Jefferies Group Comments on Devon Energy Corporation’s Q3 2017 Earnings (DVN)
Devon Energy Corporation (NYSE:DVN) – Equities researchers at Jefferies Group upped their Q3 2017 earnings per share estimates for shares of Devon Energy Corporation in a research note issued on Monday. Jefferies Group analyst M. Hsu now expects that the energy company will earn $0.53 per share for the quarter, up from their prior forecast of $0.50. Jefferies Group has a “Hold” rating and a $38.00 price objective on the stock. Jefferies Group also issued estimates for Devon Energy Corporation’s Q4 2017 earnings at $0.68 EPS and FY2017 earnings at $1.95 EPS.
Devon Energy Corporation (NYSE:DVN) last posted its quarterly earnings results on Tuesday, August 1st. The energy company reported $0.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.01. The business had revenue of $3.27 billion during the quarter, compared to analyst estimates of $3.24 billion. Devon Energy Corporation had a net margin of 16.07% and a return on equity of 5.36%. The firm’s revenue was up 31.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.06 earnings per share.
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Several other equities analysts also recently commented on DVN. Credit Suisse Group increased their target price on Devon Energy Corporation from $63.00 to $64.00 and gave the company an “outperform” rating in a research report on Thursday, May 4th. BMO Capital Markets reiterated a “buy” rating and issued a $42.00 target price on shares of Devon Energy Corporation in a research report on Thursday, June 22nd. Scotiabank set a $49.00 target price on Devon Energy Corporation and gave the company a “buy” rating in a research report on Saturday, July 1st. Zacks Investment Research downgraded Devon Energy Corporation from a “hold” rating to a “sell” rating in a research report on Friday, July 14th. Finally, Sanford C. Bernstein downgraded Devon Energy Corporation from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $54.00 to $33.00 in a research report on Thursday, July 6th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $47.62.
Shares of Devon Energy Corporation (DVN) opened at 30.66 on Thursday. The stock has a market capitalization of $16.11 billion, a price-to-earnings ratio of 6.94 and a beta of 2.17. The stock has a 50 day moving average of $31.82 and a 200-day moving average of $37.45. Devon Energy Corporation has a 52-week low of $28.79 and a 52-week high of $50.69.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be paid a dividend of $0.06 per share. The ex-dividend date is Thursday, September 14th. This represents a $0.24 annualized dividend and a yield of 0.78%. Devon Energy Corporation’s dividend payout ratio is currently 5.47%.
In related news, Director Robert H. Henry sold 7,045 shares of the firm’s stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $33.35, for a total transaction of $234,950.75. Following the completion of 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 Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.98% of the company’s stock.
A number of large investors have recently made changes to their positions in the stock. Exencial Wealth Advisors LLC boosted its stake in shares of Devon Energy Corporation by 0.4% in the first quarter. Exencial Wealth Advisors LLC now owns 13,021 shares of the energy company’s stock worth $511,000 after buying an additional 46 shares during the period. Park National Corp OH boosted its stake in shares of Devon Energy Corporation by 0.8% in the second quarter. Park National Corp OH now owns 6,779 shares of the energy company’s stock worth $217,000 after buying an additional 54 shares during the period. Point View Wealth Management Inc. boosted its stake in shares of Devon Energy Corporation by 1.2% in the second quarter. Point View Wealth Management Inc. now owns 8,334 shares of the energy company’s stock worth $266,000 after buying an additional 95 shares during the period. Honkamp Krueger Financial Services Inc. boosted its stake in shares of Devon Energy Corporation by 1.4% in the second quarter. Honkamp Krueger Financial Services Inc. now owns 7,048 shares of the energy company’s stock worth $225,000 after buying an additional 96 shares during the period. Finally, Wedbush Securities Inc. boosted its stake in shares of Devon Energy Corporation by 1.1% in the second quarter. Wedbush Securities Inc. now owns 9,286 shares of the energy company’s stock worth $297,000 after buying an additional 99 shares during the period. 77.08% of the stock is owned by hedge funds and other institutional investors.
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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