Devon Energy (NYSE:DVN) Releases Quarterly Earnings Results, Beats Expectations By $0.06 EPS

Devon Energy (NYSE:DVN) posted its earnings results on Wednesday. The energy company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.10 by $0.06, Briefing.com reports. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The firm had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.64 billion. During the same period in the prior year, the business posted $1.46 earnings per share. The business’s quarterly revenue was down 5.9% on a year-over-year basis.

Devon Energy Trading Up 0.1 %

DVN traded up $0.07 on Thursday, hitting $50.47. The company had a trading volume of 10,971,149 shares, compared to its average volume of 7,858,200. Devon Energy has a 1 year low of $40.47 and a 1 year high of $55.09. The firm has a market cap of $32.05 billion, a P/E ratio of 8.74 and a beta of 2.16. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46. The company’s fifty day moving average price is $49.36 and its 200 day moving average price is $46.27.

Devon Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were issued a $0.44 dividend. The ex-dividend date was Thursday, March 14th. This represents a $1.76 annualized dividend and a yield of 3.49%. Devon Energy’s dividend payout ratio (DPR) is currently 15.09%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Devon Energy from $57.00 to $62.00 and gave the stock an “overweight” rating in a research report on Monday, April 8th. Raymond James lowered their price target on shares of Devon Energy from $53.00 to $52.00 and set an “outperform” rating on the stock in a report on Wednesday, January 24th. Scotiabank increased their price target on shares of Devon Energy from $53.00 to $67.00 and gave the stock a “sector outperform” rating in a research report on Thursday, April 11th. Wells Fargo & Company upgraded shares of Devon Energy from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $46.00 to $59.00 in a report on Monday, April 1st. Finally, Susquehanna boosted their target price on shares of Devon Energy from $52.00 to $65.00 and gave the stock a “positive” rating in a research report on Monday, April 22nd. Five research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, Devon Energy currently has an average rating of “Moderate Buy” and a consensus target price of $58.56.

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.