Brokers Set Expectations for Devon Energy Corporation’s Q4 2017 Earnings (DVN)
Devon Energy Corporation (NYSE:DVN) – Equities researchers at Jefferies Group lifted their Q4 2017 earnings per share estimates for shares of Devon Energy in a research note issued to investors on Wednesday. Jefferies Group analyst M. Lear now anticipates that the energy company will post earnings per share of $0.61 for the quarter, up from their previous estimate of $0.46. Jefferies Group currently has a “Buy” rating and a $46.00 price target on the stock. Jefferies Group also issued estimates for Devon Energy’s Q1 2018 earnings at $0.65 EPS, Q2 2018 earnings at $0.67 EPS, Q3 2018 earnings at $0.72 EPS, Q4 2018 earnings at $0.71 EPS, FY2018 earnings at $2.75 EPS, Q1 2019 earnings at $0.72 EPS, Q2 2019 earnings at $0.75 EPS, Q3 2019 earnings at $0.78 EPS and FY2019 earnings at $3.07 EPS.
Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, October 31st. The energy company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.39 by $0.07. Devon Energy had a net margin of 11.62% and a return on equity of 6.88%. The business had revenue of $3.16 billion for the quarter, compared to the consensus estimate of $3.13 billion. During the same period last year, the company earned $1.89 EPS. The firm’s revenue was up 9.5% compared to the same quarter last year.
Several other equities research analysts also recently commented on the stock. Barclays reiterated a “buy” rating and set a $39.00 target price on shares of Devon Energy in a research report on Sunday. Royal Bank of Canada set a $47.00 price target on shares of Devon Energy and gave the stock a “buy” rating in a research report on Wednesday, December 20th. Seaport Global Securities upgraded shares of Devon Energy from a “neutral” rating to a “buy” rating in a research report on Tuesday, December 19th. Credit Suisse Group began coverage on shares of Devon Energy in a research report on Monday, December 11th. They issued an “outperform” rating and a $43.00 price target on the stock. Finally, Citigroup restated a “buy” rating and issued a $44.00 price target on shares of Devon Energy in a research report on Tuesday, November 28th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and fifteen have issued a buy rating to the company. Devon Energy currently has a consensus rating of “Buy” and a consensus target price of $45.83.
Devon Energy (NYSE DVN) traded up $0.65 during trading hours on Monday, reaching $41.57. 4,245,100 shares of the company traded hands, compared to its average volume of 4,776,433. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 0.87. Devon Energy has a twelve month low of $28.79 and a twelve month high of $49.45. The firm has a market cap of $21,824.25, a P/E ratio of 14.19, a PEG ratio of 1.29 and a beta of 2.21.
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 29th. Investors of record on Thursday, March 15th will be given a dividend of $0.06 per share. The ex-dividend date is Wednesday, March 14th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.58%. Devon Energy’s payout ratio is presently 8.19%.
In related news, EVP Lyndon C. Taylor sold 12,798 shares of the business’s stock in a transaction on Thursday, December 14th. The shares were sold at an average price of $38.29, for a total transaction of $490,035.42. Following the transaction, the executive vice president now owns 67,900 shares in the company, valued at approximately $2,599,891. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.51% of the stock is owned by insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC increased its stake in Devon Energy by 118.2% during the 2nd quarter. Renaissance Technologies LLC now owns 4,376,500 shares of the energy company’s stock valued at $139,917,000 after purchasing an additional 2,370,500 shares in the last quarter. Alyeska Investment Group L.P. grew its stake in shares of Devon Energy by 4,117.5% in the 3rd quarter. Alyeska Investment Group L.P. now owns 1,835,864 shares of the energy company’s stock worth $67,395,000 after acquiring an additional 1,792,334 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Devon Energy by 3.0% in the 2nd quarter. Vanguard Group Inc. now owns 44,823,163 shares of the energy company’s stock worth $1,432,998,000 after acquiring an additional 1,295,417 shares in the last quarter. Victory Capital Management Inc. grew its stake in shares of Devon Energy by 21.6% in the 3rd quarter. Victory Capital Management Inc. now owns 5,570,722 shares of the energy company’s stock worth $204,501,000 after acquiring an additional 988,090 shares in the last quarter. Finally, Scout Investments Inc. bought a new stake in shares of Devon Energy in the 3rd quarter worth $32,652,000. Institutional investors own 77.43% of the company’s stock.
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Devon Energy Company Profile
Devon Energy Corporation is an independent energy company. The Company also controls EnLink Midstream Partners, L.P. (EnLink). The Company’s segments include U.S., Canada and EnLink. The Company is engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs).
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