Brokers Set Expectations for Devon Energy Corp.’s FY2016 Earnings (DVN)
Devon Energy Corp. (NYSE:DVN) – Research analysts at Credit Agricole SA boosted their FY2016 earnings per share estimates for shares of Devon Energy Corp. in a research note issued on Wednesday. Credit Agricole SA analyst A. Sen now forecasts that the firm will post earnings of ($0.17) per share for the year, up from their previous estimate of ($0.24). Credit Agricole SA has a “Outperform” rating on the stock.
DVN has been the subject of a number of other research reports. Piper Jaffray Cos. reiterated a “neutral” rating and issued a $41.00 price objective (up previously from $39.00) on shares of Devon Energy Corp. in a research report on Thursday, July 7th. Morgan Stanley restated an “overweight” rating on shares of Devon Energy Corp. in a research report on Wednesday, June 29th. JPMorgan Chase & Co. restated a “buy” rating on shares of Devon Energy Corp. in a research report on Thursday, June 30th. Citigroup Inc. restated a “buy” rating and set a $45.00 target price (up previously from $40.00) on shares of Devon Energy Corp. in a research report on Monday, July 18th. Finally, Barclays PLC raised their target price on Devon Energy Corp. from $43.00 to $45.00 and gave the stock an “overweight” rating in a research report on Thursday, August 4th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty have issued a buy rating and three have issued a strong buy rating to the company. Devon Energy Corp. currently has a consensus rating of “Buy” and a consensus target price of $42.21.
Devon Energy Corp. (NYSE:DVN) opened at 43.08 on Friday. The company’s market cap is $22.56 billion. The stock has a 50 day moving average price of $42.81 and a 200 day moving average price of $37.49. Devon Energy Corp. has a 1-year low of $18.07 and a 1-year high of $48.68.
Devon Energy Corp. (NYSE:DVN) last released its quarterly earnings results on Tuesday, August 2nd. The energy company reported $0.06 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.19) by $0.25. Devon Energy Corp. had a positive return on equity of 3.62% and a negative net margin of 114.09%. The company earned $2.49 billion during the quarter, compared to analysts’ expectations of $2.29 million. During the same quarter in the prior year, the business posted $0.78 earnings per share. The company’s revenue for the quarter was down 26.7% compared to the same quarter last year.
A number of hedge funds and other institutional investors have recently bought and sold shares of DVN. State Street Corp raised its position in Devon Energy Corp. by 31.8% in the first quarter. State Street Corp now owns 25,649,107 shares of the energy company’s stock valued at $703,812,000 after buying an additional 6,194,903 shares in the last quarter. FMR LLC raised its position in Devon Energy Corp. by 95.3% in the second quarter. FMR LLC now owns 12,404,825 shares of the energy company’s stock valued at $449,675,000 after buying an additional 6,053,827 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC acquired a new position in Devon Energy Corp. during the second quarter valued at $146,444,000. Vanguard Group Inc. raised its position in Devon Energy Corp. by 8.0% in the second quarter. Vanguard Group Inc. now owns 39,324,357 shares of the energy company’s stock valued at $1,425,508,000 after buying an additional 2,924,209 shares in the last quarter. Finally, BlackRock Fund Advisors raised its position in Devon Energy Corp. by 41.1% in the second quarter. BlackRock Fund Advisors now owns 9,612,213 shares of the energy company’s stock valued at $348,443,000 after buying an additional 2,797,495 shares in the last quarter. Hedge funds and other institutional investors own 75.62% of the company’s stock.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 30th. Shareholders of record on Thursday, December 15th will be issued a dividend of $0.06 per share. The ex-dividend date is Tuesday, December 13th. This represents a $0.24 annualized dividend and a yield of 0.56%. Devon Energy Corp.’s dividend payout ratio is presently -0.82%.
About Devon Energy Corp.
Devon Energy Corporation (Devon) is an independent energy company engaged in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs). The Company’s operations are concentrated in various North American onshore areas in the United States and Canada. The Company also produces over 1.6 billion cubic feet of natural gas a day and approximately 135 thousand barrels of NGLs per day.
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