Mitsubishi UFJ Financial Group Comments on Devon Energy Corp’s Q4 2018 Earnings (NYSE:DVN)

Devon Energy Corp (NYSE:DVN) – Equities researchers at Mitsubishi UFJ Financial Group reduced their Q4 2018 earnings per share estimates for shares of Devon Energy in a research note issued on Thursday, November 8th, according to Zacks Investment Research. Mitsubishi UFJ Financial Group analyst M. Mcallister now expects that the energy company will earn $0.28 per share for the quarter, down from their prior forecast of $0.40. Mitsubishi UFJ Financial Group has a “Neutral” rating and a $48.00 price objective on the stock. Mitsubishi UFJ Financial Group also issued estimates for Devon Energy’s Q1 2019 earnings at $0.39 EPS.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, November 6th. The energy company reported $0.63 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.21. The firm had revenue of $2.58 billion for the quarter, compared to analysts’ expectations of $2.61 billion. Devon Energy had a return on equity of 6.40% and a net margin of 16.62%. The business’s quarterly revenue was up 33.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.46 EPS.

A number of other research firms have also weighed in on DVN. BMO Capital Markets reissued a “buy” rating and set a $50.00 target price on shares of Devon Energy in a report on Tuesday, August 7th. UBS Group upgraded Devon Energy from a “neutral” rating to a “buy” rating and set a $53.00 price objective for the company in a research report on Monday, August 6th. Jefferies Financial Group set a $52.00 target price on Devon Energy and gave the company a “buy” rating in a research report on Friday, August 10th. ValuEngine cut Devon Energy from a “buy” rating to a “hold” rating in a research note on Wednesday, August 8th. Finally, Barclays began coverage on Devon Energy in a research note on Wednesday, August 29th. They issued an “overweight” rating and a $49.00 price objective for the company. Nine analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $47.95.

NYSE DVN traded up $1.74 during trading on Friday, hitting $28.77. The stock had a trading volume of 11,739,100 shares, compared to its average volume of 7,205,490. Devon Energy has a 12 month low of $25.87 and a 12 month high of $46.54. The stock has a market capitalization of $12.66 billion, a price-to-earnings ratio of 45.48, a PEG ratio of 1.38 and a beta of 2.27. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.48 and a current ratio of 1.48.

The company also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 15th will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 1.11%. The ex-dividend date is Thursday, March 14th. Devon Energy’s dividend payout ratio is currently 50.79%.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in DVN. Jackson Grant Investment Advisers Inc. acquired a new position in Devon Energy during the second quarter valued at $112,000. Financial Architects Inc grew its stake in Devon Energy by 168.5% during the 2nd quarter. Financial Architects Inc now owns 2,709 shares of the energy company’s stock valued at $119,000 after acquiring an additional 1,700 shares in the last quarter. Atlas Capital Advisors LLC purchased a new stake in Devon Energy during the 3rd quarter valued at about $119,000. SNS Financial Group LLC purchased a new stake in Devon Energy during the 2nd quarter valued at about $201,000. Finally, Legacy Capital Partners Inc. purchased a new stake in shares of Devon Energy in the 2nd quarter valued at approximately $202,000. 82.99% of the stock is currently owned by institutional investors and hedge funds.

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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