Equities analysts forecast that Devon Energy Corp (NYSE:DVN) will post earnings per share of $0.29 for the current fiscal quarter, Zacks reports. Three analysts have provided estimates for Devon Energy’s earnings. The highest EPS estimate is $0.45 and the lowest is $0.21. Devon Energy posted earnings of $0.34 per share in the same quarter last year, which would suggest a negative year over year growth rate of 14.7%. The business is expected to issue its next earnings results after the market closes on Tuesday, July 31st.
According to Zacks, analysts expect that Devon Energy will report full-year earnings of $1.71 per share for the current financial year, with EPS estimates ranging from $1.59 to $1.89. For the next fiscal year, analysts forecast that the firm will post earnings of $3.10 per share, with EPS estimates ranging from $2.19 to $4.31. Zacks’ EPS averages are an average based on a survey of sell-side research firms that follow Devon Energy.
Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, May 1st. The energy company reported $0.20 EPS for the quarter, meeting analysts’ consensus estimates of $0.20. Devon Energy had a net margin of 4.49% and a return on equity of 5.68%. The business had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $3.85 billion. During the same period last year, the business earned $1.07 earnings per share. The business’s quarterly revenue was up 7.3% on a year-over-year basis.
A number of research analysts have commented on DVN shares. BMO Capital Markets reiterated a “buy” rating and set a $50.00 price target on shares of Devon Energy in a research report on Tuesday, February 27th. Jefferies Financial Group set a $43.00 price objective on Devon Energy and gave the company a “buy” rating in a research note on Thursday, March 1st. UBS Group started coverage on Devon Energy in a research note on Wednesday, March 7th. They set a “neutral” rating and a $35.00 price objective for the company. B. Riley set a $37.00 price objective on Devon Energy and gave the company a “hold” rating in a research note on Friday, March 9th. Finally, JPMorgan Chase & Co. dropped their price objective on Devon Energy from $47.00 to $42.00 and set an “overweight” rating for the company in a research note on Wednesday, March 14th. One analyst has rated the stock with a sell rating, eight have given a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $46.60.
In related news, Director John E. Bethancourt purchased 12,000 shares of Devon Energy stock in a transaction dated Thursday, June 7th. The stock was purchased at an average cost of $41.90 per share, for a total transaction of $502,800.00. Following the completion of the acquisition, the director now directly owns 56,469 shares of the company’s stock, valued at $2,366,051.10. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Lyndon C. Taylor sold 18,357 shares of the firm’s stock in a transaction on Monday, June 11th. The shares were sold at an average price of $42.09, for a total value of $772,646.13. Following the transaction, the executive vice president now owns 95,223 shares of the company’s stock, valued at $4,007,936.07. The disclosure for this sale can be found here. Company insiders own 0.55% of the company’s stock.
Several large investors have recently modified their holdings of DVN. Sei Investments Co. increased its holdings in shares of Devon Energy by 3.7% during the fourth quarter. Sei Investments Co. now owns 115,517 shares of the energy company’s stock valued at $4,782,000 after acquiring an additional 4,157 shares in the last quarter. Cetera Advisor Networks LLC bought a new position in shares of Devon Energy during the fourth quarter valued at $208,000. Global X Management Co. LLC increased its holdings in shares of Devon Energy by 199.0% during the fourth quarter. Global X Management Co. LLC now owns 14,807 shares of the energy company’s stock valued at $613,000 after acquiring an additional 9,854 shares in the last quarter. Advisory Services Network LLC increased its holdings in shares of Devon Energy by 127.8% during the fourth quarter. Advisory Services Network LLC now owns 3,445 shares of the energy company’s stock valued at $143,000 after acquiring an additional 1,933 shares in the last quarter. Finally, Arizona State Retirement System increased its holdings in shares of Devon Energy by 2.2% during the fourth quarter. Arizona State Retirement System now owns 133,147 shares of the energy company’s stock valued at $5,512,000 after acquiring an additional 2,873 shares in the last quarter. Hedge funds and other institutional investors own 83.02% of the company’s stock.
Shares of NYSE DVN opened at $43.28 on Thursday. Devon Energy has a one year low of $28.79 and a one year high of $45.16. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.70. The company has a market cap of $21.54 billion, a price-to-earnings ratio of 29.82, a price-to-earnings-growth ratio of 3.43 and a beta of 2.19.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 28th. Shareholders of record on Friday, September 14th will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.74%. The ex-dividend date is Thursday, September 13th. Devon Energy’s dividend payout ratio is currently 50.79%.
Devon Energy declared that its Board of Directors has approved a stock repurchase plan on Wednesday, March 7th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the energy company to reacquire shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its stock is undervalued.
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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