Brokerages expect Devon Energy Corp (NYSE:DVN) to report $2.13 billion in sales for the current fiscal quarter, Zacks reports. Five analysts have made estimates for Devon Energy’s earnings, with estimates ranging from $1.61 billion to $2.56 billion. Devon Energy posted sales of $3.16 billion during the same quarter last year, which would suggest a negative year-over-year growth rate of 32.6%. The business is expected to announce its next earnings results on Tuesday, October 30th.

According to Zacks, analysts expect that Devon Energy will report full year sales of $9.92 billion for the current fiscal year, with estimates ranging from $9.23 billion to $11.48 billion. For the next year, analysts forecast that the firm will report sales of $8.09 billion per share, with estimates ranging from $6.37 billion to $10.64 billion. Zacks’ sales calculations are an average based on a survey of research analysts that that provide coverage for Devon Energy.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, July 31st. The energy company reported $0.34 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.37 by ($0.03). The firm had revenue of $2.25 billion during the quarter, compared to analysts’ expectations of $3.96 billion. Devon Energy had a positive return on equity of 5.52% and a negative net margin of 1.60%. During the same period in the prior year, the company earned $0.80 EPS.

DVN has been the subject of several research reports. Jefferies Financial Group set a $52.00 target price on Devon Energy and gave the stock a “buy” rating in a research note on Friday, August 10th. Morgan Stanley initiated coverage on Devon Energy in a research note on Thursday, July 12th. They issued an “equal weight” rating and a $46.00 target price for the company. Stephens set a $52.00 target price on Devon Energy and gave the stock a “buy” rating in a research note on Wednesday, July 25th. Royal Bank of Canada reaffirmed a “buy” rating on shares of Devon Energy in a research note on Friday, July 13th. Finally, Mizuho initiated coverage on Devon Energy in a research note on Monday, July 23rd. They issued a “buy” rating and a $59.00 target price for the company. Nine research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $50.23.

Shares of DVN opened at $39.67 on Monday. The company has a market capitalization of $21.34 billion, a price-to-earnings ratio of 62.97, a PEG ratio of 3.66 and a beta of 2.24. The company has a quick ratio of 1.65, a current ratio of 1.65 and a debt-to-equity ratio of 0.45. Devon Energy has a 1 year low of $29.83 and a 1 year high of $46.54.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Stockholders of record on Friday, December 14th will be paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.81%. The ex-dividend date of this dividend is Thursday, December 13th. Devon Energy’s dividend payout ratio (DPR) is presently 50.79%.

Devon Energy announced that its board has authorized a share repurchase plan on Wednesday, June 6th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the energy company to reacquire up to 14.6% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board believes its stock is undervalued.

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 completion of the transaction, the director now owns 9,704 shares in the company, valued at $408,926.56. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.55% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. Bristol John W & Co. Inc. NY bought a new position in shares of Devon Energy during the first quarter valued at approximately $103,000. Jackson Grant Investment Advisers Inc. bought a new position in shares of Devon Energy during the second quarter valued at approximately $112,000. Financial Architects Inc raised its holdings in shares of Devon Energy by 168.5% during the second quarter. Financial Architects Inc now owns 2,709 shares of the energy company’s stock valued at $119,000 after acquiring an additional 1,700 shares in the last quarter. Gables Capital Management Inc. bought a new position in shares of Devon Energy during the first quarter valued at approximately $146,000. Finally, Verition Fund Management LLC raised its holdings in shares of Devon Energy by 24.7% during the first quarter. Verition Fund Management LLC now owns 6,300 shares of the energy company’s stock valued at $200,000 after acquiring an additional 1,249 shares in the last quarter. Institutional investors own 84.01% of the company’s stock.

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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