Equities analysts predict that Devon Energy (NYSE:DVN) will report $0.28 earnings per share (EPS) for the current fiscal quarter, Zacks reports. Four analysts have issued estimates for Devon Energy’s earnings. The lowest EPS estimate is $0.14 and the highest is $0.37. Devon Energy posted earnings of $0.34 per share during the same quarter last year, which indicates a negative year-over-year growth rate of 17.6%. The firm is expected to report its next earnings report on Tuesday, August 7th.
According to Zacks, analysts expect that Devon Energy will report full-year earnings of $1.31 per share for the current year, with EPS estimates ranging from $0.92 to $1.59. For the next year, analysts forecast that the company will post earnings of $2.26 per share, with EPS estimates ranging from $0.70 to $3.80. Zacks Investment Research’s earnings per share calculations are an average based on a survey of analysts that that provide coverage for Devon Energy.
Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, May 1st. The energy company reported $0.20 earnings per share for the quarter, hitting the consensus estimate of $0.20. The firm had revenue of $3.81 billion for the quarter, compared to analyst estimates of $3.85 billion. Devon Energy had a net margin of 4.49% and a return on equity of 5.68%. Devon Energy’s quarterly revenue was up 7.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.07 earnings per share.
Several equities research analysts have commented on DVN shares. KLR Group lowered shares of Devon Energy from a “buy” rating to a “hold” rating and set a $49.00 price target on the stock. in a research note on Tuesday, January 23rd. Credit Suisse Group set a $50.00 price target on shares of Devon Energy and gave the company a “buy” rating in a research note on Tuesday, January 23rd. They noted that the move was a valuation call. Morgan Stanley raised their price target on shares of Devon Energy from $48.00 to $54.00 and gave the company an “overweight” rating in a research note on Wednesday, January 24th. Stifel Nicolaus set a $68.00 price target on shares of Devon Energy and gave the company a “buy” rating in a research note on Tuesday, January 30th. Finally, Wolfe Research upgraded shares of Devon Energy from a “market perform” rating to an “outperform” rating in a research note on Tuesday, January 30th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and eighteen have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $45.35.
A number of large investors have recently modified their holdings of the stock. BlackRock Inc. raised its position in shares of Devon Energy by 13.9% in the first quarter. BlackRock Inc. now owns 48,396,258 shares of the energy company’s stock valued at $1,538,516,000 after purchasing an additional 5,917,573 shares during the period. EnCap Energy Capital Fund IX L.P. purchased a new position in shares of Devon Energy during the fourth quarter worth about $488,237,000. Diamond Hill Capital Management Inc. grew its holdings in shares of Devon Energy by 121.2% during the first quarter. Diamond Hill Capital Management Inc. now owns 7,885,465 shares of the energy company’s stock worth $250,679,000 after purchasing an additional 4,320,329 shares in the last quarter. Victory Capital Management Inc. grew its holdings in shares of Devon Energy by 18.4% during the first quarter. Victory Capital Management Inc. now owns 7,388,286 shares of the energy company’s stock worth $234,874,000 after purchasing an additional 1,150,082 shares in the last quarter. Finally, American Century Companies Inc. grew its holdings in shares of Devon Energy by 46.8% during the first quarter. American Century Companies Inc. now owns 6,509,525 shares of the energy company’s stock worth $206,938,000 after purchasing an additional 2,076,096 shares in the last quarter. Hedge funds and other institutional investors own 83.23% of the company’s stock.
Shares of NYSE:DVN traded up $0.11 during trading hours on Thursday, hitting $42.44. The stock had a trading volume of 37,988 shares, compared to its average volume of 8,202,520. Devon Energy has a 1-year low of $28.79 and a 1-year high of $45.16. The firm has a market capitalization of $21.96 billion, a P/E ratio of 67.17, a PEG ratio of 4.59 and a beta of 2.16. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.70.
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 issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.75%. This is a boost from Devon Energy’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Thursday, June 14th. Devon Energy’s dividend payout ratio (DPR) is presently 38.10%.
Devon Energy announced that its Board of Directors has authorized a share buyback program on Wednesday, March 7th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the energy company to purchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is undervalued.
Devon Energy Company Profile
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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