Analysts forecast that Devon Energy Corp (NYSE:DVN) will report $1.82 billion in sales for the current quarter, according to Zacks Investment Research. Three analysts have issued estimates for Devon Energy’s earnings. The highest sales estimate is $1.87 billion and the lowest is $1.78 billion. Devon Energy reported sales of $3.71 billion during the same quarter last year, which indicates a negative year over year growth rate of 50.9%. The company is expected to issue its next quarterly earnings results on Tuesday, February 18th.
According to Zacks, analysts expect that Devon Energy will report full-year sales of $7.19 billion for the current fiscal year, with estimates ranging from $7.07 billion to $7.45 billion. For the next year, analysts expect that the business will report sales of $6.72 billion, with estimates ranging from $6.01 billion to $7.34 billion. Zacks’ sales averages are an average based on a survey of sell-side research firms that follow Devon Energy.
Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, November 5th. The energy company reported $0.29 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.19 by $0.10. The firm had revenue of $1.85 billion for the quarter, compared to analysts’ expectations of $1.57 billion. Devon Energy had a return on equity of 6.37% and a net margin of 16.00%. During the same quarter last year, the business posted $0.63 EPS.
DVN has been the topic of a number of analyst reports. ValuEngine raised Devon Energy from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Wells Fargo & Co lifted their price target on Devon Energy from $33.00 to $34.00 and gave the stock an “outperform” rating in a research note on Friday, September 20th. Seaport Global Securities cut Devon Energy from a “buy” rating to a “neutral” rating in a research note on Thursday, October 10th. Citigroup dropped their price target on Devon Energy from $36.00 to $31.00 and set a “buy” rating on the stock in a research note on Monday, September 23rd. Finally, Evercore ISI reissued a “hold” rating and issued a $30.00 price target on shares of Devon Energy in a research note on Monday, November 11th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the company. Devon Energy presently has a consensus rating of “Hold” and a consensus target price of $34.22.
DVN traded down $0.51 during trading on Monday, reaching $23.48. The company had a trading volume of 4,515,967 shares, compared to its average volume of 5,165,528. The firm’s 50-day simple moving average is $22.23 and its 200 day simple moving average is $24.18. The company has a market cap of $9.00 billion, a price-to-earnings ratio of 18.20, a PEG ratio of 1.95 and a beta of 2.37. Devon Energy has a 12-month low of $19.72 and a 12-month high of $35.39. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.72 and a current ratio of 1.72.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be paid a dividend of $0.09 per share. The ex-dividend date is Thursday, March 12th. This represents a $0.36 annualized dividend and a yield of 1.53%. Devon Energy’s dividend payout ratio (DPR) is presently 27.91%.
In other Devon Energy news, CAO Jeremy D. Humphers sold 1,500 shares of Devon Energy stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $22.01, for a total transaction of $33,015.00. Following the transaction, the chief accounting officer now owns 43,975 shares of the company’s stock, valued at approximately $967,889.75. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.63% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in DVN. Price T Rowe Associates Inc. MD grew its stake in Devon Energy by 252.7% during the 2nd 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 grew its stake in Devon Energy by 8,782.8% during the 2nd 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 grew its stake in Devon Energy by 364.6% during the 2nd 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 2nd quarter valued at about $48,600,000. Finally, Invesco Ltd. grew its stake in Devon Energy by 5.3% during the 2nd 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. 87.83% of the stock is currently owned by institutional investors.
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.
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