Q3 2017 EPS Estimates for Devon Energy Corporation (DVN) Boosted by Seaport Global Securities
Devon Energy Corporation (NYSE:DVN) – Research analysts at Seaport Global Securities increased their Q3 2017 earnings estimates for shares of Devon Energy Corporation in a research note issued to investors on Monday. Seaport Global Securities analyst M. Kelly now expects that the energy company will earn $0.34 per share for the quarter, up from their previous forecast of $0.33. Seaport Global Securities has a “Neutral” rating and a $28.00 price target on the stock. Seaport Global Securities also issued estimates for Devon Energy Corporation’s Q3 2018 earnings at $0.23 EPS and FY2018 earnings at $0.76 EPS.
Other equities analysts have also issued reports about the stock. Credit Suisse Group boosted their price objective on shares of Devon Energy Corporation from $63.00 to $64.00 and gave the stock an “outperform” rating in a report on Thursday, May 4th. BMO Capital Markets restated a “buy” rating and issued a $42.00 price objective on shares of Devon Energy Corporation in a report on Thursday, June 22nd. Scotiabank set a $49.00 price objective on shares of Devon Energy Corporation and gave the stock a “buy” rating in a report on Saturday, July 1st. Zacks Investment Research lowered shares of Devon Energy Corporation from a “hold” rating to a “sell” rating in a report on Friday, July 14th. Finally, Jefferies Group LLC restated a “hold” rating and issued a $38.00 price objective on shares of Devon Energy Corporation in a report on Wednesday, May 17th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $47.71.
Devon Energy Corporation (DVN) opened at 32.14 on Tuesday. The company has a market capitalization of $16.91 billion, a price-to-earnings ratio of 7.21 and a beta of 2.17. The stock has a 50 day moving average price of $31.63 and a 200 day moving average price of $38.36. Devon Energy Corporation has a 12-month low of $28.79 and a 12-month high of $50.69.
Devon Energy Corporation (NYSE:DVN) last released its earnings results on Tuesday, August 1st. The energy company reported $0.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.01. The company had revenue of $3.27 billion during the quarter, compared to analyst estimates of $3.24 billion. Devon Energy Corporation had a return on equity of 5.36% and a net margin of 16.07%. Devon Energy Corporation’s quarterly revenue was up 31.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.06 earnings per share.
Several large investors have recently modified their holdings of DVN. FTB Advisors Inc. increased its stake in shares of Devon Energy Corporation by 84.2% in the first quarter. FTB Advisors Inc. now owns 2,755 shares of the energy company’s stock worth $108,000 after buying an additional 1,259 shares during the last quarter. Fifth Third Bancorp increased its stake in shares of Devon Energy Corporation by 10.4% in the first quarter. Fifth Third Bancorp now owns 2,630 shares of the energy company’s stock worth $110,000 after buying an additional 248 shares during the last quarter. State of Alaska Department of Revenue acquired a new stake in shares of Devon Energy Corporation during the first quarter worth about $116,000. FUKOKU MUTUAL LIFE INSURANCE Co increased its stake in shares of Devon Energy Corporation by 88.9% in the first quarter. FUKOKU MUTUAL LIFE INSURANCE Co now owns 3,400 shares of the energy company’s stock worth $142,000 after buying an additional 1,600 shares during the last quarter. Finally, Global X Management Co. LLC increased its stake in shares of Devon Energy Corporation by 12.5% in the second quarter. Global X Management Co. LLC now owns 4,539 shares of the energy company’s stock worth $145,000 after buying an additional 503 shares during the last quarter. 77.27% of the stock is owned by hedge funds and other institutional investors.
In other news, Director Robert H. Henry sold 7,045 shares of the business’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $33.35, for a total transaction of $234,950.75. Following the completion of the sale, the director now owns 11,338 shares of the company’s stock, valued at approximately $378,122.30. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.98% of the company’s stock.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.75%. The ex-dividend date of this dividend is Thursday, September 14th. Devon Energy Corporation’s payout ratio is 5.47%.
Devon Energy Corporation Company Profile
Devon Energy Corporation is an independent energy company. The Company also controls EnLink Midstream Partners, L.P. (EnLink). The Company’s segments include U.S., Canada and EnLink. The Company is engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs).
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