Brokerages predict that Devon Energy Corp (NYSE:DVN) will report $0.19 earnings per share (EPS) for the current quarter, according to Zacks. Three analysts have provided estimates for Devon Energy’s earnings, with estimates ranging from ($0.11) to $0.45. Devon Energy reported earnings of $0.63 per share during the same quarter last year, which would suggest a negative year-over-year growth rate of 69.8%. The business is expected to report its next quarterly earnings report on Tuesday, November 5th.
According to Zacks, analysts expect that Devon Energy will report full year earnings of $1.34 per share for the current fiscal year, with EPS estimates ranging from $0.99 to $1.89. For the next fiscal year, analysts anticipate that the business will post earnings of $2.41 per share, with EPS estimates ranging from $1.19 to $7.46. Zacks’ EPS averages are a mean average based on a survey of sell-side analysts that cover Devon Energy.
Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, August 6th. The energy company reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.07. Devon Energy had a return on equity of 8.42% and a net margin of 39.80%. The firm had revenue of $1.92 billion during the quarter, compared to analysts’ expectations of $2.09 billion. During the same period last year, the business posted $0.34 earnings per share. The company’s revenue for the quarter was down .1% compared to the same quarter last year.
Several brokerages have recently issued reports on DVN. SunTrust Banks began coverage on Devon Energy in a research note on Tuesday, July 30th. They issued a “buy” rating and a $33.00 price objective for the company. Wells Fargo & Co began coverage on Devon Energy in a research note on Monday, May 20th. They issued an “outperform” rating and a $40.00 price objective for the company. Guggenheim set a $35.00 price objective on Devon Energy and gave the stock a “buy” rating in a research note on Wednesday, August 21st. Piper Jaffray Companies set a $39.00 price objective on Devon Energy and gave the stock a “buy” rating in a research note on Friday, May 31st. Finally, Mitsubishi UFJ Financial Group raised their price objective on Devon Energy to $36.00 and gave the stock a “neutral” rating in a research note on Thursday, August 8th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and eleven have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $37.09.
In related news, CAO Jeremy D. Humphers sold 1,500 shares of Devon Energy stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $21.66, for a total transaction of $32,490.00. Following the completion of the transaction, the chief accounting officer now directly owns 42,475 shares in the company, valued at $920,008.50. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.63% of the stock is currently owned by company insiders.
A number of hedge funds have recently made changes to their positions in DVN. Price T Rowe Associates Inc. MD raised its position in Devon Energy by 252.7% during the second quarter. Price T Rowe Associates Inc. MD now owns 8,032,588 shares of the energy company’s stock valued at $229,089,000 after acquiring an additional 5,755,255 shares in the last quarter. Nuveen Asset Management LLC raised its position in Devon Energy by 8,782.8% during the second quarter. Nuveen Asset Management LLC now owns 2,126,454 shares of the energy company’s stock valued at $60,646,000 after acquiring an additional 2,102,515 shares in the last quarter. Balyasny Asset Management LLC raised its position in Devon Energy by 364.6% during the second quarter. Balyasny Asset Management LLC now owns 2,507,426 shares of the energy company’s stock valued at $71,512,000 after acquiring an additional 1,967,751 shares in the last quarter. Caymus Capital Partners L.P. purchased a new position in Devon Energy during the second quarter valued at approximately $48,600,000. Finally, Invesco Ltd. raised its position in Devon Energy by 5.3% during the second quarter. Invesco Ltd. now owns 28,823,990 shares of the energy company’s stock valued at $822,059,000 after acquiring an additional 1,456,762 shares in the last quarter. Institutional investors own 85.93% of the company’s stock.
Shares of NYSE:DVN traded up $0.51 during trading on Friday, hitting $25.07. The stock had a trading volume of 5,660,925 shares, compared to its average volume of 6,593,116. Devon Energy has a 12-month low of $20.37 and a 12-month high of $41.94. The stock has a market capitalization of $10.13 billion, a price-to-earnings ratio of 19.43, a price-to-earnings-growth ratio of 1.77 and a beta of 2.34. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.61. The stock has a 50-day simple moving average of $23.62 and a two-hundred day simple moving average of $27.94.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 13th will be given a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a yield of 1.44%. The ex-dividend date of this dividend is Thursday, December 12th. Devon Energy’s dividend payout ratio is currently 27.91%.
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 12,900 gross wells. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.
See Also: Initial Coin Offerings entail a high degree of risk
Get a free copy of the Zacks research report on Devon Energy (DVN)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Devon Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Devon Energy and related companies with MarketBeat.com's FREE daily email newsletter.