Devon Energy Corporation (NYSE:DVN) released its quarterly earnings results on Tuesday, August 1st. The energy company reported $0.34 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.33 by $0.01, Bloomberg Earnings reports. The business had revenue of $3.27 billion for the quarter, compared to the consensus estimate of $3.24 billion. Devon Energy Corporation had a net margin of 16.07% and a return on equity of 5.36%. The company’s quarterly revenue was up 31.6% on a year-over-year basis. During the same period last year, the firm earned $0.06 earnings per share.
Devon Energy Corporation (DVN) traded down 0.47% during midday trading on Friday, reaching $31.61. 3,588,192 shares of the company traded hands. Devon Energy Corporation has a 12 month low of $28.79 and a 12 month high of $50.69. The company’s 50-day moving average price is $31.79 and its 200 day moving average price is $37.85. The firm has a market capitalization of $16.61 billion, a PE ratio of 7.15 and a beta of 2.17.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.76%. The ex-dividend date is Thursday, September 14th. Devon Energy Corporation’s payout ratio is currently 5.47%.
A number of analysts have issued reports on the stock. Credit Suisse Group lifted their price target on shares of Devon Energy Corporation from $63.00 to $64.00 and gave the stock an “outperform” rating in a research note on Thursday, May 4th. BMO Capital Markets reissued a “buy” rating and issued a $42.00 price objective on shares of Devon Energy Corporation in a research report on Thursday, June 22nd. Scotiabank set a $49.00 price objective on shares of Devon Energy Corporation and gave the company a “buy” rating in a research 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 target on shares of Devon Energy Corporation in a report on Wednesday, May 17th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $47.62.
In related news, Director Robert H. Henry sold 7,045 shares of the stock in a transaction on Friday, August 4th. The stock was sold at an average price of $33.35, for a total value of $234,950.75. Following the completion of the transaction, the director now owns 11,338 shares in the company, valued at approximately $378,122.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.98% of the company’s stock.
A number of large investors have recently made changes to their positions in the company. BlackRock Inc. raised its stake in shares of Devon Energy Corporation by 3,279.8% in the first quarter. BlackRock Inc. now owns 46,398,296 shares of the energy company’s stock worth $1,935,735,000 after buying an additional 45,025,477 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Devon Energy Corporation by 3.0% in the second quarter. Vanguard Group Inc. now owns 44,823,163 shares of the energy company’s stock worth $1,432,998,000 after buying an additional 1,295,417 shares during the last quarter. Artisan Partners Limited Partnership raised its stake in shares of Devon Energy Corporation by 3.3% in the first quarter. Artisan Partners Limited Partnership now owns 8,077,398 shares of the energy company’s stock worth $336,989,000 after buying an additional 255,610 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Devon Energy Corporation by 36.6% in the first quarter. Bank of New York Mellon Corp now owns 6,311,065 shares of the energy company’s stock worth $263,297,000 after buying an additional 1,690,260 shares during the last quarter. Finally, Standard Life Investments LTD raised its stake in shares of Devon Energy Corporation by 1.3% in the second quarter. Standard Life Investments LTD now owns 6,054,868 shares of the energy company’s stock worth $193,604,000 after buying an additional 75,952 shares during the last quarter. Hedge funds and other institutional investors own 77.27% of the company’s stock.
About Devon Energy Corporation
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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