Devon Energy Corp (NYSE:DVN) – Research analysts at Jefferies Financial Group cut their Q4 2018 EPS estimates for Devon Energy in a research note issued on Monday, October 15th. Jefferies Financial Group analyst M. Lear now anticipates that the energy company will post earnings of $0.58 per share for the quarter, down from their previous forecast of $0.63. Jefferies Financial Group has a “Buy” rating and a $52.00 price objective on the stock. Jefferies Financial Group also issued estimates for Devon Energy’s Q1 2019 earnings at $0.54 EPS, Q2 2019 earnings at $0.57 EPS, FY2019 earnings at $2.62 EPS, Q3 2020 earnings at $0.99 EPS and FY2020 earnings at $3.81 EPS.
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). Devon Energy had a positive return on equity of 5.52% and a negative net margin of 1.60%. The firm had revenue of $2.25 billion for the quarter, compared to the consensus estimate of $3.96 billion. During the same quarter in the prior year, the firm earned $0.80 EPS.
A number of other equities research analysts have also recently issued reports on DVN. ValuEngine upgraded Devon Energy from a “hold” rating to a “buy” rating in a report on Wednesday, June 27th. Zacks Investment Research upgraded Devon Energy from a “hold” rating to a “buy” rating and set a $41.00 price objective for the company in a report on Tuesday. BMO Capital Markets restated a “buy” rating and set a $50.00 price objective on shares of Devon Energy in a report on Tuesday, August 7th. Mitsubishi UFJ Financial Group boosted their price objective on Devon Energy from $46.00 to $48.00 and gave the stock a “neutral” rating in a report on Wednesday. Finally, Stephens set a $52.00 price objective on Devon Energy and gave the stock a “buy” rating in a report on Wednesday, July 25th. Eight equities research analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the company. Devon Energy has an average rating of “Buy” and a consensus price target of $49.78.
Shares of NYSE:DVN opened at $35.10 on Wednesday. Devon Energy has a 12-month low of $29.83 and a 12-month high of $46.54. The company has a market cap of $20.32 billion, a PE ratio of 55.54, a PEG ratio of 3.45 and a beta of 2.26. 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 business also recently declared a quarterly dividend, which will be paid on Friday, December 28th. Investors of record on Friday, December 14th will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.91%. The ex-dividend date is Thursday, December 13th. Devon Energy’s dividend payout ratio (DPR) is currently 50.79%.
In related news, Director Robert H. Henry sold 5,600 shares of the business’s stock in a transaction that occurred on Tuesday, August 21st. The stock was sold at an average price of $42.14, for a total value of $235,984.00. Following the completion of the sale, the director now directly owns 9,704 shares in the company, valued at $408,926.56. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 0.55% of the company’s stock.
Several hedge funds have recently modified their holdings of the stock. Jackson Grant Investment Advisers Inc. acquired a new position in Devon Energy during the second quarter valued at approximately $112,000. Financial Architects Inc raised its position in Devon Energy by 168.5% during the second quarter. Financial Architects Inc now owns 2,709 shares of the energy company’s stock valued at $119,000 after purchasing an additional 1,700 shares in the last quarter. SNS Financial Group LLC acquired a new position in Devon Energy during the second quarter valued at approximately $201,000. Gables Capital Management Inc. acquired a new position in Devon Energy during the first quarter valued at approximately $146,000. Finally, Legacy Capital Partners Inc. acquired a new position in Devon Energy during the second quarter valued at approximately $202,000. Institutional investors and hedge funds own 84.03% 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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