Devon Energy (NYSE:DVN) Announces Quarterly Earnings Results, Misses Estimates By $0.11 EPS

Devon Energy (NYSE:DVN) announced its quarterly earnings data on Tuesday. The energy company reported $0.82 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.93 by ($0.11), Zacks reports. Devon Energy had a return on equity of 18.14% and a net margin of 15.56%.

Devon Energy Stock Performance

DVN traded down $0.63 during midday trading on Tuesday, reaching $44.03. The company’s stock had a trading volume of 9,164,461 shares, compared to its average volume of 11,125,678. The company has a current ratio of 0.96, a quick ratio of 0.87 and a debt-to-equity ratio of 0.48. The company has a fifty day simple moving average of $38.38 and a 200 day simple moving average of $35.83. The stock has a market cap of $27.62 billion, a P/E ratio of 10.36, a PEG ratio of 4.06 and a beta of 0.61. Devon Energy has a twelve month low of $25.89 and a twelve month high of $45.29.

Analysts Set New Price Targets

Several research analysts have weighed in on DVN shares. Argus upgraded shares of Devon Energy to a “strong-buy” rating in a research note on Wednesday, November 26th. Sanford C. Bernstein cut their price target on Devon Energy from $48.00 to $42.00 and set an “outperform” rating for the company in a research note on Monday, January 5th. Morgan Stanley reduced their price target on Devon Energy from $48.00 to $46.00 and set an “overweight” rating for the company in a report on Friday, January 23rd. Wolfe Research lifted their target price on shares of Devon Energy from $49.00 to $57.00 in a research note on Tuesday, February 3rd. Finally, Raymond James Financial increased their price target on shares of Devon Energy from $44.00 to $52.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 11th. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $46.24.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Woodline Partners LP lifted its position in shares of Devon Energy by 98.8% in the 1st quarter. Woodline Partners LP now owns 115,780 shares of the energy company’s stock worth $4,330,000 after acquiring an additional 57,555 shares during the period. Sivia Capital Partners LLC acquired a new position in shares of Devon Energy in the second quarter valued at $403,000. Jump Financial LLC boosted its stake in Devon Energy by 58.8% during the second quarter. Jump Financial LLC now owns 28,251 shares of the energy company’s stock worth $899,000 after buying an additional 10,464 shares in the last quarter. Daiwa Securities Group Inc. increased its holdings in Devon Energy by 17.8% in the 2nd quarter. Daiwa Securities Group Inc. now owns 148,882 shares of the energy company’s stock valued at $4,736,000 after buying an additional 22,482 shares during the period. Finally, NewEdge Advisors LLC raised its stake in shares of Devon Energy by 6.0% in the 2nd quarter. NewEdge Advisors LLC now owns 144,174 shares of the energy company’s stock valued at $4,586,000 after buying an additional 8,127 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Company Profile

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.