Devon Energy Corp (DVN) Forecasted to Earn Q3 2018 Earnings of $0.21 Per Share

Devon Energy Corp (NYSE:DVN) – Equities researchers at Seaport Global Securities issued their Q3 2018 earnings estimates for shares of Devon Energy in a research note issued on Wednesday, October 17th. Seaport Global Securities analyst J. Aschenbeck anticipates that the energy company will earn $0.21 per share for the quarter. Seaport Global Securities has a “Buy” rating on the stock. Seaport Global Securities also issued estimates for Devon Energy’s Q4 2018 earnings at $0.41 EPS, FY2018 earnings at $1.16 EPS, Q1 2019 earnings at $0.20 EPS, Q2 2019 earnings at $0.24 EPS, Q3 2019 earnings at $0.27 EPS, Q4 2019 earnings at $0.28 EPS and FY2019 earnings at $0.99 EPS.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, July 31st. The energy company reported $0.34 earnings per share 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 analyst estimates of $3.96 billion. Devon Energy had a negative net margin of 1.60% and a positive return on equity of 5.52%. During the same quarter last year, the business earned $0.80 earnings per share.

Other equities research analysts also recently issued reports about the stock. Piper Jaffray Companies upgraded shares of Devon Energy from a “neutral” rating to an “overweight” rating in a research note on Thursday, September 27th. Johnson Rice upgraded shares of Devon Energy from an “accumulate” rating to a “buy” rating in a research note on Wednesday, August 15th. UBS Group upgraded shares of Devon Energy from a “neutral” rating to a “buy” rating and set a $53.00 price objective for the company in a research note on Monday, August 6th. Morgan Stanley lowered their price objective on shares of Devon Energy from $45.00 to $44.00 and set a “hold” rating for the company in a research note on Wednesday, September 26th. Finally, Royal Bank of Canada reiterated a “buy” rating on shares of Devon Energy in a research note on Friday, July 13th. Eight investment analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $49.78.

Shares of DVN opened at $34.94 on Friday. The company has a market capitalization of $18.32 billion, a price-to-earnings ratio of 55.46, a PEG ratio of 1.41 and a beta of 2.26. Devon Energy has a twelve month low of $29.83 and a twelve month high of $46.54. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.65 and a quick ratio of 1.65.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 28th. Investors of record on Friday, December 14th will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Thursday, December 13th. This represents a $0.32 annualized dividend and a dividend yield of 0.92%. Devon Energy’s dividend payout ratio (DPR) is presently 50.79%.

In related news, Director Robert H. Henry sold 5,600 shares of the firm’s stock in a transaction on Tuesday, August 21st. The shares were 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 of the company’s stock, valued at $408,926.56. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.55% of the company’s stock.

Several institutional investors have recently modified their holdings of DVN. Perella Weinberg Partners Capital Management LP raised its holdings in shares of Devon Energy by 2,029.9% during the second quarter. Perella Weinberg Partners Capital Management LP now owns 1,405,269 shares of the energy company’s stock worth $61,776,000 after purchasing an additional 1,339,291 shares during the last quarter. Diamond Hill Capital Management Inc. raised its holdings in shares of Devon Energy by 16.7% during the second quarter. Diamond Hill Capital Management Inc. now owns 9,201,696 shares of the energy company’s stock worth $404,507,000 after purchasing an additional 1,316,231 shares during the last quarter. FMR LLC raised its holdings in shares of Devon Energy by 11.1% during the second quarter. FMR LLC now owns 11,782,553 shares of the energy company’s stock worth $517,962,000 after purchasing an additional 1,173,389 shares during the last quarter. BlueMountain Capital Management LLC raised its holdings in shares of Devon Energy by 15,497.1% during the second quarter. BlueMountain Capital Management LLC now owns 998,529 shares of the energy company’s stock worth $43,895,000 after purchasing an additional 992,127 shares during the last quarter. Finally, Soros Fund Management LLC purchased a new position in shares of Devon Energy during the second quarter worth $30,772,000. 84.06% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Company Profile

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.

Further Reading: What does earnings per share mean?

Earnings History and Estimates for Devon Energy (NYSE:DVN)

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