Devon Energy (NYSE:DVN – Get Rating) is set to issue its quarterly earnings data after the market closes on Monday, August 1st. Analysts expect the company to announce earnings of $2.29 per share for the quarter. Parties that are interested in registering for the company’s conference call can do so using this link.
Devon Energy (NYSE:DVN – Get Rating) last released its quarterly earnings results on Monday, May 2nd. The energy company reported $1.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.14. The business had revenue of $3.81 billion for the quarter, compared to analyst estimates of $4.02 billion. Devon Energy had a net margin of 25.69% and a return on equity of 36.57%. During the same period in the previous year, the company earned $0.45 earnings per share. On average, analysts expect Devon Energy to post $9 EPS for the current fiscal year and $10 EPS for the next fiscal year.
Devon Energy Price Performance
Shares of DVN opened at $55.19 on Monday. The firm has a market capitalization of $36.43 billion, a PE ratio of 10.35 and a beta of 2.61. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.32 and a quick ratio of 1.32. Devon Energy has a 1-year low of $24.46 and a 1-year high of $79.40. The company’s fifty day moving average price is $63.76 and its 200-day moving average price is $59.44.
Devon Energy Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 30th. Stockholders of record on Monday, June 13th were issued a dividend of $1.27 per share. The ex-dividend date was Friday, June 10th. This is a positive change from Devon Energy’s previous quarterly dividend of $1.00. This represents a $5.08 dividend on an annualized basis and a dividend yield of 9.20%. Devon Energy’s payout ratio is 95.31%.
Devon Energy announced that its Board of Directors has authorized a share repurchase plan on Monday, May 2nd that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the energy company to purchase up to 4.7% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
Insiders Place Their Bets
In other news, Director Kelt Kindick sold 9,049 shares of the business’s stock in a transaction dated Friday, May 6th. The shares were sold at an average price of $68.03, for a total transaction of $615,603.47. Following the completion of the sale, the director now owns 42,590 shares of the company’s stock, valued at $2,897,397.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Kelt Kindick sold 9,049 shares of the business’s stock in a transaction dated Friday, May 6th. The shares were sold at an average price of $68.03, for a total transaction of $615,603.47. Following the completion of the sale, the director now owns 42,590 shares of the company’s stock, valued at $2,897,397.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Dennis C. Cameron sold 19,580 shares of the business’s stock in a transaction dated Thursday, May 5th. The stock was sold at an average price of $68.22, for a total transaction of $1,335,747.60. Following the sale, the executive vice president now directly owns 274,806 shares of the company’s stock, valued at approximately $18,747,265.32. The disclosure for this sale can be found here. Over the last quarter, insiders sold 35,316 shares of company stock worth $2,345,388. Company insiders own 0.80% of the company’s stock.
Institutional Trading of Devon Energy
A number of institutional investors and hedge funds have recently modified their holdings of DVN. Canada Pension Plan Investment Board purchased a new stake in shares of Devon Energy during the first quarter worth about $26,000. Lake Point Wealth Management grew its stake in Devon Energy by 53.0% during the 1st quarter. Lake Point Wealth Management now owns 765 shares of the energy company’s stock valued at $45,000 after acquiring an additional 265 shares in the last quarter. Worth Asset Management LLC purchased a new stake in Devon Energy during the 1st quarter valued at about $68,000. Carolinas Wealth Consulting LLC grew its stake in Devon Energy by 22.9% during the 1st quarter. Carolinas Wealth Consulting LLC now owns 1,945 shares of the energy company’s stock valued at $115,000 after acquiring an additional 363 shares in the last quarter. Finally, Stonebridge Capital Advisors LLC grew its stake in Devon Energy by 26.1% during the 1st quarter. Stonebridge Capital Advisors LLC now owns 2,416 shares of the energy company’s stock valued at $143,000 after acquiring an additional 500 shares in the last quarter. Hedge funds and other institutional investors own 87.01% of the company’s stock.
Wall Street Analysts Forecast Growth
DVN has been the topic of a number of research analyst reports. StockNews.com lowered shares of Devon Energy from a “buy” rating to a “hold” rating in a report on Friday, July 8th. Credit Suisse Group boosted their objective price on shares of Devon Energy from $75.00 to $82.00 and gave the company an “outperform” rating in a report on Thursday, June 9th. Barclays set a $89.00 target price on shares of Devon Energy in a research report on Tuesday, July 19th. Raymond James boosted their target price on shares of Devon Energy from $90.00 to $102.00 in a research report on Thursday, June 9th. Finally, Susquehanna Bancshares boosted their target price on shares of Devon Energy from $62.00 to $73.00 in a research report on Monday, April 25th. Seven equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $76.24.
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. It operates approximately 5,134 gross wells. Devon Energy Corporation was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.
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