Oil-and-gas producer Devon Energy (DVN) on Tuesday delivered lackluster fourth-quarter earnings, sending shares lower. And now we’re looking to the company for answers on how it plans to continue returning cash to shareholders in a lower oil-price environment. Total revenue was roughly flat year-on-year, at $4.3 billion, slightly missing analysts’ forecasts of $4.39 billion, according to estimates compiled by Refinitiv. Adjusted diluted earnings-per-share (EPS) advanced 20% compared with the year prior, to $1.66 a share, falling short of expectations for EPS of $1.75, Refinitiv data showed. Note : Devon Energy is scheduled to host its post-earnings conference call on Wednesday at 11:00 a.m. ET. Bottom line This was a disappointing quarter for Devon Energy, despite having managed our expectations given the recent decline in energy prices. The combination of both lower-than-expected production and realized prices resulted in poor cash flow performance in the fourth quarter — and that, in turn, meant the declared fixed-plus-variable dividend distribution to shareholders came in below Wall Street’s forecasts. Compounding the suboptimal results, the company on Tuesday guided for production to be below expectations for both the first quarter and full year 2023, while forecasting capital expenditures to be higher than expected. As a result, Devon stock tumbled roughly 5.5% in afterhours trading, as shares re-rated to the lower cash-return profile. Devon was also squeezed by weaker oil prices, with West Texas Intermediate crude — the U.S. oil benchmark — having fallen more than 9% over the past three months, to around $78 a barrel. Nonetheless, the geo-economic backdrop should ultimately support energy prices this year — including China’s economic reopening, the expected replenishment of the U.S. Strategic Petroleum Reserve and Russia’s ongoing war in Ukraine — and could drive Devon’s shares higher. Cash flow generation and capital returns would likely also rebound in response to rising prices. On Wednesday, we’ll be looking to hear from management on how they intend to improve operating efficiencies to continue supporting shareholder cash returns. In the meantime, our 1 rating on the stock and price target of $82 a share are under review. Capital allocation We pay close attention to cash flow metrics when it comes to our energy exploration-and-production holdings. That’s because the core of our investment thesis for these holdings is that their capital discipline, combined with a favorable commodity price environment, will lead to significant cash flow generation — a large percentage of which should then be returned to shareholders via dividends and buybacks. After accounting for the fixed portion of the dividend, management generally distributes up to 50% of excess free cash flow to shareholders via the variable portion of the dividend. Despite an 11% increase to the fixed portion of Devon’s quarterly dividend for 2023, to 20 cents per share, the company was only able to declare an 89-cents-per-share fixed-plus-variable dividend. That’s down from $1.35 a share in the third quarter of 2022 and $1.55 per share in the second quarter. Though we aren’t surprised to see the distribution come down, the free cash flow performance is disappointing as it points the likelihood of a lower variable portion in the future. And given that the primary reason to own oil stocks is for the return of capital, investors will likely attempt to calculate Devon’s future fixed-plus-variable distributions. Then, they’ll use those estimates as a means of generating a price target based on the yield they expect from the stock. By annualizing the 89-cent-per-share payout, we reach $3.56 per share. At the roughly $64 a share the stock was trading at prior to the earnings release, that amounts to a 5.6% dividend yield — well below the higher yields to which most energy investors have become accustomed. But that’s why the stock moved lower in evening trading, to around $60.50 a share, allowing for a higher yield. If the geo-economic situation ultimately provides a floor for energy prices this year, with potential upside, buyers of Devon could stand to lock in a yield of at least 6%. As was the case in the prior quarter, Devon did not aggressively make use of its $2 billion share repurchase program in the fourth quarter. The company bought back roughly $57 million worth of shares, putting its year-to-date total at $1.3 billion. Management also reiterated that they remain on track to retire about 5% of outstanding shares by the completion of the repurchase authorization. Thanks to continued financial discipline, Devon ended the year with a net debt-to-EBITDAX (earnings before interest, tax, depreciation, amortization, and exploration expense) ratio of 0.5-times (on a trailing 12-months basis), down from 0.8-times at the end of 2021 and inline with prior guidance. (Jim Cramer’s Charitable Trust is long DVN. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. 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Devon Energy’s Jackfish Projects processing plant in Alberta, Canada.
Jimmy Jeong | Bloomberg | Getty Images
Oil-and-gas producer Devon Energy (DVN) on Tuesday delivered lackluster fourth-quarter earnings, sending shares lower. And now we’re looking to the company for answers on how it plans to continue returning cash to shareholders in a lower oil-price environment.
Kandi has become fairly well known in the US for its electric golf carts and work-focused UTVs, but the company has teamed up with Lowe’s and the NFL on something more playful: the Kandi 4P electric golf cart. Sold through Lowe’s with official NFL team liveries, this four-seat neighborhood cruiser is aimed less at the fairway and more at cul-de-sacs, grocery runs, and game-day tailgates. I spent time with a Miami Dolphins–themed 4P in South Florida to see what it can really do.
Kandi 4P NFL-edition golf cart video review
Want to see it in action? Or want to see my family decked out in head-to-toe Miami Dolphins gear?
Check out our family testing video below!
Specs, power, and hardware
Despite the “golf cart” label, the Kandi 4P is built more like a small road-going NEV. Power comes from a 5 kW motor and a big 48V 150 Ah lithium iron phosphate battery (around 7.2 kWh), giving it plenty of grunt for neighborhood speeds of around 20 mph and a lot more range than you’d expect from something this size. In practical terms, it just sips energy; I did multiple days of errands and joyrides before even thinking about plugging it in.
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Charging is refreshingly straightforward. The cart uses a J1772 inlet, so you can plug into a normal 120V wall outlet with the included cord or use a typical home EV charger if you already have one. It’s overkill for a golf cart, but in a good way.
Underneath, you’ll find single wishbone suspension in the front, rack-and-pinion steering, and four-wheel hydraulic disc brakes. There’s even a 2-inch receiver tow-hitch rated for 500 pounds of trailer weight and a mounting spot up front if you really want to bolt on a winch.
Features and practicality
Inside, the Kandi 4P feels more like a small EV than a basic cart. There’s a very large touchscreen display with multiple info pages for speed, battery, and system status (and also displays the backup camera). An NFC fob handles “key” duties, and you get proper controls for forward, neutral, and reverse, plus hazards, lighting, and a tilt-adjustable steering column with stalk-mounted turn signals and horn.
The seats are nicely upholstered and genuinely comfortable, with DOT seat belts front and rear, cup holders everywhere, grab bars for passengers, and a built-in Bluetooth speaker for rolling playlists or tailgate anthems. A flip-up windshield can be cracked for a bit of breeze or propped fully open on gas struts, and the hard roof extends enough to keep you fairly dry in the rain. I should know – I had it out driving in multiple rain storms!
Storage is better than you’d expect: a small glove box, a rear trunk, and even a front “frunk.” Between those and the flat floor, we were able to pull off a full grocery run – though we probably should have planned our bag strategy a bit better. We ended up buckling a week’s worth of grocery bags into the back seats, but a tub in the back would make a better storage area for those types of large store runs.
Is it worth it?
At $9,999 through Lowe’s with whichever NFL team’s colors you prefer, the Kandi 4P isn’t cheap in absolute terms, but it’s very much in the mix for modern, nicely equipped neighborhood carts. High-end golf carts can easily run $14,000–$15,000 these days, and they don’t always bring a 7+ kWh LiFePO4 pack, disc brakes all around, J1772 charging, and all the street-legal bits in one package. Add in official NFL team colors and logos and you’ve basically got a rolling fan-mobile that doubles as a genuine second car replacement for many households.
No, it’s not as safe as a full-size car – there are no airbags or crumple zones here. But it does have real seat belts and lights, and it encourages a more aware, less “invincible” mindset behind the wheel. For people living in communities with 25–30 mph streets, these kinds of carts make a lot of sense: lower cost to buy, dramatically less energy use, no tailpipe emissions, less wear on roads and tires, and far more smiles per mile.
Compared to an e-bike, the Kandi 4P wins on weather protection and passenger capacity. Compared to a second car, it wins on cost, efficiency, and fun. And if you’re the type of person who wants to show up to the grocery store or the stadium in a full team-liveried electric cart, this thing absolutely nails the assignment.
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In a bid to get it above the $1.00/share NASDAQ-required minimum, fledgling EV brand Polestar ($PSNY) is rumored to be considering a 1:30 reverse stock split that could see the per-share price rocket up to nearly $16.
Geely-owned Volvo spinoff Polestar is working as hard as Tesla to prove that stock prices have little or nothing to do with traditional business fundamentals in 2025.
That’s because Polestar posted a 36.5% increase in retail sales and a heady 48.8% increase in revenue (to $2.17 billion) over the year before, Polestar’s share price has plummeted more than 35% in a matter of a few weeks – culminating in an unwelcome nastygram from NASDAQ threatening to delist the company’s shares from the NASDAQ if they didn’t climb back up above $1.
In a reverse stock split, each share of the company is converted into a fraction of a share – so, if a company announces a one for ten reverse stock split (1:10), every ten shares that you own will be converted into a single share. In a 1:30 reverse split like the one rumored here, every thirty shares in Polestar would become a single share.
The reverse split increases share price, but it’s not without risk:
A company may declare a reverse stock split in an effort to increase the trading price of its shares – for example, when it believes the trading price is too low to attract investors to purchase shares, or in an attempt to regain compliance with minimum bid price requirements of an exchange on which its shares trade … investors may lose money as a result of fluctuations in trading prices following reverse stock splits.
That’s especially relevant because, despite the increased sales and revenue, the company is also posting increased losses. Through September, the brand posted a $1.56 billion net loss compared to an $867 million loss in the first nine months of 2024. The company is also getting hit hard by Trump-imposed tariffs in the US and increased downward pressure on pricing coming from aggressive post-tax credit discounts from rival brands like BMW and Kia.
If the split does happen, here’s hoping Polestar can make the most of their borrowed time and they don’t end up like Lordstown Motors or Faraday Future – two brands that have pulled similar reverse stock splits with dubious results.
You can find out more about Polestar’s killer EV deals on the full range of Polestar models, from the 2 to the 4, below, then let us know what you think of the three-pointed star’s latest discount dash in the comments section at the bottom of the page.
SOURCE: CarScoops; images via Polestar.
If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
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With its sleek, uncluttered styling and more than 100 miles of battery-electric range before the extended range electric sedan’s gas engine kicks on, maybe the new Nissan N6 really should have been the next Maxima!
Struggling Japanese carmaker Nissan is dealing with an aging lineup and a brand identity driven more by subprime financing than any suggestion of reliability or sportiness here in the US – but overseas? The brand is rolling out hit after hit, and the latest Nissan N6 plug-in sedan promises exactly the sort of entry-level panache that could change its American fortunes.
“Under our Re:Nissan plan, we are redefining what Nissan delivers today and beyond,” explains Nissan President and CEO Ivan Espinosa. “It’s about strengthening our core, reigniting Nissan’s heartbeat, and creating products that inspire excitement and trust. It is about a sharper, more focused product strategy, a stronger brand, and a renewed commitment to our customers. Integral to this transformation is China — an essential market whose speed, technological leadership, and customer insights are setting the pace for the global auto industry.”
Developed by the Nissan Dongfeng JV in China, the new N6 is more compact that the well-received N7 BEV. In fact, the new Nissan N6, at 190.1″ long, compares nicely to the 192.8″ length of the most recent (and largest-ever) US Maxima, discontinued in 2023. Like the Maxima, the top-shelf version features modern, near-luxe features like soft, leather-like surfaces, LED mood lighting, multi-way adjustable seats, and mimosas or something.
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Mimosas or something
Mimosas; via Nissan.
The four or five passengers inside the N6 are propelled down the road exclusively by the car’s 208 hp electric motor, which is efficient enough to take you 112 miles on a full charge of its 21.1 kWh LFP battery. Once that charge is depleted, a 1.5L gas engine kicks on as a high-efficiency generator to keep the good times rolling.
Nissan says the N6′ exterior design, “features a V-Motion signature grille and expressive LED lighting at the front and rear.” And says that the car’s crisp lines give it, “a confident, dynamic presence.”
All of which sounds good on its own, but sounds absolutely miraculous when you consider the car’s Chinese price: ¥106,900 – or about $15,000 US for the base Nissan N6 180 Pro, as I type this.
Even with a nearly 100% markup to give it a $29,990 price tag in the US, I think the N6 would be a huge hit in the North American market. And – good news! – thanks to Canada’s apparent willingness to give Chinese carmakers a shot, we might find out if I’m right somewhat sooner than later.
Check out the Nissan N6 image gallery, below, then let us know what you think of the car’s US and Canadian appeal in the comments.
If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
FTC: We use income earning auto affiliate links.More.