Wall Street analysts forecast that Devon Energy Corp (NYSE:DVN) will report $1.97 billion in sales for the current fiscal quarter, Zacks reports. Seven analysts have provided estimates for Devon Energy’s earnings. The highest sales estimate is $2.82 billion and the lowest is $1.29 billion. Devon Energy posted sales of $3.98 billion in the same quarter last year, which would indicate a negative year-over-year growth rate of 50.5%. The firm is expected to issue its next earnings results on Tuesday, February 19th.
According to Zacks, analysts expect that Devon Energy will report full year sales of $10.47 billion for the current year, with estimates ranging from $9.73 billion to $11.61 billion. For the next financial year, analysts forecast that the business will report sales of $8.09 billion, with estimates ranging from $5.67 billion to $12.24 billion. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that follow Devon Energy.
Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, November 6th. The energy company reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.21. Devon Energy had a return on equity of 6.40% and a net margin of 16.62%. The business had revenue of $2.58 billion during the quarter, compared to the consensus estimate of $2.61 billion. During the same quarter last year, the firm posted $0.46 EPS. The company’s quarterly revenue was up 33.4% on a year-over-year basis.
Several equities research analysts have issued reports on DVN shares. Zacks Investment Research downgraded Devon Energy from a “buy” rating to a “hold” rating in a report on Tuesday, November 13th. Morgan Stanley cut their price target on Devon Energy from $44.00 to $39.00 and set a “hold” rating for the company in a report on Tuesday, November 20th. Stephens started coverage on Devon Energy in a report on Thursday. They set an “overweight” rating and a $50.00 price target for the company. Piper Jaffray Companies reaffirmed a “buy” rating on shares of Devon Energy in a report on Monday, November 19th. Finally, Credit Suisse Group set a $45.00 price target on Devon Energy and gave the company a “buy” rating in a report on Wednesday, November 7th. Ten analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. Devon Energy currently has an average rating of “Buy” and a consensus price target of $47.22.
Institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. increased its position in shares of Devon Energy by 0.5% in the second quarter. BlackRock Inc. now owns 48,631,367 shares of the energy company’s stock worth $2,137,835,000 after purchasing an additional 235,109 shares during the period. FMR LLC increased its position in shares of Devon Energy by 11.1% in the second quarter. FMR LLC now owns 11,782,553 shares of the energy company’s stock worth $517,962,000 after purchasing an additional 1,173,389 shares during the period. Diamond Hill Capital Management Inc. increased its position in shares of Devon Energy by 2.6% in the third quarter. Diamond Hill Capital Management Inc. now owns 9,437,292 shares of the energy company’s stock worth $376,925,000 after purchasing an additional 235,596 shares during the period. American Century Companies Inc. increased its position in shares of Devon Energy by 2.5% in the third quarter. American Century Companies Inc. now owns 5,069,461 shares of the energy company’s stock worth $202,474,000 after purchasing an additional 125,639 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in shares of Devon Energy by 18.1% in the third quarter. Dimensional Fund Advisors LP now owns 4,333,301 shares of the energy company’s stock worth $173,039,000 after purchasing an additional 664,206 shares during the period. 82.99% of the stock is owned by institutional investors.
Shares of Devon Energy stock opened at $27.20 on Friday. Devon Energy has a 1 year low of $25.87 and a 1 year high of $46.54. The firm has a market cap of $13.19 billion, a price-to-earnings ratio of 43.17, a price-to-earnings-growth ratio of 1.43 and a beta of 2.26. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.48 and a quick ratio of 1.48.
The company also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Friday, March 15th will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.18%. The ex-dividend date of this dividend is Thursday, March 14th. Devon Energy’s dividend payout ratio is currently 50.79%.
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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