Jefferies Group Comments on Devon Energy Corporation’s Q3 2017 Earnings (DVN)
Devon Energy Corporation (NYSE:DVN) – Stock analysts at Jefferies Group reduced their Q3 2017 earnings per share (EPS) estimates for Devon Energy Corporation in a research report issued on Tuesday. Jefferies Group analyst M. Hsu now forecasts that the energy company will earn $0.43 per share for the quarter, down from their previous forecast of $0.53. Jefferies Group has a “Hold” rating and a $31.00 price objective on the stock. Jefferies Group also issued estimates for Devon Energy Corporation’s Q4 2017 earnings at $0.58 EPS, FY2017 earnings at $1.76 EPS, Q4 2018 earnings at $0.76 EPS and FY2018 earnings at $2.56 EPS.
Several other equities analysts have also recently issued reports on the stock. Credit Suisse Group boosted their target price on shares of Devon Energy Corporation from $63.00 to $64.00 and gave the company an “outperform” rating in a research note on Thursday, May 4th. Royal Bank Of Canada set a $53.00 target price on shares of Devon Energy Corporation and gave the company a “buy” rating in a research note on Monday, May 29th. Bank of America Corporation reiterated a “buy” rating on shares of Devon Energy Corporation in a research note on Thursday, May 11th. Scotiabank set a $57.00 target price on shares of Devon Energy Corporation and gave the company a “buy” rating in a research note on Tuesday, May 16th. Finally, BidaskClub upgraded shares of Devon Energy Corporation from a “strong sell” rating to a “sell” rating in a research note on Wednesday, June 14th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $45.95.
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Devon Energy Corporation (DVN) opened at 30.96 on Thursday. Devon Energy Corporation has a 1-year low of $28.79 and a 1-year high of $50.69. The company has a 50-day moving average of $31.66 and a 200-day moving average of $36.76. The stock has a market capitalization of $16.27 billion, a price-to-earnings ratio of 7.00 and a beta of 2.17.
Devon Energy Corporation (NYSE:DVN) last released its quarterly earnings data on Tuesday, August 1st. The energy company reported $0.34 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.01. Devon Energy Corporation had a net margin of 16.07% and a return on equity of 5.36%. The business had revenue of $3.27 billion during the quarter, compared to analyst estimates of $3.24 billion. During the same period in the previous year, the business earned $0.06 EPS. Devon Energy Corporation’s revenue was up 31.6% compared to the same quarter last year.
Several large investors have recently made changes to their positions in DVN. FTB Advisors Inc. raised 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 in the last quarter. Fifth Third Bancorp raised 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 in the last quarter. State of Alaska Department of Revenue purchased a new stake in shares of Devon Energy Corporation during the first quarter worth about $116,000. Sun Life Financial INC raised its stake in shares of Devon Energy Corporation by 32,058.3% in the second quarter. Sun Life Financial INC now owns 3,859 shares of the energy company’s stock worth $123,000 after buying an additional 3,847 shares in the last quarter. Finally, FUKOKU MUTUAL LIFE INSURANCE Co raised 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 in the last quarter. 77.00% of the stock is owned by hedge funds and other institutional investors.
In related news, Director Robert H. Henry sold 7,045 shares of the company’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $33.35, for a total value of $234,950.75. Following the completion of the sale, the director now owns 11,338 shares of the company’s stock, valued at $378,122.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.98% of the company’s stock.
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 issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.78%. The ex-dividend date of this dividend is Thursday, September 14th. Devon Energy Corporation’s dividend payout ratio is currently 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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