Devon Energy (NYSE:DVN) Announces Quarterly Earnings Results

Devon Energy (NYSE:DVN - Get Free Report) released its quarterly earnings results on Wednesday. The energy company reported $1.16 earnings per share for the quarter, topping analysts' consensus estimates of $1.10 by $0.06, Briefing.com reports. The firm had revenue of $3.60 billion during the quarter, compared to analysts' expectations of $3.64 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. Devon Energy's quarterly revenue was down 5.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.46 EPS.

Devon Energy Stock Down 0.1 %

Shares of NYSE DVN traded down $0.06 during mid-day trading on Thursday, reaching $50.34. 13,266,694 shares of the company traded hands, compared to its average volume of 7,888,626. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 1.07. The stock has a market cap of $31.97 billion, a PE ratio of 8.74 and a beta of 2.16. The company's fifty day moving average is $49.36 and its two-hundred day moving average is $46.27. Devon Energy has a fifty-two week low of $40.47 and a fifty-two week high of $55.09.

Devon Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.75%. The ex-dividend date of this dividend is Friday, June 14th. Devon Energy's dividend payout ratio is 15.09%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on DVN shares. Raymond James cut their target price on Devon Energy from $53.00 to $52.00 and set an "outperform" rating on the stock in a research report on Wednesday, January 24th. Truist Financial upped their price target on Devon Energy from $66.00 to $69.00 and gave the company a "buy" rating in a research report on Monday, April 22nd. JPMorgan Chase & Co. upped their price target on Devon Energy from $57.00 to $62.00 and gave the company an "overweight" rating in a research report on Monday, April 8th. Piper Sandler upped their price target on Devon Energy from $59.00 to $60.00 and gave the company an "overweight" rating in a research report on Friday, April 19th. Finally, Citigroup upped their price target on Devon Energy from $55.00 to $62.00 and gave the company a "buy" rating in a research report on Thursday, April 11th. Five analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, Devon Energy has a consensus rating of "Moderate Buy" and a consensus target price of $58.56.

Devon Energy Company Profile

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.