Devon Energy (NYSE:DVN) Posts Earnings Results, Beats Estimates By $0.11 EPS

Devon Energy (NYSE:DVN) issued its earnings results on Wednesday. The energy company reported $1.04 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.11, Zacks reports. The business had revenue of $0.00 million for the quarter, compared to the consensus estimate of $4.10 billion. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. During the same period in the prior year, the firm earned $1.10 EPS.

Devon Energy Stock Up 3.2%

Shares of DVN traded up $1.04 during midday trading on Friday, hitting $33.47. 6,508,594 shares of the company’s stock traded hands, compared to its average volume of 8,556,060. The company has a current ratio of 1.22, a quick ratio of 1.13 and a debt-to-equity ratio of 0.55. The stock has a market capitalization of $21.24 billion, a price-to-earnings ratio of 7.50, a price-to-earnings-growth ratio of 2.49 and a beta of 1.01. Devon Energy has a 1 year low of $25.89 and a 1 year high of $39.74. The firm’s fifty day moving average is $34.02 and its 200-day moving average is $33.21.

Devon Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 30th. Stockholders of record on Monday, December 15th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Monday, December 15th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.9%. Devon Energy’s dividend payout ratio is presently 22.59%.

Insiders Place Their Bets

In related news, Director Kelt Kindick sold 7,685 shares of the company’s stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $33.46, for a total transaction of $257,140.10. Following the transaction, the director directly owned 31,801 shares of the company’s stock, valued at $1,064,061.46. This represents a 19.46% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 0.71% of the stock is currently owned by company insiders.

Institutional Trading of Devon Energy

Several large investors have recently added to or reduced their stakes in DVN. Merit Financial Group LLC raised its stake in shares of Devon Energy by 92.9% in the third quarter. Merit Financial Group LLC now owns 110,937 shares of the energy company’s stock worth $3,889,000 after purchasing an additional 53,417 shares during the last quarter. Advisory Services Network LLC increased its holdings in Devon Energy by 21.7% in the 2nd quarter. Advisory Services Network LLC now owns 60,609 shares of the energy company’s stock worth $2,013,000 after buying an additional 10,808 shares during the period. Geneos Wealth Management Inc. raised its position in Devon Energy by 58.3% during the 2nd quarter. Geneos Wealth Management Inc. now owns 15,720 shares of the energy company’s stock worth $500,000 after buying an additional 5,789 shares during the last quarter. Westwood Holdings Group Inc. raised its position in Devon Energy by 6.6% during the 2nd quarter. Westwood Holdings Group Inc. now owns 15,174 shares of the energy company’s stock worth $483,000 after buying an additional 945 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co lifted its stake in Devon Energy by 8.4% during the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 401,045 shares of the energy company’s stock valued at $12,771,000 after acquiring an additional 31,051 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Raymond James Financial reissued an “outperform” rating and set a $45.00 price target (up previously from $40.00) on shares of Devon Energy in a research report on Tuesday, July 22nd. William Blair started coverage on shares of Devon Energy in a research report on Monday, August 25th. They issued an “outperform” rating for the company. Barclays dropped their price objective on shares of Devon Energy from $42.00 to $40.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 7th. The Goldman Sachs Group reduced their price objective on shares of Devon Energy from $41.00 to $40.00 and set a “buy” rating for the company in a research note on Wednesday, October 15th. Finally, Wells Fargo & Company dropped their target price on Devon Energy from $43.00 to $37.00 and set an “overweight” rating on the stock in a research report on Friday, October 17th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $43.04.

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.