Analysts Anticipate Devon Energy (DVN) Will Announce Earnings of $0.24 Per Share

Wall Street brokerages expect Devon Energy (NYSE:DVN) to post earnings of $0.24 per share for the current fiscal quarter, Zacks Investment Research reports. Four analysts have made estimates for Devon Energy’s earnings, with the lowest EPS estimate coming in at ($0.04) and the highest estimate coming in at $0.72. Devon Energy reported earnings of $0.41 per share in the same quarter last year, which would indicate a negative year-over-year growth rate of 41.5%. The firm is scheduled to report its next earnings results after the market closes on Tuesday, May 1st.

According to Zacks, analysts expect that Devon Energy will report full year earnings of $1.46 per share for the current year, with EPS estimates ranging from $0.80 to $2.76. For the next financial year, analysts anticipate that the business will report earnings of $2.24 per share, with EPS estimates ranging from $0.54 to $3.76. Zacks’ earnings per share calculations are an average based on a survey of analysts that cover Devon Energy.

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Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, February 20th. The energy company reported $0.38 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.60 by ($0.22). The firm had revenue of $3.98 billion during the quarter, compared to analysts’ expectations of $3.58 billion. Devon Energy had a net margin of 10.04% and a return on equity of 6.92%. Devon Energy’s revenue for the quarter was up 41.8% on a year-over-year basis. During the same quarter last year, the company posted $0.25 earnings per share.

DVN has been the topic of several recent analyst reports. Jefferies Group reiterated a “buy” rating and set a $52.00 price objective on shares of Devon Energy in a report on Tuesday, January 30th. Seaport Global Securities upgraded shares of Devon Energy from a “neutral” rating to a “buy” rating in a report on Tuesday, December 19th. Credit Suisse Group set a $50.00 price objective on shares of Devon Energy and gave the stock a “buy” rating in a report on Tuesday, January 23rd. They noted that the move was a valuation call. Zacks Investment Research upgraded shares of Devon Energy from a “hold” rating to a “strong-buy” rating and set a $49.00 price objective on the stock in a report on Friday, February 2nd. Finally, Wolfe Research upgraded shares of Devon Energy from a “market perform” rating to an “outperform” rating in a report on Tuesday, January 30th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and nineteen have issued a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $45.65.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Dimensional Fund Advisors LP grew its position in Devon Energy by 65.2% in the third quarter. Dimensional Fund Advisors LP now owns 1,546,068 shares of the energy company’s stock valued at $56,751,000 after acquiring an additional 610,468 shares in the last quarter. Stifel Financial Corp grew its position in Devon Energy by 10.5% in the third quarter. Stifel Financial Corp now owns 117,005 shares of the energy company’s stock valued at $4,302,000 after acquiring an additional 11,149 shares in the last quarter. Vident Investment Advisory LLC acquired a new stake in Devon Energy in the third quarter valued at approximately $235,000. Ladenburg Thalmann Financial Services Inc. grew its position in Devon Energy by 8.1% in the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 17,658 shares of the energy company’s stock valued at $648,000 after acquiring an additional 1,329 shares in the last quarter. Finally, California Public Employees Retirement System grew its position in Devon Energy by 4.6% in the third quarter. California Public Employees Retirement System now owns 1,143,745 shares of the energy company’s stock valued at $41,987,000 after acquiring an additional 49,974 shares in the last quarter. 82.25% of the stock is owned by hedge funds and other institutional investors.

NYSE:DVN traded up $2.41 on Friday, reaching $36.10. The stock had a trading volume of 14,952,829 shares, compared to its average volume of 7,690,281. The firm has a market cap of $17,687.48, a price-to-earnings ratio of 57.30, a price-to-earnings-growth ratio of 3.28 and a beta of 2.18. Devon Energy has a 12-month low of $28.79 and a 12-month high of $45.16. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 0.73.

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 29th. Investors of record on Friday, June 15th will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.89%. The ex-dividend date is Thursday, June 14th. This is an increase from Devon Energy’s previous quarterly dividend of $0.06. Devon Energy’s dividend payout ratio is 38.10%.

Devon Energy announced that its board has initiated a share buyback program on Wednesday, March 7th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the energy company to buy shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.

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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.

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Earnings History and Estimates for Devon Energy (NYSE:DVN)

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