Analysts forecast that Devon Energy Corp (NYSE:DVN) will report $0.53 earnings per share (EPS) for the current quarter, Zacks reports. Three analysts have issued estimates for Devon Energy’s earnings, with the lowest EPS estimate coming in at $0.29 and the highest estimate coming in at $0.68. Devon Energy posted earnings of $0.46 per share in the same quarter last year, which suggests a positive year-over-year growth rate of 15.2%. The business is scheduled to issue its next quarterly earnings report on Tuesday, October 30th.
On average, analysts expect that Devon Energy will report full year earnings of $1.61 per share for the current year, with EPS estimates ranging from $1.28 to $2.23. For the next fiscal year, analysts forecast that the firm will post earnings of $3.06 per share, with EPS estimates ranging from $1.94 to $4.65. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of analysts that cover 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 analysts’ consensus estimates of $0.37 by ($0.03). The firm had revenue of $2.25 billion for the quarter, compared to analyst estimates of $3.96 billion. Devon Energy had a positive return on equity of 5.52% and a negative net margin of 1.60%. During the same period in the previous year, the firm earned $0.80 earnings per share.
Shares of Devon Energy traded up $0.77, reaching $42.84, during midday trading on Friday, MarketBeat.com reports. The company had a trading volume of 5,552,948 shares, compared to its average volume of 6,170,384. The company has a quick ratio of 1.65, a current ratio of 1.65 and a debt-to-equity ratio of 0.45. Devon Energy has a 1-year low of $29.78 and a 1-year high of $46.54. The firm has a market capitalization of $21.41 billion, a price-to-earnings ratio of 68.00, a price-to-earnings-growth ratio of 3.66 and a beta of 2.18.
Devon Energy announced that its Board of Directors has approved a share buyback program on Tuesday, May 1st that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the energy company to purchase up to 5.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 28th. Shareholders of record on Friday, September 14th will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Thursday, September 13th. This represents a $0.32 dividend on an annualized basis and a yield of 0.75%. Devon Energy’s payout ratio is presently 50.79%.
In other Devon Energy news, EVP Lyndon C. Taylor sold 18,357 shares of the firm’s stock in a transaction dated Monday, June 11th. The stock was sold at an average price of $42.09, for a total transaction of $772,646.13. Following the completion of the sale, the executive vice president now directly owns 95,223 shares in the company, valued at approximately $4,007,936.07. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John E. Bethancourt acquired 12,000 shares of the firm’s stock in a transaction 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 completion of the transaction, the director now directly owns 56,469 shares in the company, 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.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Jackson Grant Investment Advisers Inc. acquired a new stake in Devon Energy during the 2nd quarter worth about $112,000. Financial Architects Inc lifted its holdings in shares of Devon Energy by 168.5% during the 2nd 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. Bristol John W & Co. Inc. NY acquired a new stake in shares of Devon Energy during the 1st quarter valued at about $103,000. Penserra Capital Management LLC acquired a new stake in shares of Devon Energy during the 1st quarter valued at about $125,000. Finally, Gables Capital Management Inc. acquired a new stake in shares of Devon Energy during the 1st quarter valued at about $146,000. Hedge funds and other institutional investors own 83.02% 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 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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