Piper Jaffray Companies Analysts Reduce Earnings Estimates for Devon Energy Corp (DVN)

Devon Energy Corp (NYSE:DVN) – Equities research analysts at Piper Jaffray Companies lowered their Q1 2019 EPS estimates for Devon Energy in a report released on Wednesday, November 7th. Piper Jaffray Companies analyst R. Todd now anticipates that the energy company will earn $0.46 per share for the quarter, down from their previous forecast of $0.54. Piper Jaffray Companies has a “Overweight” rating on the stock.

Devon Energy (NYSE:DVN) last released its quarterly 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 return on equity of 5.85% and a net margin of 16.62%. Devon Energy’s quarterly revenue was up 33.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.46 EPS.

A number of other equities analysts have also issued reports on the company. Johnson Rice raised Devon Energy from an “accumulate” rating to a “buy” rating in a research report on Wednesday, August 15th. UBS Group raised Devon Energy from a “neutral” rating to a “buy” rating and set a $53.00 target price on the stock in a research report on Monday, August 6th. Morgan Stanley cut their target price on Devon Energy from $45.00 to $44.00 and set a “hold” rating on the stock in a research report on Wednesday, September 26th. Capital One Financial raised Devon Energy from an “equal weight” rating to an “overweight” rating in a research report on Wednesday, October 24th. They noted that the move was a valuation call. Finally, Royal Bank of Canada reaffirmed a “buy” rating on shares of Devon Energy in a research report on Friday, July 13th. Six analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. Devon Energy presently has a consensus rating of “Buy” and a consensus target price of $49.96.

NYSE DVN opened at $32.72 on Thursday. The company has a market capitalization of $16.75 billion, a price-to-earnings ratio of 21.25, a P/E/G ratio of 1.43 and a beta of 2.27. Devon Energy has a fifty-two week low of $29.83 and a fifty-two week high of $46.54. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.65 and a quick ratio of 1.65.

The company also recently declared a quarterly dividend, which will be paid on Friday, December 28th. Investors of record on Friday, December 14th will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.98%. The ex-dividend date is Thursday, December 13th. Devon Energy’s dividend payout ratio is currently 50.79%.

In related news, Director Robert H. Henry sold 5,600 shares of the company’s stock in a transaction that occurred on Tuesday, August 21st. The stock was sold at an average price of $42.14, for a total transaction of $235,984.00. Following the sale, the director now directly owns 9,704 shares of the company’s stock, valued at approximately $408,926.56. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.55% of the company’s stock.

Several hedge funds have recently bought and sold shares of DVN. DnB Asset Management AS increased its position in Devon Energy by 10.6% in the second quarter. DnB Asset Management AS now owns 64,775 shares of the energy company’s stock worth $2,848,000 after buying an additional 6,200 shares during the period. IFM Investors Pty Ltd increased its position in Devon Energy by 52.9% in the second quarter. IFM Investors Pty Ltd now owns 23,304 shares of the energy company’s stock worth $1,024,000 after buying an additional 8,066 shares during the period. CENTRAL TRUST Co increased its position in Devon Energy by 158.3% in the second quarter. CENTRAL TRUST Co now owns 25,825 shares of the energy company’s stock worth $1,135,000 after buying an additional 15,825 shares during the period. Livforsakringsbolaget Skandia Omsesidigt increased its position in Devon Energy by 25.2% in the second quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 9,449 shares of the energy company’s stock worth $415,000 after buying an additional 1,900 shares during the period. Finally, State of Alaska Department of Revenue increased its position in Devon Energy by 10.5% in the second quarter. State of Alaska Department of Revenue now owns 71,470 shares of the energy company’s stock worth $3,141,000 after buying an additional 6,820 shares during the period. 83.77% of the stock is currently owned by institutional investors and hedge funds.

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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Earnings History and Estimates for Devon Energy (NYSE:DVN)

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