Q1 2020 Earnings Estimate for Devon Energy Corp Issued By B. Riley (DVN)

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Devon Energy Corp (NYSE:DVN) – Equities research analysts at B. Riley lifted their Q1 2020 earnings estimates for shares of Devon Energy in a research report issued to clients and investors on Tuesday, November 6th. B. Riley analyst R. Rashid now forecasts that the energy company will earn $0.95 per share for the quarter, up from their previous forecast of $0.91. B. Riley also issued estimates for Devon Energy’s Q2 2020 earnings at $0.96 EPS, Q3 2020 earnings at $1.01 EPS and FY2020 earnings at $3.94 EPS.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, November 6th. The energy company reported $0.63 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.21. The firm had revenue of $2.58 billion during the quarter, compared to the consensus estimate of $2.61 billion. Devon Energy had a positive return on equity of 5.52% and a negative net margin of 1.60%. The company’s quarterly revenue was up 33.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.46 earnings per share.

Several other research firms also recently commented on DVN. Stephens set a $52.00 price objective on Devon Energy and gave the company a “buy” rating in a report on Wednesday, July 25th. Zacks Investment Research cut Devon Energy from a “buy” rating to a “hold” rating in a research report on Wednesday, July 25th. Bank of America lifted their target price on Devon Energy from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Monday, July 16th. Mizuho assumed coverage on Devon Energy in a research report on Monday, July 23rd. They set a “buy” rating and a $59.00 target price on the stock. Finally, Morgan Stanley assumed coverage on Devon Energy in a research report on Thursday, July 12th. They set an “equal weight” rating and a $46.00 target price on the stock. Six investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. Devon Energy has a consensus rating of “Buy” and a consensus price target of $49.65.

NYSE DVN opened at $32.93 on Wednesday. The company has a market cap of $16.42 billion, a PE ratio of 52.27, a PEG ratio of 1.40 and a beta of 2.27. Devon Energy has a 52 week low of $29.83 and a 52 week high of $46.54. The company has a quick ratio of 1.65, a current ratio of 1.65 and a debt-to-equity ratio of 0.45.

Several hedge funds and other institutional investors have recently modified their holdings of DVN. Perella Weinberg Partners Capital Management LP lifted its position in shares of Devon Energy by 2,029.9% during the 2nd quarter. Perella Weinberg Partners Capital Management LP now owns 1,405,269 shares of the energy company’s stock valued at $61,776,000 after buying an additional 1,339,291 shares during the last quarter. Diamond Hill Capital Management Inc. lifted its position in shares of Devon Energy by 16.7% during the 2nd quarter. Diamond Hill Capital Management Inc. now owns 9,201,696 shares of the energy company’s stock valued at $404,507,000 after buying an additional 1,316,231 shares during the last quarter. FMR LLC lifted its position in shares of Devon Energy by 11.1% during the 2nd quarter. FMR LLC now owns 11,782,553 shares of the energy company’s stock valued at $517,962,000 after buying an additional 1,173,389 shares during the last quarter. BlueMountain Capital Management LLC lifted its position in shares of Devon Energy by 15,497.1% during the 2nd quarter. BlueMountain Capital Management LLC now owns 998,529 shares of the energy company’s stock valued at $43,895,000 after buying an additional 992,127 shares during the last quarter. Finally, Soros Fund Management LLC purchased a new position in shares of Devon Energy during the 2nd quarter valued at $30,772,000. 83.77% of the stock is currently owned by hedge funds and other institutional investors.

In other Devon Energy news, Director Robert H. Henry sold 5,600 shares of the business’s stock in a transaction on Tuesday, August 21st. The stock was sold at an average price of $42.14, for a total value of $235,984.00. Following the transaction, the director now owns 9,704 shares of the company’s stock, valued at $408,926.56. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.55% of the stock is currently owned by insiders.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Shareholders of record on Friday, December 14th will be given a $0.08 dividend. The ex-dividend date of this dividend is Thursday, December 13th. This represents a $0.32 annualized dividend and a yield of 0.97%. Devon Energy’s dividend payout ratio is currently 50.79%.

Devon Energy Company Profile

Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States and Canada. It operates approximately 14,600 gross wells. The company also offers gathering, transmission, processing, storage, fractionation, and marketing to upstream oil and natural gas producers; and owns natural gas pipelines, plants and treatment facilities.

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Earnings History and Estimates for Devon Energy (NYSE:DVN)

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