Devon Energy Corp (NYSE:DVN) – Capital One Financial cut their Q4 2018 earnings per share estimates for Devon Energy in a report issued on Tuesday, October 16th. Capital One Financial analyst P. Johnston now forecasts that the energy company will post earnings of $0.34 per share for the quarter, down from their prior forecast of $0.44.
DVN has been the subject of a number of other reports. Jefferies Financial Group set a $52.00 price objective on Devon Energy and gave the stock a “buy” rating in a research report on Friday, August 10th. Morgan Stanley initiated coverage on Devon Energy in a research report on Thursday, July 12th. They set an “equal weight” rating and a $46.00 price objective for the company. Piper Jaffray Companies raised Devon Energy from a “neutral” rating to an “overweight” rating in a research report on Thursday, September 27th. Stephens set a $52.00 price objective on Devon Energy and gave the stock a “buy” rating in a research report on Wednesday, July 25th. Finally, Royal Bank of Canada reissued a “buy” rating on shares of Devon Energy in a research report on Friday, July 13th. Eight investment analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $49.78.
Shares of NYSE:DVN opened at $35.10 on Thursday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.65 and a quick ratio of 1.65. The stock has a market cap of $20.32 billion, a P/E ratio of 55.54, a price-to-earnings-growth ratio of 3.45 and a beta of 2.26. Devon Energy has a 12-month low of $29.83 and a 12-month high of $46.54.
Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, July 31st. The energy company reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.03). The business had revenue of $2.25 billion for the quarter, compared to analyst estimates of $3.96 billion. Devon Energy had a positive return on equity of 5.52% and a negative net margin of 1.60%. During the same period in the previous year, the business posted $0.80 earnings per share.
A number of institutional investors have recently made changes to their positions in DVN. BlackRock Inc. boosted its stake in shares of Devon Energy by 0.5% in the 2nd quarter. BlackRock Inc. now owns 48,631,367 shares of the energy company’s stock valued at $2,137,835,000 after buying an additional 235,109 shares during the period. FMR LLC boosted its stake in shares of Devon Energy by 11.1% in the 2nd quarter. FMR LLC now owns 11,782,553 shares of the energy company’s stock valued at $517,962,000 after buying an additional 1,173,389 shares during the period. Diamond Hill Capital Management Inc. boosted its stake in shares of Devon Energy by 16.7% in the 2nd quarter. Diamond Hill Capital Management Inc. now owns 9,201,696 shares of the energy company’s stock valued at $404,507,000 after buying an additional 1,316,231 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Devon Energy by 4.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,669,095 shares of the energy company’s stock valued at $161,278,000 after buying an additional 161,232 shares during the period. Finally, Swiss National Bank boosted its stake in shares of Devon Energy by 8.9% in the 2nd quarter. Swiss National Bank now owns 1,738,426 shares of the energy company’s stock valued at $76,421,000 after buying an additional 142,600 shares during the period. Institutional investors own 84.03% of the company’s stock.
In related news, Director Robert H. Henry sold 5,600 shares of the firm’s stock in a transaction dated Tuesday, August 21st. The stock was sold at an average price of $42.14, for a total transaction of $235,984.00. Following the completion of the transaction, the director now directly owns 9,704 shares in the company, valued at approximately $408,926.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.55% of the company’s stock.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 28th. Investors of record on Friday, December 14th will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.91%. The ex-dividend date is Thursday, December 13th. Devon Energy’s dividend payout ratio (DPR) is 50.79%.
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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