Devon Energy Corp to Post Q3 2019 Earnings of $0.13 Per Share, Piper Jaffray Companies Forecasts (NYSE:DVN)

Devon Energy Corp (NYSE:DVN) – Analysts at Piper Jaffray Companies decreased their Q3 2019 earnings estimates for shares of Devon Energy in a report issued on Sunday, October 20th. Piper Jaffray Companies analyst R. Todd now expects that the energy company will earn $0.13 per share for the quarter, down from their previous estimate of $0.17. Piper Jaffray Companies also issued estimates for Devon Energy’s FY2021 earnings at $1.99 EPS.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, August 6th. The energy company reported $0.43 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.07. Devon Energy had a return on equity of 8.42% and a net margin of 39.80%. The firm had revenue of $1.92 billion for the quarter, compared to analysts’ expectations of $2.09 billion. During the same quarter in the previous year, the business posted $0.34 earnings per share. The business’s revenue for the quarter was down .1% on a year-over-year basis.

Several other analysts have also recently weighed in on DVN. Seaport Global Securities cut Devon Energy from a “buy” rating to a “neutral” rating in a report on Thursday, October 10th. MKM Partners set a $32.00 price target on Devon Energy and gave the stock a “buy” rating in a report on Monday, August 12th. SunTrust Banks initiated coverage on Devon Energy in a report on Tuesday, July 30th. They set a “buy” rating and a $33.00 price target on the stock. ValuEngine upgraded Devon Energy from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Finally, Citigroup reduced their price target on Devon Energy from $36.00 to $31.00 and set a “buy” rating on the stock in a report on Monday, September 23rd. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and eleven have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $36.19.

Devon Energy stock opened at $21.46 on Wednesday. Devon Energy has a 12-month low of $19.77 and a 12-month high of $35.39. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.61. The business’s 50-day moving average price is $23.17 and its two-hundred day moving average price is $26.50. The stock has a market cap of $8.57 billion, a PE ratio of 16.64, a P/E/G ratio of 1.31 and a beta of 2.35.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 13th will be paid a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.68%. The ex-dividend date is Thursday, December 12th. Devon Energy’s dividend payout ratio is currently 27.91%.

In related news, CAO Jeremy D. Humphers sold 1,500 shares of Devon Energy stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $21.66, for a total value of $32,490.00. Following the transaction, the chief accounting officer now directly owns 42,475 shares of the company’s stock, valued at $920,008.50. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.63% of the stock is owned by insiders.

Several institutional investors have recently bought and sold shares of the stock. North Star Investment Management Corp. acquired a new position in Devon Energy in the third quarter valued at approximately $43,000. Westside Investment Management Inc. acquired a new position in Devon Energy in the second quarter valued at approximately $45,000. Advisory Services Network LLC lifted its stake in Devon Energy by 43.1% in the second quarter. Advisory Services Network LLC now owns 1,712 shares of the energy company’s stock valued at $48,000 after buying an additional 516 shares during the period. CSat Investment Advisory L.P. lifted its stake in Devon Energy by 88.1% in the second quarter. CSat Investment Advisory L.P. now owns 1,738 shares of the energy company’s stock valued at $49,000 after buying an additional 814 shares during the period. Finally, Resources Investment Advisors LLC. lifted its stake in Devon Energy by 8,181.8% in the second quarter. Resources Investment Advisors LLC. now owns 1,822 shares of the energy company’s stock valued at $52,000 after buying an additional 1,800 shares during the period. 85.85% 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 12,900 gross wells. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.

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Earnings History and Estimates for Devon Energy (NYSE:DVN)

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