Zacks: Brokerages Expect Devon Energy Corp (DVN) Will Post Quarterly Sales of $3.57 Billion

Wall Street brokerages expect Devon Energy Corp (NYSE:DVN) to report $3.57 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Four analysts have issued estimates for Devon Energy’s earnings. The lowest sales estimate is $3.55 billion and the highest is $3.60 billion. Devon Energy reported sales of $3.35 billion during the same quarter last year, which indicates a positive year over year growth rate of 6.6%. The business is expected to announce its next earnings report after the market closes on Tuesday, February 20th.

According to Zacks, analysts expect that Devon Energy will report full year sales of $3.57 billion for the current fiscal year, with estimates ranging from $13.30 billion to $13.53 billion. For the next fiscal year, analysts forecast that the business will report sales of $14.76 billion per share, with estimates ranging from $13.93 billion to $15.68 billion. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that cover Devon Energy.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, October 31st. The energy company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.39 by $0.07. Devon Energy had a net margin of 11.62% and a return on equity of 6.88%. The business had revenue of $3.16 billion during the quarter, compared to analyst estimates of $3.13 billion. During the same period last year, the firm posted $1.89 EPS. The company’s revenue was up 9.5% on a year-over-year basis.

DVN has been the subject of a number of recent research reports. Cowen set a $51.00 target price on shares of Devon Energy and gave the company a “buy” rating in a report on Thursday. Capital One Financial lowered shares of Devon Energy from an “overweight” rating to an “equal weight” rating in a report on Wednesday, January 10th. Piper Jaffray Companies reissued a “hold” rating and issued a $42.00 target price on shares of Devon Energy in a report on Tuesday, January 9th. Barclays reissued a “buy” rating and issued a $39.00 target price on shares of Devon Energy in a report on Sunday, December 24th. Finally, Royal Bank of Canada set a $47.00 target price on shares of Devon Energy and gave the company a “buy” rating in a report on Wednesday, December 20th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and fifteen have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $46.50.

In related news, EVP Lyndon C. Taylor sold 12,798 shares of the firm’s stock in a transaction on Thursday, December 14th. The stock was sold at an average price of $38.29, for a total value of $490,035.42. Following the completion of the sale, the executive vice president now directly owns 67,900 shares in the company, valued at $2,599,891. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.51% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently modified their holdings of the stock. Gabelli Funds LLC lifted its position in Devon Energy by 3.2% in the third quarter. Gabelli Funds LLC now owns 483,500 shares of the energy company’s stock worth $17,749,000 after buying an additional 15,000 shares during the last quarter. Ninepoint Partners LP bought a new stake in Devon Energy in the third quarter worth $6,241,000. 3G Capital Partners LP bought a new stake in shares of Devon Energy during the third quarter worth $14,684,000. TVR Capital Management LP lifted its position in shares of Devon Energy by 121.8% during the second quarter. TVR Capital Management LP now owns 240,000 shares of the energy company’s stock worth $7,673,000 after purchasing an additional 131,806 shares during the last quarter. Finally, BlueCrest Capital Management Ltd bought a new stake in shares of Devon Energy during the second quarter worth $1,397,000. Institutional investors own 77.49% of the company’s stock.

Shares of Devon Energy (NYSE DVN) opened at $42.85 on Friday. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 0.87. Devon Energy has a fifty-two week low of $28.79 and a fifty-two week high of $47.82. The stock has a market cap of $22,520.00, a P/E ratio of 14.57, a price-to-earnings-growth ratio of 2.50 and a beta of 2.21.

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 29th. Investors of record on Thursday, March 15th will be given a $0.06 dividend. The ex-dividend date of this dividend is Wednesday, March 14th. This represents a $0.24 dividend on an annualized basis and a yield of 0.56%. Devon Energy’s dividend payout ratio is presently 8.16%.

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About Devon Energy

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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