Devon Energy (NYSE:DVN) Releases Earnings Results, Beats Expectations 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 business had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.72 billion. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The company’s revenue was up 4.9% compared to the same quarter last year. During the same period last year, the company posted $1.65 EPS.

Devon Energy Stock Down 2.8 %

Shares of DVN traded down $1.13 during trading hours on Thursday, hitting $38.89. 12,562,063 shares of the company were exchanged, compared to its average volume of 7,428,410. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11. The company has a market cap of $24.35 billion, a PE ratio of 7.12, a PEG ratio of 1.20 and a beta of 2.03. The firm’s 50 day moving average is $40.72 and its 200-day moving average is $45.03. Devon Energy has a 52 week low of $37.76 and a 52 week high of $55.09.

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be issued a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 annualized dividend and a yield of 2.26%. Devon Energy’s dividend payout ratio (DPR) is currently 15.97%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on DVN shares. UBS Group reduced their target price on Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a report on Wednesday, September 18th. TD Cowen decreased their target price on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a report on Tuesday. Truist Financial downgraded shares of Devon Energy from a “buy” rating to a “hold” rating and dropped their target price for the stock from $49.00 to $43.00 in a research report on Thursday. Wolfe Research started coverage on shares of Devon Energy in a research note on Thursday, July 18th. They issued a “peer perform” rating for the company. Finally, Morgan Stanley cut their target price on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a research note on Monday, September 16th. Eleven research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $51.80.

Devon Energy Company Profile

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.