Devon Energy (NYSE:DVN) Announces Earnings Results, Beats Expectations By $0.17 EPS

Devon Energy (NYSE:DVN) released its quarterly earnings data on Tuesday. The energy company reported $1.57 EPS for the quarter, beating the consensus estimate of $1.40 by $0.17, FiscalAI reports. Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The business had revenue of $7.42 billion during the quarter, compared to analyst estimates of $6.01 billion.

Devon Energy Trading Down 1.3%

Shares of NYSE:DVN traded down $0.56 on Tuesday, hitting $44.01. 9,795,321 shares of the company’s stock were exchanged, compared to its average volume of 13,756,200. The stock has a market capitalization of $27.34 billion, a price-to-earnings ratio of 12.26 and a beta of 0.38. Devon Energy has a 12 month low of $31.47 and a 12 month high of $52.71. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94. The business’s 50 day simple moving average is $43.58 and its two-hundred day simple moving average is $44.75.

Devon Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 2.9%. This is a positive change from Devon Energy’s previous quarterly dividend of $0.24. The ex-dividend date was Monday, June 15th. Devon Energy’s dividend payout ratio is 35.65%.

Insider Transactions at Devon Energy

In other Devon Energy news, SVP Adam M. Vela sold 24,342 shares of the business’s stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $47.21, for a total value of $1,149,185.82. Following the completion of the sale, the senior vice president directly owned 130,540 shares of the company’s stock, valued at $6,162,793.40. The trade was a 15.72% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Andrea Alexander sold 18,000 shares of the business’s stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total transaction of $841,320.00. Following the completion of the sale, the senior vice president directly owned 138,529 shares of the company’s stock, valued at approximately $6,474,845.46. This trade represents a 11.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 112,371 shares of company stock worth $5,258,059. Insiders own 4.58% of the company’s stock.

Institutional Trading of Devon Energy

Several institutional investors and hedge funds have recently modified their holdings of the stock. Sivia Capital Partners LLC bought a new stake in shares of Devon Energy in the 2nd quarter valued at about $403,000. Oxford Asset Management LLP bought a new position in shares of Devon Energy during the 4th quarter worth approximately $215,000. Parkside Financial Bank & Trust lifted its position in Devon Energy by 40.6% during the fourth quarter. Parkside Financial Bank & Trust now owns 4,316 shares of the energy company’s stock valued at $158,000 after acquiring an additional 1,246 shares during the last quarter. Smartleaf Asset Management LLC boosted its stake in Devon Energy by 18.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 6,145 shares of the energy company’s stock valued at $226,000 after acquiring an additional 951 shares in the last quarter. Finally, OpenArc Corporate Advisory LLC acquired a new stake in Devon Energy in the fourth quarter valued at approximately $225,000. Institutional investors own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

DVN has been the topic of a number of research reports. Truist Financial reduced their target price on shares of Devon Energy from $66.00 to $61.00 and set a “buy” rating on the stock in a report on Thursday, July 9th. UBS Group lowered their price target on shares of Devon Energy from $58.00 to $54.00 and set a “buy” rating for the company in a report on Wednesday, July 15th. Susquehanna boosted their price objective on Devon Energy from $57.00 to $63.00 and gave the stock a “positive” rating in a research note on Tuesday, July 21st. Raymond James Financial lowered their price objective on Devon Energy from $66.00 to $64.00 and set a “strong-buy” rating for the company in a research note on Thursday, July 16th. Finally, Capital One Financial cut their target price on Devon Energy from $63.00 to $61.00 and set an “overweight” rating on the stock in a research report on Tuesday, June 2nd. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $59.56.

Devon Energy Company Profile

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.