Zacks: Brokerages Expect Devon Energy Corp (DVN) Will Announce Quarterly Sales of $1.99 Billion

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Analysts expect that Devon Energy Corp (NYSE:DVN) will report sales of $1.99 billion for the current fiscal quarter, Zacks reports. Six analysts have made estimates for Devon Energy’s earnings. The highest sales estimate is $2.82 billion and the lowest is $1.27 billion. Devon Energy reported sales of $3.98 billion during the same quarter last year, which indicates a negative year-over-year growth rate of 50%. The firm is scheduled to announce its next earnings report after the market closes on Tuesday, February 19th.

On average, analysts expect that Devon Energy will report full year sales of $10.81 billion for the current fiscal year, with estimates ranging from $10.08 billion to $11.61 billion. For the next fiscal year, analysts anticipate that the business will post sales of $7.92 billion, with estimates ranging from $5.32 billion to $12.24 billion. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that cover Devon Energy.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, November 6th. The energy company reported $0.63 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.42 by $0.21. The firm had revenue of $2.58 billion during the quarter, compared to analysts’ expectations of $2.61 billion. Devon Energy had a net margin of 16.62% and a return on equity of 6.40%. The firm’s revenue for the quarter was up 33.4% compared to the same quarter last year. During the same period last year, the firm posted $0.46 earnings per share.

A number of brokerages recently weighed in on DVN. Seaport Global Securities restated a “buy” rating on shares of Devon Energy in a report on Wednesday, October 17th. Mizuho set a $31.00 price target on shares of Devon Energy and gave the company a “hold” rating in a research report on Wednesday, November 28th. Barclays downgraded shares of Devon Energy from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $42.00 to $33.00 in a research report on Wednesday, January 16th. Zacks Investment Research downgraded shares of Devon Energy from a “buy” rating to a “hold” rating in a research report on Wednesday, October 17th. Finally, Stephens assumed coverage on shares of Devon Energy in a research report on Thursday, December 6th. They issued an “overweight” rating and a $50.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and sixteen have given a buy rating to the company. Devon Energy currently has an average rating of “Hold” and an average price target of $46.36.

NYSE:DVN traded down $1.02 during trading hours on Thursday, reaching $26.65. 6,889,900 shares of the company’s stock were exchanged, compared to its average volume of 7,805,729. The stock has a market capitalization of $12.57 billion, a price-to-earnings ratio of 42.30, a PEG ratio of 1.73 and a beta of 2.15. Devon Energy has a 12 month low of $20.37 and a 12 month high of $46.54. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.48 and a current ratio of 1.48.

The business also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 15th will be given a $0.08 dividend. The ex-dividend date is Thursday, March 14th. This represents a $0.32 dividend on an annualized basis and a yield of 1.20%. Devon Energy’s payout ratio is 50.79%.

Hedge funds have recently added to or reduced their stakes in the business. Winslow Evans & Crocker Inc. purchased a new stake in Devon Energy in the 4th quarter worth approximately $26,000. Duncker Streett & Co. Inc. raised its holdings in shares of Devon Energy by 40.5% during the 4th quarter. Duncker Streett & Co. Inc. now owns 1,600 shares of the energy company’s stock valued at $36,000 after purchasing an additional 461 shares in the last quarter. NuWave Investment Management LLC raised its holdings in shares of Devon Energy by 742.0% during the 4th quarter. NuWave Investment Management LLC now owns 3,528 shares of the energy company’s stock valued at $80,000 after purchasing an additional 3,109 shares in the last quarter. Atlas Capital Advisors LLC bought a new position in shares of Devon Energy during the 3rd quarter valued at $119,000. Finally, First Interstate Bank raised its holdings in shares of Devon Energy by 74.2% during the 4th quarter. First Interstate Bank now owns 6,455 shares of the energy company’s stock valued at $145,000 after purchasing an additional 2,750 shares in the last quarter. Institutional investors own 82.87% of the company’s stock.

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 14,600 gross wells. The company also offers gathering, transmission, processing, storage, fractionation, and marketing to upstream oil and natural gas producers; and owns natural gas pipelines, plants and treatment facilities.

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