Devon Energy (NYSE:DVN) Releases Quarterly Earnings Results, Beats Estimates By $0.15 EPS

Devon Energy (NYSE:DVN) posted its earnings results on Tuesday. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.26 by $0.15, Briefing.com reports. The company had revenue of $3.92 billion during the quarter, compared to analyst estimates of $3.90 billion. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The company’s revenue for the quarter was up 13.4% compared to the same quarter last year. During the same period in the previous year, the company earned $1.18 EPS.

Devon Energy Stock Performance

NYSE DVN traded up $1.19 on Wednesday, reaching $43.17. The stock had a trading volume of 11,685,268 shares, compared to its average volume of 7,286,680. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.04 and a quick ratio of 0.97. The firm has a fifty day moving average of $46.47 and a two-hundred day moving average of $47.23. Devon Energy has a 1-year low of $40.47 and a 1-year high of $55.09. The company has a market cap of $27.28 billion, a P/E ratio of 8.24, a price-to-earnings-growth ratio of 0.75 and a beta of 2.07.

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.04%. The ex-dividend date is Friday, September 13th. Devon Energy’s dividend payout ratio (DPR) is presently 16.79%.

Analysts Set New Price Targets

Several brokerages recently issued reports on DVN. Wolfe Research began coverage on Devon Energy in a research report on Thursday, July 18th. They issued a “peer perform” rating for the company. Bank of America reiterated a “buy” rating and issued a $64.00 price objective on shares of Devon Energy in a research report on Friday, June 14th. Royal Bank of Canada restated a “sector perform” rating and issued a $57.00 target price on shares of Devon Energy in a research note on Tuesday, July 9th. StockNews.com cut Devon Energy from a “buy” rating to a “hold” rating in a research note on Saturday, July 27th. Finally, Sanford C. Bernstein cut their target price on Devon Energy from $48.00 to $43.00 and set a “market perform” rating on the stock in a research note on Wednesday, July 17th. Six equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $59.13.

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.