Brokerages Anticipate Devon Energy Corp (NYSE:DVN) Will Post Quarterly Sales of $1.31 Billion

Equities analysts expect Devon Energy Corp (NYSE:DVN) to announce sales of $1.31 billion for the current fiscal quarter, according to Zacks. Two analysts have made estimates for Devon Energy’s earnings. The highest sales estimate is $1.36 billion and the lowest is $1.26 billion. Devon Energy posted sales of $1.92 billion during the same quarter last year, which would indicate a negative year over year growth rate of 31.8%. The company is scheduled to report its next quarterly earnings results after the market closes on Tuesday, August 4th.

According to Zacks, analysts expect that Devon Energy will report full year sales of $5.99 billion for the current fiscal year, with estimates ranging from $5.69 billion to $6.31 billion. For the next year, analysts anticipate that the business will report sales of $4.64 billion, with estimates ranging from $4.57 billion to $4.75 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Devon Energy.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, May 5th. The energy company reported $0.13 EPS for the quarter, topping the Zacks’ consensus estimate of ($0.18) by $0.31. Devon Energy had a negative net margin of 24.91% and a positive return on equity of 7.81%. The company had revenue of $2.09 billion during the quarter, compared to the consensus estimate of $1.47 billion. During the same period in the prior year, the business posted $0.36 EPS. The company’s quarterly revenue was up 93.4% on a year-over-year basis.

Several research analysts have weighed in on the stock. Morgan Stanley increased their price target on shares of Devon Energy from $10.00 to $11.00 and gave the company an “equal weight” rating in a report on Tuesday, May 19th. Barclays increased their price target on shares of Devon Energy from $11.00 to $13.00 and gave the company an “overweight” rating in a report on Wednesday, June 3rd. Susquehanna Bancshares increased their price target on shares of Devon Energy from $12.00 to $13.00 in a report on Wednesday, May 6th. Bank of America increased their price target on shares of Devon Energy from $15.00 to $16.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Finally, Piper Sandler cut shares of Devon Energy from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $38.00 to $6.00 in a report on Tuesday, March 24th. Eight research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $19.90.

Large investors have recently modified their holdings of the company. grace capital acquired a new position in shares of Devon Energy during the fourth quarter worth $52,000. Advisory Alpha LLC bought a new stake in Devon Energy in the first quarter valued at $25,000. Loomis Sayles & Co. L P bought a new stake in Devon Energy in the fourth quarter valued at $64,000. CSat Investment Advisory L.P. increased its stake in Devon Energy by 26.8% in the fourth quarter. CSat Investment Advisory L.P. now owns 2,587 shares of the energy company’s stock valued at $67,000 after purchasing an additional 546 shares in the last quarter. Finally, Sunbelt Securities Inc. bought a new stake in Devon Energy in the fourth quarter valued at $30,090,000. Institutional investors own 81.83% of the company’s stock.

NYSE:DVN traded up $0.14 during mid-day trading on Thursday, hitting $11.24. The stock had a trading volume of 8,120,775 shares, compared to its average volume of 9,762,207. Devon Energy has a twelve month low of $4.70 and a twelve month high of $29.13. The stock has a market cap of $4.30 billion, a price-to-earnings ratio of -2.22 and a beta of 3.34. The company’s 50 day simple moving average is $12.42 and its 200 day simple moving average is $15.81. The company has a debt-to-equity ratio of 1.06, a quick ratio of 2.61 and a current ratio of 2.61.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Monday, September 14th will be issued a dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, September 11th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 3.91%. Devon Energy’s dividend payout ratio (DPR) is presently 31.88%.

Devon Energy Company Profile

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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