Analysts expect Devon Energy (NYSE:DVN) to announce sales of $3.86 billion for the current quarter, according to Zacks Investment Research. Four analysts have issued estimates for Devon Energy’s earnings. The highest sales estimate is $4.16 billion and the lowest is $3.30 billion. Devon Energy reported sales of $3.55 billion during the same quarter last year, which indicates a positive year over year growth rate of 8.7%. The business is expected to issue its next quarterly earnings report after the market closes on Tuesday, May 1st.
On average, analysts expect that Devon Energy will report full year sales of $16.27 billion for the current financial year, with estimates ranging from $14.30 billion to $18.08 billion. For the next fiscal year, analysts expect that the firm will post sales of $17.89 billion per share, with estimates ranging from $15.23 billion to $22.39 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that that provide coverage for Devon Energy.
Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, February 20th. The energy company reported $0.38 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.60 by ($0.22). Devon Energy had a net margin of 10.04% and a return on equity of 6.92%. The business had revenue of $3.98 billion during the quarter, compared to analyst estimates of $3.58 billion. During the same quarter last year, the company posted $0.25 earnings per share. The company’s revenue was up 41.8% on a year-over-year basis.
DVN has been the topic of several research reports. Jefferies Group restated a “buy” rating and issued a $52.00 price target on shares of Devon Energy in a research note on Tuesday, January 30th. Stifel Nicolaus set a $68.00 price objective on shares of Devon Energy and gave the stock a “buy” rating in a research report on Tuesday, January 30th. Barclays reaffirmed a “buy” rating and set a $39.00 price objective on shares of Devon Energy in a research report on Sunday, December 24th. Credit Suisse Group set a $50.00 price objective on shares of Devon Energy and gave the stock a “buy” rating in a research report on Tuesday, January 23rd. They noted that the move was a valuation call. Finally, Cowen set a $51.00 price objective on shares of Devon Energy and gave the stock a “buy” rating in a research report on Thursday, January 18th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and nineteen have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $45.65.
Several hedge funds have recently bought and sold shares of DVN. Dimensional Fund Advisors LP lifted its holdings in shares of 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 worth $56,751,000 after acquiring an additional 610,468 shares during the last quarter. Stifel Financial Corp lifted its holdings in shares of Devon Energy by 10.5% in the third quarter. Stifel Financial Corp now owns 117,005 shares of the energy company’s stock worth $4,302,000 after acquiring an additional 11,149 shares during the last quarter. Vident Investment Advisory LLC bought a new position in shares of Devon Energy in the third quarter worth about $235,000. Ladenburg Thalmann Financial Services Inc. lifted its holdings in shares of 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 worth $648,000 after acquiring an additional 1,329 shares during the last quarter. Finally, California Public Employees Retirement System lifted its holdings in shares of 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 worth $41,987,000 after acquiring an additional 49,974 shares during the last quarter. 82.25% of the stock is owned by hedge funds and other institutional investors.
Shares of DVN stock traded down $0.29 on Friday, hitting $35.40. The company’s stock had a trading volume of 8,330,467 shares, compared to its average volume of 7,757,821. 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 has a fifty-two week low of $28.79 and a fifty-two week high of $45.16. The company has a market capitalization of $18,992.21, a PE ratio of 56.19, a price-to-earnings-growth ratio of 3.50 and a beta of 2.18.
The business also recently announced a quarterly dividend, which will be paid on Friday, June 29th. Stockholders of record on Friday, June 15th will be issued a $0.08 dividend. 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 0.90%. This is a boost from Devon Energy’s previous quarterly dividend of $0.06. Devon Energy’s dividend payout ratio is 38.10%.
Devon Energy declared that its board has approved a share repurchase program on Wednesday, March 7th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the energy company to reacquire shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s management believes its shares are undervalued.
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Devon Energy Company Profile
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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