Devon Energy Corporation (NYSE:DVN) – Analysts at Seaport Global Securities increased their Q4 2017 earnings per share (EPS) estimates for Devon Energy in a report released on Tuesday, Zacks Investment Research reports. Seaport Global Securities analyst M. Kelly now forecasts that the energy company will earn $0.52 per share for the quarter, up from their prior forecast of $0.38. Seaport Global Securities has a “Buy” rating on the stock. Seaport Global Securities also issued estimates for Devon Energy’s Q1 2018 earnings at $0.54 EPS, Q2 2018 earnings at $0.53 EPS, Q3 2018 earnings at $0.56 EPS, Q4 2018 earnings at $0.53 EPS and FY2018 earnings at $2.16 EPS.
Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, October 31st. The energy company reported $0.46 EPS for the quarter, beating the Zacks’ consensus estimate of $0.39 by $0.07. The company had revenue of $3.16 billion for the quarter, compared to analysts’ expectations of $3.13 billion. Devon Energy had a net margin of 11.62% and a return on equity of 6.88%. Devon Energy’s revenue was up 9.5% compared to the same quarter last year. During the same period in the prior year, the company posted $1.89 EPS.
A number of other analysts have also weighed in on the stock. Morgan Stanley upped their target price on shares of Devon Energy from $42.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday, October 18th. Credit Suisse Group initiated coverage on shares of Devon Energy in a report on Monday, December 11th. They set an “outperform” rating and a $43.00 target price on the stock. Piper Jaffray Companies decreased their target price on shares of Devon Energy from $46.00 to $36.00 and set a “neutral” rating on the stock in a report on Monday, September 18th. Scotiabank set a $50.00 target price on shares of Devon Energy and gave the stock a “buy” rating in a report on Saturday, November 25th. Finally, Jefferies Group raised shares of Devon Energy from a “hold” rating to a “buy” rating and set a $43.00 target price on the stock in a report on Monday, October 9th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and fifteen have issued a buy rating to the stock. Devon Energy presently has an average rating of “Buy” and a consensus price target of $45.82.
Shares of Devon Energy (DVN) traded up $0.97 during mid-day trading on Friday, hitting $44.04. 7,670,000 shares of the company were exchanged, compared to its average volume of 4,630,000. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 0.87. The stock has a market cap of $23,140.00, a PE ratio of 14.98, a P/E/G ratio of 2.56 and a beta of 2.21. Devon Energy has a 12 month low of $28.79 and a 12 month high of $47.82.
The business also recently declared a quarterly dividend, which will be paid on Thursday, March 29th. Stockholders of record on Thursday, March 15th will be issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.54%. The ex-dividend date is Wednesday, March 14th. Devon Energy’s payout ratio is 8.16%.
In other news, EVP Lyndon C. Taylor sold 12,798 shares of the stock in a transaction on Thursday, December 14th. The shares were sold at an average price of $38.29, for a total value of $490,035.42. Following the transaction, the executive vice president now owns 67,900 shares of the company’s stock, valued at approximately $2,599,891. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.51% of the stock is owned by corporate insiders.
Several large investors have recently modified their holdings of DVN. Strs Ohio increased its holdings in shares of Devon Energy by 6.3% in the 2nd quarter. Strs Ohio now owns 14,778 shares of the energy company’s stock worth $472,000 after buying an additional 882 shares during the last quarter. Global X Management Co. LLC boosted its stake in shares of Devon Energy by 12.5% in the 2nd quarter. Global X Management Co. LLC now owns 4,539 shares of the energy company’s stock valued at $145,000 after purchasing an additional 503 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its stake in shares of Devon Energy by 4.7% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,953,530 shares of the energy company’s stock valued at $62,455,000 after purchasing an additional 87,912 shares in the last quarter. Dupont Capital Management Corp purchased a new stake in shares of Devon Energy in the 2nd quarter valued at $184,000. Finally, State of Wisconsin Investment Board boosted its stake in shares of Devon Energy by 14.4% in the 2nd quarter. State of Wisconsin Investment Board now owns 340,294 shares of the energy company’s stock valued at $10,879,000 after purchasing an additional 42,720 shares in the last quarter. 77.44% of the stock is currently owned by hedge funds and other institutional investors.
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About Devon Energy
Devon Energy Corporation is an independent energy company. The Company also controls EnLink Midstream Partners, L.P. (EnLink). The Company’s segments include U.S., Canada and EnLink. The Company is engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs).
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