Boston, MA, 02/20/2014 – SM Energy Co. (NYSE:SM) opened the market as a biggest decliner yesterday post a disappointing fourth quarter results, followed by analyst downgrades. Early this week, the company reported its fourth-quarterly earnings missing the market consensus in EPS, which stood at $1.26 per share as against the projection of $1.44 per share. However, it managed to post revenue of $636.7 million above the market consensus by $24.25 million. After the earnings note, analyst at KeyBanc downgraded the rating for the company from ‘Buy’ to ‘Hold’, citing that SM Energy Co. (NYSE:SM)‘s Tatonka 1H well in the Permian Basin records a crude production of 375 boe/day, widely below the expectation and thus, does not compete for capital in SM’s portfolio.
KeyCorp (NYSE:KEY) has announced the dates of its first-quarter earnings, which is scheduled to take place on April 17′ 2014, before the opening of the market. The bank is slated to report its fourth quarter results on February 23, 2014. KeyCorp (NYSE:KEY) provides several banking services and products for its clients ranging from retail to institutional.
Devon Energy Corp (NYSE:DVN) puts up its fourth quarter results on Wednesday, which missed the revenue estimates but surpassed the EPS projections though. Devon’s Q4 EPs came in as $1.10 v/s the analyst estimate of $1.07 per share. However, revenues did not meet the expectation by $70 million as they stood at $2.62 billion. Moreover, Devon said that it is going ahead with the sale of its natural gas assets in Canada and the other six natural gas plants to Canadian Natural Resources. The deal valued $3.13 billion comes after the company’s call in November to shed its assets in Canada. Before royalties, the said properties produce nearly 383 million cubic feet of natural gas each day, 10,800 bpd of light crude oil and 12,000 bpd of natural gas liquids.The deal does not include Devon Energy Corp (NYSE:DVN)’s heavy oil assets in Alberta and Horn River interests.