Equities Analysts Issue Forecasts for Devon Energy Corporation’s Q1 2018 Earnings (DVN)
Devon Energy Corporation (NYSE:DVN) – Equities researchers at Jefferies Group dropped their Q1 2018 EPS estimates for shares of Devon Energy Corporation in a note issued to investors on Monday. Jefferies Group analyst M. Hsu now forecasts that the energy company will earn $0.65 per share for the quarter, down from their prior forecast of $0.66. Jefferies Group currently has a “Hold” rating and a $38.00 target price on the stock. Jefferies Group also issued estimates for Devon Energy Corporation’s FY2018 earnings at $3.24 EPS.
Other equities analysts also recently issued research reports about the stock. BidaskClub downgraded shares of Devon Energy Corporation from a “sell” rating to a “strong sell” rating in a research note on Saturday, June 24th. Citigroup Inc. dropped their price objective on shares of Devon Energy Corporation from $52.00 to $40.00 and set a “buy” rating for the company in a research note on Friday, July 21st. BMO Capital Markets reissued a “buy” rating and issued a $45.00 price objective on shares of Devon Energy Corporation in a research note on Wednesday, May 3rd. Royal Bank Of Canada set a $53.00 price objective on shares of Devon Energy Corporation and gave the company a “buy” rating in a research note on Monday, May 29th. Finally, Barclays PLC reissued an “overweight” rating and issued a $47.00 price objective (down previously from $54.00) on shares of Devon Energy Corporation in a research note on Saturday, April 22nd. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and an average target price of $47.62.
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Devon Energy Corporation (NYSE DVN) traded up 0.16% on Wednesday, hitting $30.97. 1,131,978 shares of the stock were exchanged. The company has a 50-day moving average price of $31.81 and a 200 day moving average price of $37.50. Devon Energy Corporation has a 1-year low of $28.79 and a 1-year high of $50.69. The company has a market capitalization of $16.28 billion, a PE ratio of 7.01 and a beta of 2.17.
Devon Energy Corporation (NYSE:DVN) last posted its 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. Devon Energy Corporation had a net margin of 16.07% and a return on equity of 5.36%. The company had revenue of $3.27 billion during the quarter, compared to analysts’ expectations of $3.24 billion. During the same quarter in the previous year, the company posted $0.06 earnings per share. Devon Energy Corporation’s quarterly revenue was up 31.6% compared to the same quarter last year.
Several hedge funds have recently bought and sold shares of DVN. Washington Trust Bank raised its stake in Devon Energy Corporation by 48.6% in the first quarter. Washington Trust Bank now owns 4,700 shares of the energy company’s stock valued at $196,000 after buying an additional 1,538 shares during the period. Reliance Trust Co. of Delaware boosted its position in shares of Devon Energy Corporation by 96.5% in the first quarter. Reliance Trust Co. of Delaware now owns 11,313 shares of the energy company’s stock valued at $472,000 after buying an additional 5,555 shares in the last quarter. Benson Investment Management Company Inc. purchased a new position in shares of Devon Energy Corporation during the first quarter valued at approximately $2,055,000. DnB Asset Management AS boosted its position in shares of Devon Energy Corporation by 20.9% in the first quarter. DnB Asset Management AS now owns 51,575 shares of the energy company’s stock valued at $2,152,000 after buying an additional 8,900 shares in the last quarter. Finally, Nisa Investment Advisors LLC boosted its position in shares of Devon Energy Corporation by 3.2% in the first quarter. Nisa Investment Advisors LLC now owns 101,879 shares of the energy company’s stock valued at $4,250,000 after buying an additional 3,125 shares in the last quarter. 77.08% of the stock is currently owned by institutional investors.
In other news, Director Robert H. Henry sold 7,045 shares of the business’s 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 sale, the director now owns 11,338 shares of the company’s stock, valued at $378,122.30. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.98% of the company’s stock.
The business also recently disclosed 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. This represents a $0.24 annualized dividend and a yield of 0.78%. The ex-dividend date is Thursday, September 14th. Devon Energy Corporation’s dividend payout ratio is 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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