Devon Energy (NYSE:DVN) – Equities researchers at Jefferies Group dropped their Q1 2018 earnings per share estimates for Devon Energy in a research note issued on Monday. Jefferies Group analyst M. Lear now forecasts that the energy company will post earnings per share of $0.25 for the quarter, down from their previous estimate of $0.28. Jefferies Group currently has a “Buy” rating and a $41.00 price target on the stock. Jefferies Group also issued estimates for Devon Energy’s Q2 2018 earnings at $0.26 EPS, Q3 2018 earnings at $0.27 EPS, Q4 2018 earnings at $0.33 EPS, FY2018 earnings at $1.11 EPS, Q1 2019 earnings at $0.55 EPS, Q2 2019 earnings at $0.55 EPS, Q3 2019 earnings at $0.59 EPS, Q4 2019 earnings at $0.67 EPS and FY2019 earnings at $2.36 EPS.
A number of other equities research analysts have also issued reports on DVN. Piper Jaffray Companies reissued a “hold” rating and set a $38.00 target price on shares of Devon Energy in a research note on Friday, November 24th. Scotiabank set a $50.00 target price on shares of Devon Energy and gave the company a “buy” rating in a research note on Saturday, November 25th. Citigroup reissued a “buy” rating and set a $44.00 target price on shares of Devon Energy in a research note on Tuesday, November 28th. Credit Suisse Group started coverage on shares of Devon Energy in a research note on Monday, December 11th. They set an “outperform” rating and a $43.00 target price for the company. Finally, Seaport Global Securities raised shares of Devon Energy from a “neutral” rating to a “buy” rating in a research note on Tuesday, December 19th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and seventeen have given a buy rating to the company. Devon Energy has an average rating of “Buy” and a consensus target price of $45.60.
Shares of Devon Energy (NYSE DVN) opened at $31.55 on Tuesday. The stock has a market cap of $16,814.15, a price-to-earnings ratio of 11.91, a price-to-earnings-growth ratio of 2.43 and a beta of 2.26. Devon Energy has a 52 week low of $28.79 and a 52 week high of $45.16. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.45 and a current ratio of 1.45.
Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, February 20th. The energy company reported $0.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.22). The company had revenue of $3.98 billion for the quarter, compared to analyst estimates of $3.58 billion. Devon Energy had a net margin of 10.04% and a return on equity of 6.92%. The company’s quarterly revenue was up 41.8% on a year-over-year basis. During the same period last year, the business earned $0.25 EPS.
Institutional investors have recently added to or reduced their stakes in the company. Nationwide Fund Advisors raised its holdings in Devon Energy by 3.2% in the 3rd quarter. Nationwide Fund Advisors now owns 324,989 shares of the energy company’s stock worth $11,930,000 after acquiring an additional 9,993 shares during the period. Raymond James Financial Services Advisors Inc. raised its holdings in Devon Energy by 17.0% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 67,106 shares of the energy company’s stock worth $2,464,000 after acquiring an additional 9,738 shares during the period. Sei Investments Co. raised its holdings in Devon Energy by 30.0% in the 3rd quarter. Sei Investments Co. now owns 111,360 shares of the energy company’s stock worth $4,088,000 after acquiring an additional 25,688 shares during the period. New York State Common Retirement Fund raised its holdings in Devon Energy by 4.0% in the 3rd quarter. New York State Common Retirement Fund now owns 1,256,075 shares of the energy company’s stock worth $46,111,000 after acquiring an additional 48,500 shares during the period. Finally, Comerica Bank raised its holdings in Devon Energy by 1.3% in the 3rd quarter. Comerica Bank now owns 177,231 shares of the energy company’s stock worth $6,381,000 after acquiring an additional 2,301 shares during the period. Institutional investors and hedge funds own 82.19% of the company’s stock.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 29th. Stockholders of record on Friday, June 15th will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Thursday, June 14th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.01%. This is an increase from Devon Energy’s previous quarterly dividend of $0.06. Devon Energy’s dividend payout ratio (DPR) is currently 9.06%.
Devon Energy declared that its Board of Directors has approved a stock repurchase program on Wednesday, March 7th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the energy company to buy shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.
TRADEMARK VIOLATION NOTICE: This story was first posted by Dispatch Tribunal and is the property of of Dispatch Tribunal. If you are reading this story on another website, it was illegally stolen and republished in violation of U.S. and international copyright & trademark legislation. The original version of this story can be viewed at https://www.dispatchtribunal.com/2018/03/21/jefferies-group-weighs-in-on-devon-energys-q1-2018-earnings-dvn.html.
About Devon Energy
Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States and Canada. It operates approximately 14,600 gross wells. The company also offers gathering, transmission, processing, storage, fractionation, and marketing to upstream oil and natural gas producers; and owns natural gas pipelines, plants and treatment facilities.
Receive News & Ratings for Devon Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Devon Energy and related companies with MarketBeat.com's FREE daily email newsletter.