Equities research analysts forecast that Devon Energy Corp (NYSE:DVN) will announce sales of $3.69 billion for the current quarter, Zacks Investment Research reports. Three analysts have issued estimates for Devon Energy’s earnings. The lowest sales estimate is $3.30 billion and the highest is $4.08 billion. Devon Energy posted sales of $3.55 billion during the same quarter last year, which suggests a positive year over year growth rate of 3.9%. The firm is expected to announce its next quarterly earnings results on Tuesday, May 1st.
On average, analysts expect that Devon Energy will report full-year sales of $3.69 billion for the current financial year, with estimates ranging from $14.08 billion to $17.86 billion. For the next financial year, analysts expect that the business will post sales of $16.92 billion per share, with estimates ranging from $14.32 billion to $22.21 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that follow Devon Energy.
Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, February 20th. The energy company reported $0.38 EPS for the quarter, missing the Zacks’ consensus estimate of $0.60 by ($0.22). Devon Energy had a return on equity of 6.92% and a net margin of 10.04%. The firm had revenue of $3.98 billion during the quarter, compared to the consensus estimate of $3.58 billion. During the same quarter in the prior year, the business posted $0.25 EPS. Devon Energy’s revenue was up 41.8% compared to the same quarter last year.
A number of analysts have commented on DVN shares. Barclays raised their price objective on Devon Energy from $35.00 to $38.00 and gave the stock an “overweight” rating in a research report on Monday, November 20th. Piper Jaffray Companies reiterated a “hold” rating and issued a $38.00 price objective on shares of Devon Energy in a research report on Friday, November 24th. Scotiabank set a $50.00 price objective on Devon Energy and gave the stock a “buy” rating in a research report on Saturday, November 25th. Citigroup reiterated a “buy” rating and issued a $44.00 price objective on shares of Devon Energy in a research report on Tuesday, November 28th. Finally, Credit Suisse Group started coverage on Devon Energy in a research report on Monday, December 11th. They issued an “outperform” rating and a $43.00 price objective for the company. One research analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $45.70.
A number of institutional investors and hedge funds have recently modified their holdings of DVN. Nationwide Fund Advisors raised its position in Devon Energy by 3.2% in the 3rd quarter. Nationwide Fund Advisors now owns 324,989 shares of the energy company’s stock valued at $11,930,000 after purchasing an additional 9,993 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its position 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 valued at $2,464,000 after purchasing an additional 9,738 shares during the last quarter. Gamco Investors INC. ET AL raised its position in Devon Energy by 7.1% in the 3rd quarter. Gamco Investors INC. ET AL now owns 144,100 shares of the energy company’s stock valued at $5,290,000 after purchasing an additional 9,500 shares during the last quarter. Daiwa Securities Group Inc. raised its position in Devon Energy by 14.7% in the 3rd quarter. Daiwa Securities Group Inc. now owns 15,364 shares of the energy company’s stock valued at $564,000 after purchasing an additional 1,964 shares during the last quarter. Finally, Principal Financial Group Inc. raised its position in Devon Energy by 5.3% in the 3rd quarter. Principal Financial Group Inc. now owns 1,135,391 shares of the energy company’s stock valued at $41,680,000 after purchasing an additional 57,043 shares during the last quarter. Hedge funds and other institutional investors own 82.22% of the company’s stock.
Shares of Devon Energy (DVN) traded down $0.91 during mid-day trading on Monday, hitting $31.71. The company’s stock had a trading volume of 9,724,857 shares, compared to its average volume of 9,540,000. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.45 and a quick ratio of 1.45. Devon Energy has a 52 week low of $28.79 and a 52 week high of $45.16. The company has a market cap of $16,660.00, a P/E ratio of 18.44, a P/E/G ratio of 2.24 and a beta of 2.26.
Devon Energy declared that its Board of Directors has initiated a stock buyback plan on Wednesday, March 7th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the energy company to buy shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 29th. Shareholders of record on Friday, June 15th will be given a $0.08 dividend. This is an increase from Devon Energy’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Thursday, June 14th. This represents a $0.32 annualized dividend and a yield of 1.01%. Devon Energy’s payout ratio is presently 13.95%.
ILLEGAL ACTIVITY WARNING: “Devon Energy Corp (DVN) Expected to Announce Quarterly Sales of $3.69 Billion” was reported by Dispatch Tribunal and is the property of of Dispatch Tribunal. If you are reading this story on another website, it was stolen and republished in violation of US and international trademark and copyright laws. The correct version of this story can be read at https://www.dispatchtribunal.com/2018/04/07/devon-energy-corp-dvn-expected-to-announce-quarterly-sales-of-3-69-billion.html.
Devon Energy Company Profile
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).
Get a free copy of the Zacks research report on Devon Energy (DVN)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
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.