Devon Energy Corporation (DVN) Issues Quarterly Earnings Results, Beats Expectations By $0.07 EPS
Devon Energy Corporation (NYSE:DVN) announced its earnings results on Tuesday. The energy company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.07, Bloomberg Earnings reports. The company had revenue of $3.16 billion during the quarter, compared to analyst estimates of $3.13 billion. Devon Energy Corporation had a net margin of 16.07% and a return on equity of 5.36%. The firm’s quarterly revenue was up 9.5% compared to the same quarter last year. During the same period in the previous year, the business posted $1.89 earnings per share.
Devon Energy Corporation (NYSE DVN) traded up 5.000% during midday trading on Wednesday, reaching $38.745. 1,451,821 shares of the company were exchanged. Devon Energy Corporation has a 52 week low of $28.80 and a 52 week high of $50.69. The stock has a market capitalization of $20.36 billion, a P/E ratio of 8.766 and a beta of 2.21. The firm’s 50 day moving average price is $35.44 and its 200-day moving average price is $34.18.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.65%. The ex-dividend date of this dividend is Thursday, December 14th. Devon Energy Corporation’s payout ratio is 5.47%.
Several analysts recently issued reports on DVN shares. BidaskClub upgraded shares of Devon Energy Corporation from a “strong sell” rating to a “sell” rating in a research report on Wednesday, July 5th. Sanford C. Bernstein lowered shares of Devon Energy Corporation from an “outperform” rating to a “market perform” rating and cut their target price for the company from $54.00 to $33.00 in a research report on Thursday, July 6th. Barclays PLC restated a “buy” rating and set a $31.00 target price on shares of Devon Energy Corporation in a research report on Friday, July 7th. Zacks Investment Research lowered shares of Devon Energy Corporation from a “hold” rating to a “sell” rating in a research report on Friday, July 14th. Finally, BMO Capital Markets boosted their target price on shares of Devon Energy Corporation from $35.00 to $38.00 and gave the company an “outperform” rating in a research report on Friday, July 14th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and thirteen have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $45.47.
In other Devon Energy Corporation news, Director Robert H. Henry sold 7,045 shares of Devon Energy Corporation stock in a transaction on Friday, August 4th. The shares were sold at an average price of $33.35, for a total transaction of $234,950.75. Following the sale, the director now owns 11,338 shares of the company’s stock, valued at approximately $378,122.30. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.51% of the company’s stock.
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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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