Stocks making the biggest moves after hours: Devon Energy, Concho Resources, Cadence Design and more

A pump jack operates at a well site leased by Devon Energy Production Co. near Guthrie, Oklahoma.
Nick Oxford | Reuters
A pump jack operates at a well site leased by Devon Energy Production Co. near Guthrie, Oklahoma.

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.