Devon Energy Corp (NYSE:DVN) – Analysts at Piper Jaffray Companies lowered their Q3 2019 earnings estimates for shares of Devon Energy in a research report issued to clients and investors on Monday, August 27th. Piper Jaffray Companies analyst D. Kistler now anticipates that the energy company will earn $0.59 per share for the quarter, down from their previous forecast of $0.62. Piper Jaffray Companies currently has a “Hold” rating and a $52.00 target price on the stock. Piper Jaffray Companies also issued estimates for Devon Energy’s Q4 2019 earnings at $0.66 EPS and FY2019 earnings at $2.25 EPS.
A number of other research analysts also recently issued reports on DVN. ValuEngine raised Devon Energy from a “hold” rating to a “buy” rating in a report on Wednesday, June 27th. Zacks Investment Research raised Devon Energy from a “hold” rating to a “strong-buy” rating and set a $48.00 price target on the stock in a report on Monday, June 18th. B. Riley upped their price target on Devon Energy from $37.00 to $47.00 and gave the company a “neutral” rating in a report on Monday, June 11th. BMO Capital Markets reaffirmed a “buy” rating and set a $50.00 price target on shares of Devon Energy in a report on Tuesday, August 7th. Finally, KLR Group reaffirmed a “buy” rating and set a $60.00 price target on shares of Devon Energy in a report on Monday, August 20th. Nine equities research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $50.23.
Shares of NYSE:DVN opened at $43.13 on Thursday. The firm has a market cap of $21.82 billion, a PE ratio of 68.46, a price-to-earnings-growth ratio of 3.84 and a beta of 2.18. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.65 and a current ratio of 1.65. Devon Energy has a 1 year low of $29.83 and a 1 year high of $46.54.
Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, July 31st. The energy company reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.03). The business had revenue of $2.25 billion for the quarter, compared to the consensus estimate of $3.96 billion. Devon Energy had a negative net margin of 1.60% and a positive return on equity of 5.52%. During the same period in the previous year, the company earned $0.80 earnings per share.
Institutional investors have recently made changes to their positions in the stock. Bristol John W & Co. Inc. NY bought a new position in Devon Energy during the first quarter valued at approximately $103,000. Jackson Grant Investment Advisers Inc. bought a new position in Devon Energy during the second quarter valued at approximately $112,000. Financial Architects Inc boosted its stake in Devon Energy by 168.5% during the second quarter. Financial Architects Inc now owns 2,709 shares of the energy company’s stock valued at $119,000 after buying an additional 1,700 shares during the last quarter. Penserra Capital Management LLC bought a new position in Devon Energy during the first quarter valued at approximately $125,000. Finally, Gables Capital Management Inc. bought a new position in Devon Energy during the first quarter valued at approximately $146,000. 84.00% of the stock is owned by institutional investors.
In related news, Director Robert H. Henry sold 5,600 shares of the stock in a transaction dated Tuesday, August 21st. The stock was sold at an average price of $42.14, for a total transaction of $235,984.00. Following the completion of the sale, the director now owns 9,704 shares in the company, valued at $408,926.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John E. Bethancourt bought 12,000 shares of the business’s stock in a transaction that occurred on Thursday, June 7th. The shares were acquired at an average price of $41.90 per share, with a total value of $502,800.00. Following the transaction, the director now directly owns 56,469 shares of the company’s stock, valued at approximately $2,366,051.10. The disclosure for this purchase can be found here. Company insiders own 0.55% of the company’s stock.
Devon Energy declared that its Board of Directors has approved a share repurchase plan on Wednesday, June 6th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the energy company to repurchase up to 14.6% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 28th. Investors of record on Friday, September 14th will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.74%. The ex-dividend date is Thursday, September 13th. Devon Energy’s dividend payout ratio is currently 50.79%.
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 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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