Seaport Global Securities Equities Analysts Raise Earnings Estimates for Devon Energy Corporation (NYSE:DVN)
Devon Energy Corporation (NYSE:DVN) – Stock analysts at Seaport Global Securities raised their Q3 2017 earnings estimates for Devon Energy Corporation in a report released on Monday. Seaport Global Securities analyst M. Kelly now forecasts that the energy company will earn $0.34 per share for the quarter, up from their prior estimate of $0.33. Seaport Global Securities has a “Neutral” rating and a $28.00 price objective on the stock. Seaport Global Securities also issued estimates for Devon Energy Corporation’s Q3 2018 earnings at $0.23 EPS and FY2018 earnings at $0.76 EPS.
Devon Energy Corporation (NYSE:DVN) last released its quarterly earnings results on Tuesday, August 1st. The energy company reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.01. The business had revenue of $3.27 billion during the quarter, compared to the consensus estimate of $3.24 billion. Devon Energy Corporation had a return on equity of 5.36% and a net margin of 16.07%. The company’s quarterly revenue was up 31.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.06 EPS.
A number of other brokerages have also recently weighed in on DVN. Barclays PLC restated an “overweight” rating and issued a $35.00 price objective (up previously from $31.00) on shares of Devon Energy Corporation in a report on Thursday, August 3rd. Royal Bank Of Canada set a $53.00 price objective on shares of Devon Energy Corporation and gave the stock a “buy” rating in a report on Monday, May 29th. BidaskClub upgraded shares of Devon Energy Corporation from a “sell” rating to a “hold” rating in a report on Wednesday, July 19th. Bank of America Corporation reiterated a “buy” rating on shares of Devon Energy Corporation in a report on Thursday, May 11th. Finally, Piper Jaffray Companies began coverage on shares of Devon Energy Corporation in a report on Monday, July 17th. They set a “neutral” rating and a $48.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. Devon Energy Corporation currently has a consensus rating of “Buy” and a consensus price target of $47.71.
Devon Energy Corporation (DVN) opened at 32.40 on Tuesday. The company has a market cap of $17.04 billion, a PE ratio of 7.27 and a beta of 2.17. Devon Energy Corporation has a 52-week low of $28.79 and a 52-week high of $50.69. The firm’s 50 day moving average is $31.57 and its 200 day moving average is $38.48.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Fifth Third Bancorp increased its position in Devon Energy Corporation by 10.4% in the first quarter. Fifth Third Bancorp now owns 2,630 shares of the energy company’s stock valued at $110,000 after buying an additional 248 shares during the last quarter. FTB Advisors Inc. increased its position in Devon Energy Corporation by 84.2% in the first quarter. FTB Advisors Inc. now owns 2,755 shares of the energy company’s stock valued at $108,000 after buying an additional 1,259 shares during the last quarter. State of Alaska Department of Revenue acquired a new position in Devon Energy Corporation during the first quarter valued at $116,000. FUKOKU MUTUAL LIFE INSURANCE Co increased its position in Devon Energy Corporation by 88.9% in the first quarter. FUKOKU MUTUAL LIFE INSURANCE Co now owns 3,400 shares of the energy company’s stock valued at $142,000 after buying an additional 1,600 shares during the last quarter. Finally, Financial Architects Inc increased its position in Devon Energy Corporation by 525.4% in the first quarter. Financial Architects Inc now owns 3,884 shares of the energy company’s stock valued at $162,000 after buying an additional 3,263 shares during the last quarter. Institutional investors and hedge funds own 77.27% of the company’s stock.
In other Devon Energy Corporation news, Director Robert H. Henry sold 7,045 shares of the stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $33.35, for a total value of $234,950.75. Following the transaction, the director now directly owns 11,338 shares in the company, valued at $378,122.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.98% of the stock is currently owned by company insiders.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be given a $0.06 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $0.24 annualized dividend and a yield of 0.74%. Devon Energy Corporation’s payout ratio is presently 5.47%.
Devon Energy Corporation Company Profile
Devon Energy Corporation is an independent energy company. The Company also controls EnLink Midstream Partners, L.P. (EnLink). The Company’s segments include U.S., Canada and EnLink. The Company is engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs).
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