Credit Agricole SA Research Analysts Increase Earnings Estimates for Devon Energy Corp. (DVN)
Devon Energy Corp. (NYSE:DVN) – Analysts at Credit Agricole SA lifted their Q3 2016 EPS estimates for shares of Devon Energy Corp. in a report released on Wednesday. Credit Agricole SA analyst A. Sen now expects that the brokerage will post earnings per share of $0.09 for the quarter, up from their prior estimate of $0.05. Credit Agricole SA currently has a “Outperform” rating on the stock. Credit Agricole SA also issued estimates for Devon Energy Corp.’s FY2017 earnings at $1.29 EPS and FY2018 earnings at $2.36 EPS.
Devon Energy Corp. (NYSE:DVN) last released its earnings results on Tuesday, August 2nd. The energy company reported $0.06 EPS for the quarter, topping the consensus estimate of ($0.19) by $0.25. Devon Energy Corp. had a positive return on equity of 3.62% and a negative net margin of 114.09%. The business earned $2.49 billion during the quarter, compared to analysts’ expectations of $2.29 million. During the same quarter last year, the firm posted $0.78 earnings per share. The firm’s revenue was down 26.7% on a year-over-year basis.
Several other equities analysts have also recently commented on the company. Bank of America Corp. set a $64.00 target price on Devon Energy Corp. and gave the stock a “buy” rating in a research report on Monday. Vetr upgraded Devon Energy Corp. from a “buy” rating to a “strong-buy” rating and set a $46.16 target price for the company in a research report on Tuesday, September 20th. Zacks Investment Research cut Devon Energy Corp. from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 6th. Raymond James Financial Inc. cut Devon Energy Corp. from an “outperform” rating to a “market perform” rating and set a $45.84 price objective for the company. in a report on Tuesday, September 6th. Finally, Citigroup Inc. cut Devon Energy Corp. from a “positive” rating to a “market perform” rating in a report on Tuesday, September 6th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty have issued a buy rating and three have given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $42.21.
Shares of Devon Energy Corp. (NYSE:DVN) opened at 43.90 on Thursday. The firm’s market cap is $22.99 billion. The company’s 50-day moving average price is $42.85 and its 200 day moving average price is $37.37. Devon Energy Corp. has a 1-year low of $18.07 and a 1-year high of $48.68.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 30th. Investors of record on Thursday, December 15th will be issued a $0.06 dividend. The ex-dividend date of this dividend is Tuesday, December 13th. This represents a $0.24 dividend on an annualized basis and a yield of 0.55%. Devon Energy Corp.’s dividend payout ratio is currently -0.82%.
Institutional investors have recently made changes to their positions in the company. IFP Advisors Inc boosted its position in shares of Devon Energy Corp. by 20.8% in the second quarter. IFP Advisors Inc now owns 2,806 shares of the energy company’s stock worth $102,000 after buying an additional 483 shares in the last quarter. Ropes Wealth Advisors LLC boosted its stake in Devon Energy Corp. by 738.7% in the second quarter. Ropes Wealth Advisors LLC now owns 3,338 shares of the energy company’s stock worth $121,000 after buying an additional 2,940 shares in the last quarter. Hall Laurie J Trustee boosted its stake in Devon Energy Corp. by 13.7% in the second quarter. Hall Laurie J Trustee now owns 3,745 shares of the energy company’s stock worth $141,000 after buying an additional 450 shares in the last quarter. RS Investment Management Co. LLC acquired a new stake in Devon Energy Corp. during the second quarter worth approximately $144,000. Finally, Point72 Asia Hong Kong Ltd boosted its stake in Devon Energy Corp. by 91.7% in the second quarter. Point72 Asia Hong Kong Ltd now owns 4,600 shares of the energy company’s stock worth $167,000 after buying an additional 2,200 shares in the last quarter. 75.62% of the stock is currently owned by institutional investors.
About Devon Energy Corp.
Devon Energy Corporation (Devon) is an independent energy company engaged in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs). The Company’s operations are concentrated in various North American onshore areas in the United States and Canada. The Company also produces over 1.6 billion cubic feet of natural gas a day and approximately 135 thousand barrels of NGLs per day.
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