Devon Energy (NYSE:DVN) Posts Earnings Results, Misses Estimates By $0.11 EPS

Devon Energy (NYSE:DVN) announced its earnings results on Tuesday. The energy company reported $0.82 earnings per share for the quarter, missing the consensus estimate of $0.93 by ($0.11), Zacks reports. Devon Energy had a net margin of 15.56% and a return on equity of 18.14%.

Devon Energy Stock Performance

Shares of DVN stock traded down $0.63 during trading hours on Tuesday, reaching $44.03. The stock had a trading volume of 9,164,461 shares, compared to its average volume of 11,125,678. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.96 and a quick ratio of 0.87. The firm has a 50-day simple moving average of $38.38 and a 200-day simple moving average of $35.83. The firm has a market capitalization of $27.62 billion, a PE ratio of 10.36, a price-to-earnings-growth ratio of 4.06 and a beta of 0.61. Devon Energy has a twelve month low of $25.89 and a twelve month high of $45.29.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on DVN shares. Benchmark reiterated a “buy” rating on shares of Devon Energy in a research note on Friday, January 16th. Raymond James Financial lifted their price objective on Devon Energy from $44.00 to $52.00 and gave the stock an “outperform” rating in a report on Wednesday, February 11th. Capital One Financial reduced their target price on Devon Energy from $52.00 to $51.00 and set an “overweight” rating for the company in a research note on Tuesday, November 11th. JPMorgan Chase & Co. decreased their price target on shares of Devon Energy from $44.00 to $41.00 and set an “overweight” rating for the company in a research report on Thursday, January 15th. Finally, Zacks Research lowered shares of Devon Energy from a “hold” rating to a “strong sell” rating in a research note on Monday, January 26th. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $46.24.

Institutional Investors Weigh In On Devon Energy

Several hedge funds have recently modified their holdings of DVN. Laird Norton Wetherby Trust Company LLC purchased a new stake in Devon Energy during the fourth quarter valued at about $1,607,000. Kovack Advisors Inc. raised its holdings in shares of Devon Energy by 25.2% during the fourth quarter. Kovack Advisors Inc. now owns 15,798 shares of the energy company’s stock valued at $579,000 after acquiring an additional 3,175 shares during the period. Trexquant Investment LP lifted its position in shares of Devon Energy by 118.6% in the 4th quarter. Trexquant Investment LP now owns 825,470 shares of the energy company’s stock valued at $30,237,000 after acquiring an additional 447,788 shares in the last quarter. Amundi boosted its stake in Devon Energy by 0.3% in the 4th quarter. Amundi now owns 2,415,209 shares of the energy company’s stock worth $88,469,000 after purchasing an additional 7,602 shares during the period. Finally, Roehl & Yi Investment Advisors LLC purchased a new position in Devon Energy during the 4th quarter worth approximately $509,000. 69.72% of the stock is owned by hedge funds and other institutional investors.

About Devon Energy

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.