Equities research analysts predict that Devon Energy Corp (NYSE:DVN) will post $3.96 billion in sales for the current quarter, according to Zacks. Three analysts have made estimates for Devon Energy’s earnings, with estimates ranging from $3.91 billion to $4.02 billion. Devon Energy posted sales of $3.27 billion during the same quarter last year, which would indicate a positive year-over-year growth rate of 21.1%. The business is expected to issue its next earnings results after the market closes on Tuesday, July 31st.
According to Zacks, analysts expect that Devon Energy will report full-year sales of $16.20 billion for the current financial year, with estimates ranging from $16.18 billion to $16.22 billion. For the next fiscal year, analysts expect that the business will post sales of $17.45 billion per share, with estimates ranging from $17.39 billion to $17.52 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that cover Devon Energy.
Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, May 1st. The energy company reported $0.20 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.20. The firm had revenue of $3.81 billion during the quarter, compared to analyst estimates of $3.85 billion. Devon Energy had a return on equity of 5.68% and a net margin of 4.49%. The company’s revenue was up 7.3% on a year-over-year basis. During the same period last year, the company earned $1.07 earnings per share.
A number of brokerages recently commented on DVN. ValuEngine upgraded Devon Energy from a “hold” rating to a “buy” rating in a research report on Wednesday. B. Riley lifted their price objective on Devon Energy from $37.00 to $47.00 and gave the stock a “neutral” rating in a research report on Monday, June 11th. M Partners lifted their price objective on Devon Energy to $44.00 and gave the stock a “neutral” rating in a research report on Friday, June 8th. Zacks Investment Research upgraded Devon Energy from a “hold” rating to a “strong-buy” rating and set a $48.00 price objective for the company in a research report on Monday, June 18th. Finally, Stifel Nicolaus set a $68.00 target price on Devon Energy and gave the stock a “buy” rating in a research report on Tuesday, April 24th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $46.60.
DVN stock traded up $0.11 during midday trading on Friday, reaching $43.58. The stock had a trading volume of 6,250,169 shares, compared to its average volume of 7,588,999. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.70. The firm has a market cap of $22.29 billion, a price-to-earnings ratio of 69.17, a PEG ratio of 3.55 and a beta of 2.19. Devon Energy has a twelve month low of $28.79 and a twelve month high of $45.16.
Devon Energy declared that its Board of Directors has initiated a stock buyback plan on Wednesday, March 7th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the energy company to repurchase shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 28th. Investors of record on Friday, September 14th will be given a $0.08 dividend. The ex-dividend date is Thursday, September 13th. This represents a $0.32 annualized dividend and a dividend yield of 0.73%. Devon Energy’s dividend payout ratio is presently 50.79%.
In other Devon Energy news, Director John E. Bethancourt acquired 12,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 7th. The stock was acquired at an average cost of $41.90 per share, for a total transaction of $502,800.00. Following the transaction, the director now owns 56,469 shares of the company’s stock, valued at $2,366,051.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Lyndon C. Taylor sold 18,357 shares of the business’s stock in a transaction that occurred on Monday, June 11th. The shares were 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 owns 95,223 shares of the company’s stock, valued at $4,007,936.07. The disclosure for this sale can be found here. 0.55% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. grew its position in shares of Devon Energy by 13.9% in the 1st 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. bought a new stake in Devon Energy in the 4th quarter valued at approximately $488,237,000. Diamond Hill Capital Management Inc. lifted its stake in Devon Energy by 121.2% in the 1st quarter. Diamond Hill Capital Management Inc. now owns 7,885,465 shares of the energy company’s stock valued at $250,679,000 after acquiring an additional 4,320,329 shares in the last quarter. Victory Capital Management Inc. lifted its stake in Devon Energy by 18.4% in the 1st quarter. Victory Capital Management Inc. now owns 7,388,286 shares of the energy company’s stock valued at $234,874,000 after acquiring an additional 1,150,082 shares in the last quarter. Finally, American Century Companies Inc. lifted its stake in Devon Energy by 46.8% in the 1st quarter. American Century Companies Inc. now owns 6,509,525 shares of the energy company’s stock valued at $206,938,000 after acquiring an additional 2,076,096 shares in the last quarter. Institutional investors and hedge funds own 83.08% of the company’s stock.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Devon Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Devon Energy and related companies with MarketBeat.com's FREE daily email newsletter.