Devon Energy (NYSE:DVN) Announces Earnings Results, Beats Estimates By $0.01 EPS

Key Points

• Devon Energy reported a quarterly earnings per share (EPS) of $0.84, exceeding analysts' estimates of $0.83 by $0.01.
• The company announced a quarterly dividend of $0.24 per share, resulting in an annualized yield of 3.0% with a payout ratio of 21.87%.
• Devon Energy's stock price increased by 1.2% to $32.33 following the earnings report, and the stock has a consensus rating of "Moderate Buy" with an average price target of $43.85.

Devon Energy (NYSE:DVN - Get Free Report) issued its earnings results on Tuesday. The energy company reported $0.84 earnings per share for the quarter, topping analysts' consensus estimates of $0.83 by $0.01, Zacks reports. Devon Energy had a net margin of 16.57% and a return on equity of 18.80%. The firm had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.01 billion. During the same quarter in the prior year, the business earned $1.41 earnings per share. Devon Energy's revenue for the quarter was up 9.4% on a year-over-year basis.

Devon Energy Price Performance

Shares of DVN traded up $0.36 on Thursday, hitting $32.81. The company's stock had a trading volume of 6,953,414 shares, compared to its average volume of 9,103,979. The company has a 50 day moving average price of $32.99 and a 200 day moving average price of $33.30. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.08 and a quick ratio of 0.99. Devon Energy has a fifty-two week low of $25.89 and a fifty-two week high of $46.04. The company has a market capitalization of $21.07 billion, a PE ratio of 7.35, a PEG ratio of 1.83 and a beta of 1.07.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend is Monday, September 15th. Devon Energy's payout ratio is presently 21.52%.

Institutional Investors Weigh In On Devon Energy

An institutional investor recently raised its position in Devon Energy stock. Woodline Partners LP lifted its position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 98.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 115,780 shares of the energy company's stock after buying an additional 57,555 shares during the period. Woodline Partners LP's holdings in Devon Energy were worth $4,330,000 at the end of the most recent quarter. Institutional investors own 69.72% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on DVN shares. BMO Capital Markets increased their price target on Devon Energy from $48.00 to $51.00 and gave the stock an "outperform" rating in a report on Monday, July 14th. The Goldman Sachs Group upped their price target on shares of Devon Energy from $38.00 to $43.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. UBS Group lifted their price objective on shares of Devon Energy from $35.00 to $37.00 and gave the company a "neutral" rating in a report on Friday, July 11th. Jefferies Financial Group lifted their price target on shares of Devon Energy from $31.00 to $33.00 and gave the company a "hold" rating in a research note on Monday, July 14th. Finally, Barclays raised their price objective on Devon Energy from $40.00 to $42.00 and gave the stock an "equal weight" rating in a report on Wednesday. Eleven equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $43.93.

About Devon Energy

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.