Wall Street brokerages expect that Devon Energy Corp (NYSE:DVN) will post earnings per share (EPS) of ($0.10) for the current fiscal quarter, Zacks Investment Research reports. Two analysts have issued estimates for Devon Energy’s earnings, with estimates ranging from ($0.24) to $0.07. Devon Energy posted earnings of $0.26 per share during the same quarter last year, which would indicate a negative year-over-year growth rate of 138.5%. The business is expected to issue its next quarterly earnings results on Tuesday, November 3rd.
According to Zacks, analysts expect that Devon Energy will report full year earnings of ($0.14) per share for the current fiscal year, with EPS estimates ranging from ($0.53) to $0.21. For the next year, analysts anticipate that the business will report earnings of $0.54 per share, with EPS estimates ranging from ($0.14) to $1.22. Zacks’ earnings per share calculations are a mean average based on a survey of analysts that follow Devon Energy.
Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, August 4th. The energy company reported ($0.18) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.26) by $0.08. The firm had revenue of $394.00 million during the quarter, compared to analyst estimates of $1 billion. Devon Energy had a positive return on equity of 4.29% and a negative net margin of 51.02%. The company’s revenue was down 78.2% on a year-over-year basis. During the same period last year, the company earned $0.40 earnings per share.
A number of analysts recently commented on DVN shares. Mizuho upgraded Devon Energy from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $13.00 to $17.00 in a research report on Friday, June 19th. Piper Sandler lifted their price objective on Devon Energy from $15.00 to $18.00 and gave the stock an “overweight” rating in a research report on Thursday, August 13th. SunTrust Banks lifted their price objective on Devon Energy from $13.00 to $14.00 and gave the stock a “hold” rating in a research report on Friday, June 19th. Bank of America lowered their price objective on Devon Energy from $21.00 to $18.00 and set a “buy” rating for the company in a research report on Monday. Finally, Truist upgraded Devon Energy from a “hold” rating to a “buy” rating and raised their target price for the stock from $14.00 to $16.00 in a report on Thursday. Eight equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $16.43.
Shares of DVN stock opened at $9.10 on Tuesday. The stock has a 50-day moving average price of $10.26 and a 200 day moving average price of $10.61. The company has a quick ratio of 2.33, a current ratio of 2.33 and a debt-to-equity ratio of 1.28. The firm has a market cap of $3.48 billion, a price-to-earnings ratio of -1.13 and a beta of 3.26. Devon Energy has a 12 month low of $4.70 and a 12 month high of $26.98.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 30th. Shareholders of record on Friday, December 11th will be paid a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 4.84%. The ex-dividend date is Thursday, December 10th. Devon Energy’s payout ratio is 31.88%.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Schonfeld Strategic Advisors LLC lifted its stake in Devon Energy by 423.6% in the 2nd quarter. Schonfeld Strategic Advisors LLC now owns 163,000 shares of the energy company’s stock valued at $1,849,000 after acquiring an additional 131,870 shares in the last quarter. Principal Financial Group Inc. lifted its stake in Devon Energy by 2.6% in the 2nd quarter. Principal Financial Group Inc. now owns 578,219 shares of the energy company’s stock valued at $6,557,000 after acquiring an additional 14,568 shares in the last quarter. Bridgeway Capital Management Inc. lifted its stake in Devon Energy by 7.2% in the 2nd quarter. Bridgeway Capital Management Inc. now owns 1,846,494 shares of the energy company’s stock valued at $20,939,000 after acquiring an additional 123,400 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake in Devon Energy by 47.7% in the 2nd quarter. PNC Financial Services Group Inc. now owns 130,533 shares of the energy company’s stock valued at $1,479,000 after acquiring an additional 42,145 shares in the last quarter. Finally, Neuberger Berman Group LLC lifted its stake in Devon Energy by 305.5% in the 2nd quarter. Neuberger Berman Group LLC now owns 605,048 shares of the energy company’s stock valued at $6,858,000 after acquiring an additional 455,828 shares in the last quarter. Hedge funds and other institutional investors own 78.88% of the company’s stock.
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 12,900 gross wells. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.
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