Wall Street analysts predict that Devon Energy Corp (NYSE:DVN) will report sales of $2.14 billion for the current quarter, according to Zacks. Five analysts have made estimates for Devon Energy’s earnings. The lowest sales estimate is $1.61 billion and the highest is $2.56 billion. Devon Energy reported sales of $3.16 billion during the same quarter last year, which indicates a negative year-over-year growth rate of 32.3%. The firm is expected to report its next quarterly earnings results on Tuesday, October 30th.
According to Zacks, analysts expect that Devon Energy will report full-year sales of $9.93 billion for the current fiscal year, with estimates ranging from $9.23 billion to $11.48 billion. For the next year, analysts forecast that the firm will post sales of $8.08 billion per share, with estimates ranging from $6.34 billion to $10.64 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that follow Devon Energy.
Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, July 31st. The energy company reported $0.34 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.37 by ($0.03). Devon Energy had a negative net margin of 1.60% and a positive return on equity of 5.52%. The business had revenue of $2.25 billion during the quarter, compared to the consensus estimate of $3.96 billion. During the same quarter in the prior year, the firm earned $0.80 EPS.
A number of research firms have issued reports on DVN. UBS Group upgraded Devon Energy from a “neutral” rating to a “buy” rating and set a $53.00 target price on the stock in a research report on Monday, August 6th. Morgan Stanley began coverage on Devon Energy in a research report on Thursday, July 12th. They issued an “equal weight” rating and a $46.00 target price on the stock. M Partners lifted their target price on Devon Energy to $44.00 and gave the company a “neutral” rating in a research report on Friday, June 8th. Stifel Nicolaus set a $60.00 target price on Devon Energy and gave the company a “buy” rating in a research report on Thursday, July 19th. Finally, Mizuho started coverage on Devon Energy in a report on Monday, July 23rd. They set a “buy” rating and a $59.00 price target on the stock. Nine equities research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the stock. Devon Energy currently has a consensus rating of “Buy” and an average target price of $50.23.
Devon Energy stock traded down $0.64 during midday trading on Friday, reaching $41.71. The company’s stock had a trading volume of 7,087,600 shares, compared to its average volume of 7,026,281. Devon Energy has a 52 week low of $29.83 and a 52 week high of $46.54. The company has a quick ratio of 1.65, a current ratio of 1.65 and a debt-to-equity ratio of 0.45. The stock has a market cap of $21.84 billion, a PE ratio of 66.21, a P/E/G ratio of 3.91 and a beta of 2.24.
Devon Energy announced that its board has authorized a stock buyback program on Wednesday, June 6th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the energy company to repurchase up to 14.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.
In related news, Director Robert H. Henry sold 5,600 shares of Devon Energy stock in a transaction that occurred on Tuesday, August 21st. The stock was sold at an average price of $42.14, for a total value of $235,984.00. Following the transaction, the director now directly owns 9,704 shares of the company’s stock, valued at $408,926.56. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director John E. Bethancourt acquired 12,000 shares of the business’s stock in a transaction that occurred on Thursday, June 7th. The stock was bought at an average cost of $41.90 per share, for a total transaction of $502,800.00. Following the completion of the purchase, the director now owns 56,469 shares of the company’s stock, valued at $2,366,051.10. The disclosure for this purchase can be found here. Insiders own 0.55% of the company’s stock.
Several institutional investors have recently bought and sold shares of the stock. HM Payson & Co. acquired a new position in shares of Devon Energy in the second quarter worth approximately $203,000. Andra AP fonden acquired a new position in shares of Devon Energy in the second quarter worth approximately $3,293,000. Global X Management Co LLC lifted its stake in shares of Devon Energy by 18.9% in the second quarter. Global X Management Co LLC now owns 14,142 shares of the energy company’s stock worth $622,000 after acquiring an additional 2,244 shares during the period. Guinness Asset Management Ltd lifted its stake in shares of Devon Energy by 8.1% in the second quarter. Guinness Asset Management Ltd now owns 250,376 shares of the energy company’s stock worth $11,007,000 after acquiring an additional 18,800 shares during the period. Finally, Argent Trust Co acquired a new position in shares of Devon Energy in the second quarter worth approximately $606,000. 84.01% of the stock is currently owned by institutional investors.
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 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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