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

Devon Energy (NYSE:DVN) released its quarterly earnings data on Tuesday. The energy company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.01, Briefing.com reports. The firm had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The business’s revenue was up 4.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.65 earnings per share.

Devon Energy Stock Performance

Devon Energy stock opened at $39.02 on Thursday. Devon Energy has a twelve month low of $37.76 and a twelve month high of $55.09. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45. The firm has a fifty day simple moving average of $40.72 and a two-hundred day simple moving average of $45.03. The company has a market capitalization of $24.43 billion, a PE ratio of 7.26, a P/E/G ratio of 1.20 and a beta of 2.03.

Devon Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.26%. Devon Energy’s payout ratio is 15.97%.

Wall Street Analysts Forecast Growth

DVN has been the topic of several recent research reports. Truist Financial cut shares of Devon Energy from a “buy” rating to a “hold” rating and dropped their price target for the company from $49.00 to $43.00 in a research report on Thursday. Evercore ISI dropped their target price on Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a report on Monday, September 30th. Morgan Stanley decreased their price target on Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a report on Monday, September 16th. Barclays dropped their price objective on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 3rd. Finally, Jefferies Financial Group assumed coverage on Devon Energy in a research note on Thursday, October 3rd. They issued a “hold” rating and a $45.00 target price on the stock. Eleven investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $51.85.

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.