Wall Street analysts expect Devon Energy Corp (NYSE:DVN) to announce earnings of $0.53 per share for the current fiscal quarter, Zacks Investment Research reports. Three analysts have issued estimates for Devon Energy’s earnings, with the highest EPS estimate coming in at $0.68 and the lowest estimate coming in at $0.29. Devon Energy reported earnings per share of $0.46 during the same quarter last year, which suggests a positive year over year growth rate of 15.2%. The company is scheduled to report its next earnings report on Tuesday, October 30th.
On average, analysts expect that Devon Energy will report full year earnings of $1.61 per share for the current financial year, with EPS estimates ranging from $1.28 to $2.23. For the next fiscal year, analysts anticipate that the firm will report earnings of $3.06 per share, with EPS estimates ranging from $1.94 to $4.65. Zacks Investment Research’s EPS averages are an average based on a survey of sell-side analysts that follow Devon Energy.
Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, July 31st. The energy company reported $0.34 EPS for the quarter, missing the Zacks’ consensus estimate of $0.37 by ($0.03). Devon Energy had a positive return on equity of 5.52% and a negative net margin of 1.60%. The business had revenue of $2.25 billion for the quarter, compared to analyst estimates of $3.96 billion. During the same quarter in the previous year, the business posted $0.80 earnings per share.
A number of equities research analysts have recently weighed in on DVN shares. Jefferies Financial Group set a $52.00 price target on Devon Energy and gave the stock a “buy” rating in a research note on Friday. Morgan Stanley started coverage on Devon Energy in a research note on Thursday, July 12th. They set an “equal weight” rating and a $46.00 price target for the company. Stephens set a $52.00 price target on Devon Energy and gave the stock a “buy” rating in a research note on Wednesday, July 25th. Royal Bank of Canada reaffirmed a “buy” rating on shares of Devon Energy in a research note on Friday, July 13th. Finally, Mizuho started coverage on Devon Energy in a research note on Monday, July 23rd. They set a “buy” rating and a $59.00 price target for the company. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and twenty have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $48.95.
Shares of DVN traded up $0.77 during midday trading on Friday, reaching $42.84. 5,552,948 shares of the stock were exchanged, compared to its average volume of 6,170,384. Devon Energy has a 12-month low of $29.78 and a 12-month high of $46.54. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.65 and a quick ratio of 1.65. The company has a market capitalization of $21.41 billion, a PE ratio of 68.00, a price-to-earnings-growth ratio of 3.66 and a beta of 2.18.
Devon Energy declared that its Board of Directors has authorized a share buyback plan on Tuesday, May 1st that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the energy company to purchase up to 5.3% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 28th. Investors of record on Friday, September 14th will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.75%. The ex-dividend date is Thursday, September 13th. Devon Energy’s payout ratio is 50.79%.
In other Devon Energy news, Director John E. Bethancourt purchased 12,000 shares of the company’s stock in a transaction on Thursday, June 7th. The shares were bought at an average cost of $41.90 per share, with a total value of $502,800.00. Following the transaction, the director now directly owns 56,469 shares in the company, valued at approximately $2,366,051.10. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Lyndon C. Taylor sold 18,357 shares of Devon Energy stock in a transaction that occurred on Monday, June 11th. The stock was sold at an average price of $42.09, for a total value of $772,646.13. Following the completion of the transaction, the executive vice president now directly owns 95,223 shares in the company, valued at $4,007,936.07. The disclosure for this sale can be found here. 0.55% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Northwestern Mutual Wealth Management Co. increased its position in Devon Energy by 18.9% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 8,696 shares of the energy company’s stock worth $382,000 after buying an additional 1,382 shares during the period. ING Groep NV bought a new position in Devon Energy in the 2nd quarter worth approximately $266,000. Commerzbank Aktiengesellschaft FI increased its position in Devon Energy by 127.4% in the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 97,630 shares of the energy company’s stock worth $4,292,000 after buying an additional 54,703 shares during the period. Gabelli Funds LLC increased its position in Devon Energy by 3.3% in the 2nd quarter. Gabelli Funds LLC now owns 489,800 shares of the energy company’s stock worth $21,532,000 after buying an additional 15,500 shares during the period. Finally, Investec Asset Management LTD increased its position in Devon Energy by 113.7% in the 2nd quarter. Investec Asset Management LTD now owns 320,794 shares of the energy company’s stock worth $14,102,000 after buying an additional 170,663 shares during the period. 83.02% of the stock is currently owned by institutional investors.
About Devon Energy
Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States and Canada. It operates approximately 14,600 gross wells. The company also offers gathering, transmission, processing, storage, fractionation, and marketing to upstream oil and natural gas producers; and owns natural gas pipelines, plants and treatment facilities.
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