Devon Energy Corp (NYSE:DVN) – Mitsubishi UFJ Financial Group cut their Q4 2018 EPS estimates for Devon Energy in a research note issued to investors on Thursday, November 8th. Mitsubishi UFJ Financial Group analyst M. Mcallister now expects that the energy company will post earnings of $0.28 per share for the quarter, down from their previous forecast of $0.40. Mitsubishi UFJ Financial Group has a “Neutral” rating and a $48.00 price objective on the stock. Mitsubishi UFJ Financial Group also issued estimates for Devon Energy’s Q1 2019 earnings at $0.39 EPS.
DVN has been the subject of several other reports. UBS Group raised Devon Energy from a “neutral” rating to a “buy” rating and set a $53.00 target price for the company in a research report on Monday, August 6th. Piper Jaffray Companies raised Devon Energy from a “neutral” rating to an “overweight” rating in a research report on Thursday, September 27th. TheStreet cut Devon Energy from a “c-” rating to a “d+” rating in a research report on Friday, November 2nd. Capital One Financial raised Devon Energy from an “equal weight” rating to an “overweight” rating in a research report on Wednesday, October 24th. They noted that the move was a valuation call. Finally, Royal Bank of Canada cut their price objective on Devon Energy from $58.00 to $56.00 and set a “buy” rating for the company in a report on Thursday. Six research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. Devon Energy currently has a consensus rating of “Buy” and an average target price of $49.96.
Shares of DVN stock opened at $33.01 on Friday. The firm has a market capitalization of $17.23 billion, a P/E ratio of 52.40, a PEG ratio of 1.47 and a beta of 2.27. Devon Energy has a one year low of $29.83 and a one year high of $46.54. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.48 and a quick ratio of 1.65.
Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, November 6th. The energy company reported $0.63 EPS for the quarter, topping the consensus estimate of $0.42 by $0.21. The firm had revenue of $2.58 billion during the quarter, compared to analysts’ expectations of $2.61 billion. Devon Energy had a return on equity of 6.40% and a net margin of 16.62%. Devon Energy’s quarterly revenue was up 33.4% compared to the same quarter last year. During the same period last year, the business earned $0.46 earnings per share.
Large investors have recently made changes to their positions in the company. Jafra Capital Management LP acquired a new stake in shares of Devon Energy in the second quarter valued at $3,297,000. FMR LLC increased its stake in shares of Devon Energy by 11.1% in the second quarter. FMR LLC now owns 11,782,553 shares of the energy company’s stock valued at $517,962,000 after buying an additional 1,173,389 shares in the last quarter. Swiss National Bank increased its stake in shares of Devon Energy by 8.9% in the second quarter. Swiss National Bank now owns 1,738,426 shares of the energy company’s stock valued at $76,421,000 after buying an additional 142,600 shares in the last quarter. Global X Management Co LLC increased 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 valued at $622,000 after buying an additional 2,244 shares in the last quarter. Finally, Gabelli Funds LLC increased its position in Devon Energy by 3.3% in the second quarter. Gabelli Funds LLC now owns 489,800 shares of the energy company’s stock worth $21,532,000 after purchasing an additional 15,500 shares during the period. Institutional investors own 83.77% of the company’s stock.
In other news, Director Robert H. Henry sold 5,600 shares of the firm’s stock in a transaction 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 completion of the sale, the director now directly owns 9,704 shares in the company, valued at $408,926.56. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.55% of the stock is currently owned by company insiders.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Shareholders of record on Friday, December 14th will be issued a dividend of $0.08 per share. The ex-dividend date is Thursday, December 13th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.97%. Devon Energy’s payout ratio is presently 50.79%.
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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