Devon Energy Corp. to Post Q3 2016 Earnings of $0.09 Per Share, Credit Agricole SA Forecasts (DVN)
Devon Energy Corp. (NYSE:DVN) – Equities research analysts at Credit Agricole SA upped their Q3 2016 earnings per share estimates for Devon Energy Corp. in a research note issued on Wednesday. Credit Agricole SA analyst A. Sen now anticipates that the firm will post earnings per share of $0.09 for the quarter, up from their previous forecast of $0.05. Credit Agricole SA has a “Outperform” rating on the stock. Credit Agricole SA also issued estimates for Devon Energy Corp.’s FY2017 earnings at $1.29 EPS and FY2018 earnings at $2.36 EPS.
Devon Energy Corp. (NYSE:DVN) last released its quarterly earnings results on Tuesday, August 2nd. The energy company reported $0.06 EPS for the quarter, topping the Zacks’ consensus estimate of ($0.19) by $0.25. Devon Energy Corp. had a negative net margin of 114.09% and a positive return on equity of 3.62%. The business earned $2.49 billion during the quarter, compared to analysts’ expectations of $2.29 million. During the same quarter in the previous year, the company earned $0.78 EPS. The business’s quarterly revenue was down 26.7% compared to the same quarter last year.
DVN has been the topic of a number of other research reports. Vetr upgraded shares of Devon Energy Corp. from a “buy” rating to a “strong-buy” rating and set a $46.16 target price on the stock in a research note on Tuesday, September 20th. Argus raised their target price on shares of Devon Energy Corp. from $51.00 to $61.00 and gave the stock a “buy” rating in a research note on Tuesday, August 23rd. Bank of America Corp. set a $64.00 target price on shares of Devon Energy Corp. and gave the stock a “buy” rating in a research note on Monday. Barclays PLC raised their target price on shares of Devon Energy Corp. from $45.00 to $50.00 and gave the stock an “overweight” rating in a research note on Thursday, September 1st. Finally, Morgan Stanley restated an “overweight” rating on shares of Devon Energy Corp. in a research note on Wednesday, June 29th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty have given a buy rating and three have issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $42.21.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/10/13/devon-energy-corp-to-post-q3-2016-earnings-of-0-09-per-share-credit-agricole-sa-forecasts-dvn.html
Devon Energy Corp. (NYSE:DVN) traded down 1.17% during trading on Thursday, reaching $44.04. 2,249,109 shares of the company’s stock were exchanged. The company’s market cap is $23.06 billion. Devon Energy Corp. has a 12-month low of $18.07 and a 12-month high of $48.68. The stock’s 50-day moving average is $42.87 and its 200-day moving average is $37.32.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 30th. Stockholders of record on Thursday, December 15th will be issued a dividend of $0.06 per share. The ex-dividend date of this dividend is Tuesday, December 13th. This represents a $0.24 annualized dividend and a dividend yield of 0.54%. Devon Energy Corp.’s dividend payout ratio (DPR) is currently -0.82%.
Several institutional investors have recently bought and sold shares of the stock. State Street Corp increased its position in Devon Energy Corp. by 31.8% in the first quarter. State Street Corp now owns 25,649,107 shares of the energy company’s stock valued at $703,812,000 after buying an additional 6,194,903 shares during the period. Sasco Capital Inc. CT increased its position in Devon Energy Corp. by 30.2% in the first quarter. Sasco Capital Inc. CT now owns 4,272,198 shares of the energy company’s stock valued at $117,229,000 after buying an additional 990,146 shares during the period. 1832 Asset Management L.P. increased its position in Devon Energy Corp. by 1,700.0% in the first quarter. 1832 Asset Management L.P. now owns 362,012 shares of the energy company’s stock valued at $15,948,000 after buying an additional 341,900 shares during the period. Canada Pension Plan Investment Board increased its position in Devon Energy Corp. by 42.6% in the first quarter. Canada Pension Plan Investment Board now owns 282,370 shares of the energy company’s stock valued at $7,748,000 after buying an additional 84,353 shares during the period. Finally, Credit Agricole S A increased its position in Devon Energy Corp. by 64.0% in the first quarter. Credit Agricole S A now owns 336,369 shares of the energy company’s stock valued at $9,230,000 after buying an additional 131,259 shares during the period. Hedge funds and other institutional investors own 75.62% of the company’s stock.
Devon Energy Corp. Company Profile
Devon Energy Corporation (Devon) is an independent energy company engaged in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs). The Company’s operations are concentrated in various North American onshore areas in the United States and Canada. The Company also produces over 1.6 billion cubic feet of natural gas a day and approximately 135 thousand barrels of NGLs per day.
Receive News & Ratings for Devon Energy Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Devon Energy Corp. and related companies with MarketBeat.com's FREE daily email newsletter.