Devon Energy (NYSE:DVN) Announces Quarterly Earnings Results

Devon Energy (NYSE:DVN) issued its quarterly earnings data on Wednesday. The energy company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.06, Briefing.com reports. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The business had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.64 billion. During the same period last year, the business earned $1.46 EPS. The business’s revenue was down 5.9% on a year-over-year basis.

Devon Energy Stock Up 0.4 %

Shares of NYSE DVN traded up $0.21 during mid-day trading on Thursday, reaching $50.61. 7,780,861 shares of the company were exchanged, compared to its average volume of 7,821,690. The company has a quick ratio of 0.99, a current ratio of 1.07 and a debt-to-equity ratio of 0.46. The stock has a market cap of $32.14 billion, a price-to-earnings ratio of 8.74 and a beta of 2.16. Devon Energy has a 1 year low of $40.47 and a 1 year high of $55.09. The firm has a 50-day moving average of $49.36 and a 200 day moving average of $46.27.

Devon Energy Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were issued a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 3.48%. The ex-dividend date of this dividend was Thursday, March 14th. Devon Energy’s dividend payout ratio is 15.09%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on DVN shares. Scotiabank raised their price objective on Devon Energy from $53.00 to $67.00 and gave the company a “sector outperform” rating in a research note on Thursday, April 11th. Morgan Stanley lifted their target price on Devon Energy from $49.00 to $50.00 and gave the stock an “overweight” rating in a research note on Monday, April 15th. Wells Fargo & Company upgraded Devon Energy from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $46.00 to $59.00 in a research note on Monday, April 1st. Stifel Nicolaus lifted their target price on Devon Energy from $65.00 to $66.00 and gave the stock a “buy” rating in a research note on Tuesday, April 23rd. Finally, Barclays began coverage on Devon Energy in a research note on Wednesday, April 10th. They set an “equal weight” rating and a $59.00 target price on the stock. Five equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and an average price target of $58.56.

Devon Energy Company Profile

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.