it all off, Apple increased its dividend by 4% and added a $90 billion share buyback. Shares traded up 4.5% in the early going Friday.
Block also reported earnings per share (EPS) and revenue that beat consensus estimates. Yet, the stock traded down about 2.1%.
Before markets opened on Friday, AMC reported a smaller-than-expected loss per share on better-than-expected revenue. The stock traded down about 3%.
Enbridge beat the consensus EPS estimate by a penny but missed on revenue. Shares traded up 1.7%.
Warner Bros. Discovery posted a steeper loss than analysts were expecting and also fell short on revenue. Ad sales for the company’s cable networks were down 15% year over year. Shares traded down 3.5% early Friday.
There are no earnings reports scheduled for release Friday afternoon. Before markets open on Monday, BioNTech and Tyson Foods will report quarterly results.
Here is a look at three companies set to report results later on Monday.
Devon Energy Inc. (NYSE: DVN) is among the country’s 10 largest independent producers of oil and natural gas. The company has seen its share price drop by nearly 29% over the past 12 months, including a drop of almost a third in the past six months. Falling commodity prices have certainly hurt, but a bigger threat is a possible lowering of Devon’s massive dividend yield.
Analysts remain bullish on the stock, with 17 of 31 having a Buy or Strong Buy rating. Another 13 have Hold ratings. At a recent price of around $48.00 a share, the upside potential based on a median price target of $65.45 is 36.4%. At the high target of $87.00, the upside potential is 81.3%.
ALSO READ: 5 ‘Strong Buy’ Dow Dividend Leaders That Worried Investors Are Snapping Up Now
Consensus estimates call for fourth-quarter revenue of $3.82 billion, which would be down 11.2% sequentially and essentially flat year over year. Adjusted EPS are forecast at $1.39, down 16.1% sequentially and by 26.1% year over year. For the full 2023 fiscal year, Devon is expected to post EPS of $6.58, down 20.8%, on revenue of $16.24 billion, down 15.3%.
Devon’s stock trades at 7.3 times expected 2023 EPS, 6.8 times estimated 2024 earnings of $7.10 and 7.2 times estimated 2025 earnings of $6.68 per share. Its 52-week trading range is $44.03 to $79.40. Devon pays an annualized dividend of $5.06 (yield of 10.32%). Total shareholder return for the past year was negative 22.96%.
Sponsored: Tips for Investing
A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.
Source: Read Full Article