Zacks: Brokerages Anticipate Devon Energy Corp (DVN) Will Announce Earnings of $0.47 Per Share

Equities research analysts forecast that Devon Energy Corp (NYSE:DVN) will post $0.47 earnings per share for the current quarter, Zacks reports. Five analysts have provided estimates for Devon Energy’s earnings. The highest EPS estimate is $0.63 and the lowest is $0.22. Devon Energy reported earnings per share of $0.34 in the same quarter last year, which would suggest a positive year over year growth rate of 38.2%. The firm is scheduled to issue its next earnings report on Tuesday, July 30th.

On average, analysts expect that Devon Energy will report full year earnings of $2.19 per share for the current fiscal year, with EPS estimates ranging from $1.56 to $2.94. For the next year, analysts forecast that the firm will report earnings of $2.99 per share, with EPS estimates ranging from $1.21 to $9.46. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of sell-side research analysts that follow Devon Energy.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, April 30th. The energy company reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.30 by $0.06. Devon Energy had a return on equity of 7.12% and a net margin of 29.33%. The firm had revenue of $1.50 billion for the quarter, compared to analyst estimates of $2.52 billion. During the same quarter in the previous year, the company posted $0.20 EPS.

DVN has been the topic of a number of analyst reports. Barclays lowered Devon Energy from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $42.00 to $33.00 in a research report on Wednesday, January 16th. Morgan Stanley set a $33.00 price target on Devon Energy and gave the company a “hold” rating in a research report on Tuesday, January 29th. Zacks Investment Research upgraded Devon Energy from a “strong sell” rating to a “hold” rating in a research report on Monday, February 4th. Ifs Securities reiterated a “market perform” rating on shares of Devon Energy in a research report on Monday, February 11th. Finally, Credit Suisse Group set a $36.00 price target on Devon Energy and gave the company a “buy” rating in a research report on Wednesday, February 20th. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. Devon Energy currently has a consensus rating of “Hold” and a consensus price target of $45.29.

In other Devon Energy news, Director Robert H. Henry bought 11,651 shares of the business’s stock in a transaction that occurred on Wednesday, February 27th. The shares were bought at an average price of $30.01 per share, for a total transaction of $349,646.51. Following the transaction, the director now directly owns 21,355 shares in the company, valued at $640,863.55. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.55% of the stock is owned by corporate insiders.

A number of hedge funds have recently bought and sold shares of DVN. Norges Bank acquired a new position in Devon Energy during the 4th quarter worth approximately $109,799,000. AQR Capital Management LLC raised its stake in Devon Energy by 208.3% during the 1st quarter. AQR Capital Management LLC now owns 2,585,326 shares of the energy company’s stock worth $81,593,000 after buying an additional 1,746,700 shares during the period. American Century Companies Inc. raised its stake in Devon Energy by 31.0% during the 4th quarter. American Century Companies Inc. now owns 6,641,322 shares of the energy company’s stock worth $149,695,000 after buying an additional 1,571,861 shares during the period. Morgan Stanley raised its stake in Devon Energy by 105.9% during the 3rd quarter. Morgan Stanley now owns 2,521,826 shares of the energy company’s stock worth $100,722,000 after buying an additional 1,296,801 shares during the period. Finally, Oregon Public Employees Retirement Fund raised its stake in Devon Energy by 2,129.2% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,274,907 shares of the energy company’s stock worth $57,000 after buying an additional 1,217,716 shares during the period. 92.25% of the stock is currently owned by institutional investors and hedge funds.

Shares of NYSE DVN traded up $0.57 during trading on Thursday, reaching $31.33. The company had a trading volume of 2,199,531 shares, compared to its average volume of 7,660,806. Devon Energy has a 12 month low of $20.37 and a 12 month high of $46.54. The firm has a market capitalization of $13.00 billion, a PE ratio of 24.29, a price-to-earnings-growth ratio of 0.83 and a beta of 2.23. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.74.

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be given a dividend of $0.09 per share. This is a positive change from Devon Energy’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Thursday, June 13th. This represents a $0.36 annualized dividend and a dividend yield of 1.15%. Devon Energy’s dividend payout ratio is presently 24.81%.

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 12,900 gross wells. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.

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Earnings History and Estimates for Devon Energy (NYSE:DVN)

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