Devon Energy (NYSE:DVN) announced that its Board of Directors has approved a stock buyback plan, which permits the company to repurchase $1.00 billion in shares on Wednesday, March 7th, EventVestor reports. This repurchase authorization permits the energy company to reacquire shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.
Devon Energy (NYSE:DVN) opened at $32.72 on Friday. The firm has a market cap of $17,370.00, a price-to-earnings ratio of 19.02, a P/E/G ratio of 2.02 and a beta of 2.26. Devon Energy has a 12-month low of $28.79 and a 12-month high of $45.16. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.45 and a quick ratio of 1.45.
Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, February 20th. The energy company reported $0.38 earnings per share for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.22). The business had revenue of $3.98 billion during the quarter, compared to the consensus estimate of $3.58 billion. Devon Energy had a net margin of 10.04% and a return on equity of 6.92%. The firm’s revenue for the quarter was up 41.8% on a year-over-year basis. During the same period last year, the business posted $0.25 EPS. equities analysts forecast that Devon Energy will post 2.29 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 29th. Investors of record on Friday, June 15th will be given a $0.08 dividend. The ex-dividend date of this dividend is Thursday, June 14th. This represents a $0.32 dividend on an annualized basis and a yield of 0.98%. This is an increase from Devon Energy’s previous quarterly dividend of $0.06. Devon Energy’s dividend payout ratio (DPR) is 13.95%.
Several equities research analysts have commented on DVN shares. Barclays upped their target price on shares of Devon Energy from $35.00 to $38.00 and gave the company an “overweight” rating in a research note on Monday, November 20th. Piper Jaffray Companies reissued a “hold” rating and set a $38.00 price objective on shares of Devon Energy in a research report on Friday, November 24th. Scotiabank set a $50.00 price objective on shares of Devon Energy and gave the stock a “buy” rating in a research report on Saturday, November 25th. Citigroup reissued a “buy” rating and set a $44.00 price objective on shares of Devon Energy in a research report on Tuesday, November 28th. Finally, Credit Suisse Group started coverage on shares of Devon Energy in a research report on Monday, December 11th. They set an “outperform” rating and a $43.00 price objective for the company. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $45.79.
In related news, EVP Lyndon C. Taylor sold 12,798 shares of the firm’s stock in a transaction on Thursday, December 14th. The shares were sold at an average price of $38.29, for a total value of $490,035.42. Following the completion of the transaction, the executive vice president now owns 67,900 shares of the company’s stock, valued at $2,599,891. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.51% of the stock is currently owned by company insiders.
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Devon Energy 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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