Devon Energy (DVN) Board of Directors Authorizes Stock Repurchase Program

Devon Energy (NYSE:DVN) declared that its board has authorized a stock repurchase program, which permits the company to buyback $1.00 billion in outstanding shares on Wednesday, March 7th. This buyback authorization permits the energy company to reacquire shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

A number of brokerages recently commented on DVN. Capital One Financial cut Devon Energy from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, January 10th. Jefferies Group set a $46.00 price objective on Devon Energy and gave the stock a “buy” rating in a research note on Wednesday, December 20th. Royal Bank of Canada set a $43.00 price objective on Devon Energy and gave the stock a “buy” rating in a research note on Friday, February 23rd. Seaport Global Securities upgraded Devon Energy from a “neutral” rating to a “buy” rating in a report on Tuesday, December 19th. Finally, KLR Group cut Devon Energy from a “buy” rating to a “hold” rating and set a $49.00 target price on the stock. in a research report on Tuesday, January 23rd. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and seventeen have given a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $45.60.

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NYSE DVN traded down $0.05 during trading hours on Wednesday, hitting $31.32. 6,397,052 shares of the company were exchanged, compared to its average volume of 7,693,935. Devon Energy has a 52 week low of $28.79 and a 52 week high of $45.16. The stock has a market capitalization of $15,967.13, a P/E ratio of 49.71, a PEG ratio of 2.35 and a beta of 2.18. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.45 and a quick ratio of 1.45.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, February 20th. The energy company reported $0.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.22). The firm had revenue of $3.98 billion during the quarter, compared to analysts’ expectations of $3.58 billion. Devon Energy had a net margin of 10.04% and a return on equity of 6.92%. The firm’s revenue for the quarter was up 41.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.25 EPS. equities research analysts anticipate that Devon Energy will post 1.84 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, June 29th. Investors of record on Friday, June 15th will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 1.02%. This is an increase from Devon Energy’s previous quarterly dividend of $0.06. The ex-dividend date is Thursday, June 14th. Devon Energy’s dividend payout ratio is presently 38.10%.

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About Devon Energy

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.

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