Wall Street analysts expect Devon Energy Corp (NYSE:DVN) to announce sales of $2.38 billion for the current quarter, according to Zacks. Four analysts have made estimates for Devon Energy’s earnings. The highest sales estimate is $2.56 billion and the lowest is $1.94 billion. Devon Energy reported sales of $3.16 billion in the same quarter last year, which would suggest a negative year-over-year growth rate of 24.7%. The business is expected to announce its next quarterly earnings report on Tuesday, October 30th.
On average, analysts expect that Devon Energy will report full-year sales of $10.69 billion for the current fiscal year, with estimates ranging from $9.56 billion to $11.94 billion. For the next fiscal year, analysts forecast that the company will report sales of $8.22 billion per share, with estimates ranging from $6.34 billion to $10.64 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Devon Energy.
Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, July 31st. The energy company reported $0.34 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.37 by ($0.03). Devon Energy had a positive return on equity of 5.52% and a negative net margin of 1.60%. The company had revenue of $2.25 billion during the quarter, compared to the consensus estimate of $3.96 billion. During the same period last year, the firm posted $0.80 earnings per share.
Several equities research analysts have commented on DVN shares. Stifel Nicolaus set a $68.00 target price on Devon Energy and gave the stock a “buy” rating in a report on Tuesday, April 24th. Stephens set a $47.00 target price on Devon Energy and gave the stock a “buy” rating in a report on Tuesday, April 24th. ValuEngine raised Devon Energy from a “sell” rating to a “hold” rating in a report on Friday, May 4th. M Partners boosted their target price on Devon Energy to $44.00 and gave the stock a “neutral” rating in a report on Friday, June 8th. Finally, B. Riley boosted their target price on Devon Energy from $37.00 to $47.00 and gave the stock a “neutral” rating in a report on Monday, June 11th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and twenty-one have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $49.27.
Devon Energy stock traded down $0.08 during mid-day trading on Tuesday, hitting $40.60. The company had a trading volume of 4,513,033 shares, compared to its average volume of 7,208,286. The company has a current ratio of 1.65, a quick ratio of 1.65 and a debt-to-equity ratio of 0.45. Devon Energy has a 12 month low of $29.78 and a 12 month high of $46.54. The company has a market capitalization of $21.80 billion, a price-to-earnings ratio of 64.44, a price-to-earnings-growth ratio of 3.73 and a beta of 2.18.
Devon Energy declared that its board has authorized a stock buyback program on Tuesday, May 1st that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the energy company to buy up to 5.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Stockholders of record on Friday, September 14th will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.79%. The ex-dividend date of this dividend is Thursday, September 13th. Devon Energy’s dividend payout ratio is currently 50.79%.
In other news, Director John E. Bethancourt acquired 12,000 shares of Devon Energy stock in a transaction that occurred on Thursday, June 7th. The stock was bought at an average price of $41.90 per share, for a total transaction of $502,800.00. Following the completion of the transaction, the director now owns 56,469 shares in the company, valued at $2,366,051.10. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Lyndon C. Taylor sold 18,357 shares of the company’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 sale, the executive vice president now owns 95,223 shares of the company’s stock, valued at approximately $4,007,936.07. The disclosure for this sale can be found here. 0.55% of the stock is owned by insiders.
Institutional investors have recently bought and sold shares of the stock. Rockefeller Capital Management L.P. purchased a new stake in Devon Energy during the first quarter valued at $362,000. Blair William & Co. IL increased its position in Devon Energy by 5.5% during the first quarter. Blair William & Co. IL now owns 24,811 shares of the energy company’s stock valued at $789,000 after acquiring an additional 1,283 shares during the last quarter. Norinchukin Bank The increased its position in Devon Energy by 14.7% during the first quarter. Norinchukin Bank The now owns 48,207 shares of the energy company’s stock valued at $1,533,000 after acquiring an additional 6,191 shares during the last quarter. Freestone Capital Holdings LLC increased its position in Devon Energy by 12.4% during the first quarter. Freestone Capital Holdings LLC now owns 29,569 shares of the energy company’s stock valued at $940,000 after acquiring an additional 3,253 shares during the last quarter. Finally, Commerzbank Aktiengesellschaft FI increased its position in Devon Energy by 185.4% in the first quarter. Commerzbank Aktiengesellschaft FI now owns 42,927 shares of the energy company’s stock worth $1,365,000 after buying an additional 27,887 shares in the last quarter. Institutional investors own 84.84% of the company’s stock.
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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