Seaport Global Securities reiterated their buy rating on shares of Devon Energy (NYSE:DVN) in a research note released on Wednesday morning. Seaport Global Securities also issued estimates for Devon Energy’s Q3 2018 earnings at $0.21 EPS, Q4 2018 earnings at $0.41 EPS, FY2018 earnings at $1.16 EPS, Q1 2019 earnings at $0.20 EPS, Q2 2019 earnings at $0.24 EPS, Q3 2019 earnings at $0.27 EPS, Q4 2019 earnings at $0.28 EPS and FY2019 earnings at $0.99 EPS.
Several other analysts have also recently weighed in on DVN. ValuEngine raised shares of Devon Energy from a hold rating to a buy rating in a research note on Wednesday, June 27th. Zacks Investment Research raised shares of Devon Energy from a hold rating to a buy rating and set a $41.00 price target for the company in a research note on Tuesday, October 16th. BMO Capital Markets reissued a buy rating and issued a $50.00 price target on shares of Devon Energy in a research note on Tuesday, August 7th. Mitsubishi UFJ Financial Group upped their price objective on shares of 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 shares of Devon Energy and gave the stock a buy rating in a report on Wednesday, July 25th. Eight investment analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company’s stock. Devon Energy has an average rating of Buy and a consensus target price of $49.78.
Devon Energy stock opened at $34.94 on Wednesday. Devon Energy has a 1-year low of $29.83 and a 1-year high of $46.54. 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 company has a market capitalization of $17.86 billion, a PE ratio of 55.46, a PEG ratio of 1.49 and a beta of 2.26.
Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, July 31st. The energy company reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.03). Devon Energy had a negative net margin of 1.60% and a positive return on equity of 5.52%. The firm had revenue of $2.25 billion during the quarter, compared to analysts’ expectations of $3.96 billion. During the same period last year, the company earned $0.80 EPS. As a group, equities analysts forecast that Devon Energy will post 1.52 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 28th. Shareholders of record on Friday, December 14th will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Thursday, December 13th. This represents a $0.32 dividend on an annualized basis and a yield of 0.92%. Devon Energy’s dividend payout ratio (DPR) is presently 50.79%.
In other Devon Energy news, Director Robert H. Henry sold 5,600 shares of the stock in a transaction that occurred on Tuesday, August 21st. The shares were sold at an average price of $42.14, for a total transaction of $235,984.00. Following the sale, the director now directly owns 9,704 shares in the company, valued at approximately $408,926.56. The transaction was disclosed in a document filed with the SEC, which is available through this link. 0.55% of the stock is owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the business. Jafra Capital Management LP acquired a new stake in Devon Energy during the 2nd quarter worth approximately $3,297,000. FMR LLC raised its holdings 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 purchasing an additional 1,173,389 shares in the last quarter. Swiss National Bank raised its holdings 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 purchasing an additional 142,600 shares in the last quarter. Global X Management Co LLC raised its holdings in shares of Devon Energy by 18.9% in the 2nd quarter. Global X Management Co LLC now owns 14,142 shares of the energy company’s stock valued at $622,000 after purchasing an additional 2,244 shares in the last quarter. Finally, Gabelli Funds LLC raised its holdings in shares of Devon Energy by 3.3% in the 2nd quarter. Gabelli Funds LLC now owns 489,800 shares of the energy company’s stock valued at $21,532,000 after purchasing an additional 15,500 shares in the last quarter. Institutional investors own 84.06% 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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