Devon Energy (NYSE:DVN) Releases Quarterly Earnings Results, Beats Expectations By $0.06 EPS

Devon Energy (NYSE:DVN) announced its earnings results on Wednesday. The energy company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $1.10 by $0.06, Briefing.com reports. The company had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.64 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. Devon Energy’s revenue for the quarter was down 5.9% on a year-over-year basis. During the same period last year, the business posted $1.46 EPS.

Devon Energy Price Performance

Devon Energy stock traded down $0.06 during trading hours on Thursday, hitting $50.34. The stock had a trading volume of 13,264,177 shares, compared to its average volume of 7,863,456. Devon Energy has a 1-year low of $40.47 and a 1-year high of $55.09. The stock has a market capitalization of $31.97 billion, a price-to-earnings ratio of 8.74 and a beta of 2.16. The stock’s fifty day moving average is $49.36 and its two-hundred day moving average is $46.27. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.07 and a quick ratio of 0.99.

Devon Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were issued a dividend of $0.44 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.76 annualized dividend and a yield of 3.50%. Devon Energy’s dividend payout ratio is presently 15.09%.

Analysts Set New Price Targets

Several brokerages recently weighed in on DVN. Stifel Nicolaus upped their target price on shares of Devon Energy from $65.00 to $66.00 and gave the stock a “buy” rating in a research note on Tuesday, April 23rd. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $55.00 price objective on shares of Devon Energy in a research report on Thursday, March 7th. Mizuho boosted their target price on Devon Energy from $53.00 to $57.00 and gave the stock a “buy” rating in a research note on Thursday. Raymond James reduced their price target on Devon Energy from $53.00 to $52.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 24th. Finally, Truist Financial lifted their price objective on Devon Energy from $66.00 to $69.00 and gave the company a “buy” rating in a research note on Monday, April 22nd. Five equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, Devon Energy presently has an average rating of “Moderate Buy” and a consensus price target of $58.56.

Devon Energy Company Profile

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.