Devon Energy Corporation (DVN) Expected to Announce Quarterly Sales of $3.19 Billion
Equities analysts expect Devon Energy Corporation (NYSE:DVN) to report sales of $3.19 billion for the current quarter, according to Zacks Investment Research. Four analysts have made estimates for Devon Energy Corporation’s earnings. The highest sales estimate is $3.28 billion and the lowest is $3.08 billion. Devon Energy Corporation posted sales of $4.23 billion in the same quarter last year, which indicates a negative year over year growth rate of 24.6%. The business is scheduled to announce its next quarterly earnings report on Tuesday, November 7th.
On average, analysts expect that Devon Energy Corporation will report full-year sales of $3.19 billion for the current year, with estimates ranging from $13.03 billion to $13.65 billion. For the next fiscal year, analysts forecast that the firm will post sales of $14.20 billion per share, with estimates ranging from $12.22 billion to $15.44 billion. Zacks’ sales averages are an average based on a survey of research analysts that that provide coverage for Devon Energy Corporation.
Devon Energy Corporation (NYSE:DVN) last issued its quarterly earnings results on Tuesday, August 1st. The energy company reported $0.34 EPS for the quarter, topping the consensus estimate of $0.33 by $0.01. Devon Energy Corporation had a net margin of 16.07% and a return on equity of 5.36%. The firm had revenue of $3.27 billion during the quarter, compared to analyst estimates of $3.24 billion. During the same quarter in the prior year, the business posted $0.06 earnings per share. Devon Energy Corporation’s revenue for the quarter was up 31.6% compared to the same quarter last year.
Several research firms recently commented on DVN. Barclays PLC restated an “overweight” rating and set a $35.00 price target (up from $31.00) on shares of Devon Energy Corporation in a report on Wednesday, August 9th. Scotiabank set a $49.00 price objective on shares of Devon Energy Corporation and gave the company a “buy” rating in a research report on Saturday, July 1st. Cowen and Company reaffirmed a “buy” rating and set a $37.00 price objective on shares of Devon Energy Corporation in a research report on Tuesday, August 22nd. BidaskClub lowered shares of Devon Energy Corporation from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 19th. Finally, Seaport Global Securities lowered shares of Devon Energy Corporation from a “buy” rating to a “neutral” rating and cut their price objective for the company from $51.00 to $28.00 in a research report on Wednesday, June 21st. Two analysts have rated the stock with a sell rating, six have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. Devon Energy Corporation presently has an average rating of “Buy” and a consensus price target of $46.27.
Shares of Devon Energy Corporation (DVN) traded down 0.74% during trading on Thursday, reaching $33.65. 4,709,395 shares of the company traded hands. The firm has a market capitalization of $17.69 billion, a PE ratio of 7.61 and a beta of 2.18. The firm has a 50-day moving average price of $31.89 and a 200-day moving average price of $35.54. Devon Energy Corporation has a 12 month low of $28.79 and a 12 month high of $50.69.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 15th will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.71%. The ex-dividend date is Thursday, December 14th. Devon Energy Corporation’s dividend payout ratio (DPR) is currently 5.47%.
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In other news, Director Robert H. Henry sold 7,045 shares of the stock in a transaction on Friday, August 4th. The stock was sold at an average price of $33.35, for a total transaction of $234,950.75. Following the sale, the director now directly owns 11,338 shares of the company’s stock, valued at approximately $378,122.30. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.98% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in DVN. BlackRock Inc. boosted its stake in Devon Energy Corporation by 3,279.8% in the first quarter. BlackRock Inc. now owns 46,398,296 shares of the energy company’s stock valued at $1,935,735,000 after buying an additional 45,025,477 shares in the last quarter. Renaissance Technologies LLC boosted its stake in shares of Devon Energy Corporation by 118.2% during the second 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. Janus Capital Management LLC boosted its stake in shares of Devon Energy Corporation by 408.1% during the first quarter. Janus Capital Management LLC now owns 2,572,931 shares of the energy company’s stock valued at $107,342,000 after purchasing an additional 2,066,530 shares in the last quarter. Prudential Financial Inc. boosted its stake in shares of Devon Energy Corporation by 66.7% during the second quarter. Prudential Financial Inc. now owns 4,365,017 shares of the energy company’s stock valued at $139,549,000 after purchasing an additional 1,745,977 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of Devon Energy Corporation by 36.6% during the first quarter. Bank of New York Mellon Corp now owns 6,311,065 shares of the energy company’s stock valued at $263,297,000 after purchasing an additional 1,690,260 shares in the last quarter. 77.00% of the stock is currently owned by institutional investors and hedge funds.
Devon Energy Corporation 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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