Devon Energy (NYSE:DVN) Posts Quarterly Earnings Results, Beats Expectations By $0.07 EPS

Devon Energy (NYSE:DVN) posted its quarterly earnings results on Tuesday. The energy company reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.07, Bloomberg Earnings reports. Devon Energy had a return on equity of 7.12% and a net margin of 29.33%. The business had revenue of $1.92 billion for the quarter, compared to analysts’ expectations of $2.09 billion. During the same quarter last year, the business earned $0.34 earnings per share. The firm’s quarterly revenue was down .1% compared to the same quarter last year.

Shares of Devon Energy stock opened at $24.22 on Wednesday. The firm has a fifty day moving average of $27.11. Devon Energy has a 12-month low of $20.37 and a 12-month high of $44.34. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.37 and a current ratio of 1.37. The firm has a market cap of $10.39 billion, a PE ratio of 18.78, a price-to-earnings-growth ratio of 2.43 and a beta of 2.27.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be given a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.49%. The ex-dividend date of this dividend is Thursday, September 12th. Devon Energy’s dividend payout ratio is presently 27.91%.

Several research firms have weighed in on DVN. Piper Jaffray Companies set a $39.00 price target on Devon Energy and gave the stock a “buy” rating in a research report on Friday, May 31st. Royal Bank of Canada set a $42.00 price objective on Devon Energy and gave the company a “hold” rating in a report on Thursday, May 2nd. Goldman Sachs Group reissued a “sell” rating and set a $25.50 price target on shares of Devon Energy in a report on Tuesday, July 23rd. ValuEngine raised Devon Energy from a “strong sell” rating to a “sell” rating in a report on Friday, August 2nd. Finally, Macquarie set a $40.00 price target on Devon Energy and gave the company a “buy” rating in a research report on Thursday, May 2nd. Three analysts have rated the stock with a sell rating, ten have given a hold rating and thirteen have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $40.66.

In related news, CAO Jeremy D. Humphers sold 4,000 shares of the stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $25.40, for a total transaction of $101,600.00. Following the completion of the sale, the chief accounting officer now owns 81,914 shares in the company, valued at approximately $2,080,615.60. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.63% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the company. Victory Capital Management Inc. raised its stake in Devon Energy by 0.6% during the first quarter. Victory Capital Management Inc. now owns 7,465,560 shares of the energy company’s stock worth $235,613,000 after acquiring an additional 41,004 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Devon Energy by 3.8% during the fourth quarter. Geode Capital Management LLC now owns 6,558,033 shares of the energy company’s stock worth $147,570,000 after purchasing an additional 242,508 shares during the period. Clearbridge Investments LLC raised its position in shares of Devon Energy by 15.8% during the first quarter. Clearbridge Investments LLC now owns 3,488,973 shares of the energy company’s stock worth $110,112,000 after purchasing an additional 476,337 shares during the period. Fisher Asset Management LLC raised its position in Devon Energy by 3.4% in the 2nd quarter. Fisher Asset Management LLC now owns 2,492,550 shares of the energy company’s stock valued at $71,088,000 after buying an additional 81,985 shares during the last quarter. Finally, Letko Brosseau & Associates Inc. raised its position in Devon Energy by 5.7% in the 1st quarter. Letko Brosseau & Associates Inc. now owns 2,064,498 shares of the energy company’s stock valued at $65,156,000 after buying an additional 111,706 shares during the last quarter. Institutional investors and hedge funds own 84.05% 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 12,900 gross wells. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.

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Earnings History for Devon Energy (NYSE:DVN)

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