Devon Energy Corp. (NYSE:DVN) – Investment analysts at Seaport Global Securities boosted their Q1 2017 earnings estimates for shares of Devon Energy Corp. in a report released on Tuesday. Seaport Global Securities analyst M. Kelly now expects that the brokerage will post earnings of $0.05 per share for the quarter, up from their previous forecast of $0.02. Seaport Global Securities also issued estimates for Devon Energy Corp.’s Q2 2017 earnings at $0.03 EPS, Q3 2017 earnings at $0.05 EPS, Q4 2017 earnings at $0.09 EPS and FY2017 earnings at $0.22 EPS.
Devon Energy Corp. (NYSE:DVN) last released its quarterly earnings data on Tuesday, May 3rd. The energy company reported ($0.53) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.64) by $0.11. The business had revenue of $2.13 billion for the quarter, compared to analyst estimates of $2.60 billion. The company’s revenue was down 34.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.22 earnings per share.
Several other equities research analysts have also recently issued reports on DVN. Deutsche Bank AG restated a “buy” rating on shares of Devon Energy Corp. in a report on Sunday, July 17th. Vetr raised Devon Energy Corp. from a “buy” rating to a “strong-buy” rating and set a $35.00 target price on the stock in a research report on Thursday, May 5th. Citigroup Inc. increased their target price on Devon Energy Corp. from $30.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, April 7th. Barclays PLC increased their target price on Devon Energy Corp. from $26.00 to $34.00 and gave the stock an “overweight” rating in a research report on Thursday, May 5th. Finally, JPMorgan Chase & Co. increased their target price on Devon Energy Corp. from $32.00 to $38.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 4th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twenty-one have assigned a buy rating and three have given a strong buy rating to the company’s stock. Devon Energy Corp. currently has a consensus rating of “Buy” and an average price target of $40.03.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Thursday, September 15th will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.64%. The ex-dividend date is Tuesday, September 13th.
In other Devon Energy Corp. news, Director Robert H. Henry sold 7,100 shares of Devon Energy Corp. stock in a transaction that occurred on Monday, June 20th. The shares were sold at an average price of $37.43, for a total transaction of $265,753.00. Following the transaction, the director now directly owns 9,748 shares in the company, valued at approximately $364,867.64. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.
A hedge fund recently raised its stake in Devon Energy Corp. stock. Sei Investments Co. boosted its stake in Devon Energy Corp. (NYSE:DVN) by 123.7% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 36,300 shares of the energy company’s stock after buying an additional 20,071 shares during the period. Sei Investments Co.’s holdings in Devon Energy Corp. were worth $1,161,000 at the end of the most recent quarter.
Devon Energy Corporation (Devon) is an independent energy company engaged in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs). The Company’s operations are concentrated in various North American onshore areas in the United States and Canada. The Company also produces over 1.6 billion cubic feet of natural gas a day and approximately 135 thousand barrels of NGLs per day.
