Devon Energy Corp (NYSE:DVN) – Seaport Global Securities increased their Q1 2019 earnings per share (EPS) estimates for shares of Devon Energy in a report issued on Monday, March 11th. Seaport Global Securities analyst J. Aschenbeck now expects that the energy company will post earnings of $0.13 per share for the quarter, up from their previous estimate of $0.07. Seaport Global Securities also issued estimates for Devon Energy’s Q2 2019 earnings at $0.19 EPS, Q3 2019 earnings at $0.28 EPS, Q4 2019 earnings at $0.31 EPS, FY2019 earnings at $0.92 EPS, Q1 2020 earnings at $0.32 EPS, Q2 2020 earnings at $0.35 EPS, Q3 2020 earnings at $0.42 EPS, Q4 2020 earnings at $0.46 EPS and FY2020 earnings at $1.54 EPS.
DVN has been the subject of several other research reports. Credit Suisse Group set a $36.00 price target on Devon Energy and gave the company a “buy” rating in a report on Wednesday, February 20th. Johnson Rice lowered Devon Energy from a “buy” rating to an “accumulate” rating in a report on Tuesday, January 8th. Stifel Nicolaus reissued a “buy” rating and set a $50.00 price target on shares of Devon Energy in a report on Tuesday, November 27th. Ifs Securities reissued a “market perform” rating on shares of Devon Energy in a report on Monday, February 11th. Finally, Zacks Investment Research lowered Devon Energy from a “hold” rating to a “strong sell” rating in a research note on Thursday, January 3rd. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating and fifteen have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $45.48.
Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, February 19th. The energy company reported $0.10 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.31 by ($0.21). Devon Energy had a net margin of 24.82% and a return on equity of 5.73%. The company had revenue of $3.71 billion for the quarter, compared to the consensus estimate of $1.97 billion. During the same period in the prior year, the firm posted $0.38 EPS.
A number of institutional investors have recently made changes to their positions in DVN. Norges Bank bought a new position in Devon Energy during the fourth quarter valued at approximately $109,799,000. American Century Companies Inc. boosted its stake in Devon Energy by 31.0% during the fourth quarter. American Century Companies Inc. now owns 6,641,322 shares of the energy company’s stock valued at $149,695,000 after buying an additional 1,571,861 shares during the last quarter. Morgan Stanley boosted its stake in Devon Energy by 105.9% during the third quarter. Morgan Stanley now owns 2,521,826 shares of the energy company’s stock valued at $100,722,000 after buying an additional 1,296,801 shares during the last quarter. Oregon Public Employees Retirement Fund boosted its stake in Devon Energy by 2,129.2% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,274,907 shares of the energy company’s stock valued at $57,000 after buying an additional 1,217,716 shares during the last quarter. Finally, Clearbridge Investments LLC boosted its stake in Devon Energy by 57.3% during the third quarter. Clearbridge Investments LLC now owns 3,195,598 shares of the energy company’s stock valued at $127,632,000 after buying an additional 1,164,365 shares during the last quarter. 80.74% of the stock is owned by institutional investors.
In other news, Director Robert H. Henry purchased 11,651 shares of the company’s stock in a transaction that occurred on Wednesday, February 27th. The stock was bought at an average cost of $30.01 per share, with a total value of $349,646.51. Following the completion of the purchase, the director now owns 21,355 shares in the company, valued at $640,863.55. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.55% of the stock is currently owned by corporate insiders.
The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be paid a dividend of $0.09 per share. The ex-dividend date is Thursday, June 13th. This is a positive change from Devon Energy’s previous quarterly dividend of $0.08. This represents a $0.36 dividend on an annualized basis and a yield of 1.21%. Devon Energy’s dividend payout ratio is presently 24.81%.
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 12,900 gross wells. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.
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