Devon Energy Co. (NYSE:DVN – Get Rating) – Capital One Financial boosted their FY2022 earnings per share (EPS) estimates for Devon Energy in a research note issued on Wednesday, August 3rd. Capital One Financial analyst P. Johnston now forecasts that the energy company will post earnings of $8.63 per share for the year, up from their prior estimate of $8.44. The consensus estimate for Devon Energy’s current full-year earnings is $9.00 per share.
Devon Energy (NYSE:DVN – Get Rating) last announced its quarterly earnings data on Monday, August 1st. The energy company reported $2.59 EPS for the quarter, topping analysts’ consensus estimates of $2.38 by $0.21. Devon Energy had a return on equity of 48.58% and a net margin of 30.65%. The business had revenue of $5.63 billion during the quarter, compared to the consensus estimate of $4.77 billion. During the same period in the previous year, the company posted $0.60 earnings per share. The business’s revenue for the quarter was up 132.8% on a year-over-year basis.
Devon Energy Price Performance
DVN stock opened at $56.65 on Friday. The business has a 50 day moving average price of $61.19 and a 200 day moving average price of $59.94. The stock has a market cap of $37.39 billion, a price-to-earnings ratio of 7.19 and a beta of 2.55. Devon Energy has a fifty-two week low of $24.46 and a fifty-two week high of $79.40. The company has a quick ratio of 1.32, a current ratio of 1.55 and a debt-to-equity ratio of 0.63.
Devon Energy Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Monday, September 12th will be issued a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a yield of 10.94%. This is an increase from Devon Energy’s previous quarterly dividend of $1.27. The ex-dividend date is Friday, September 9th. Devon Energy’s payout ratio is presently 64.47%.
Devon Energy declared that its board has approved a share buyback program on Monday, May 2nd that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the energy company to repurchase up to 4.7% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.
Insider Activity at Devon Energy
In related news, EVP Dennis C. Cameron sold 4,537 shares of the business’s stock in a transaction that occurred on Tuesday, July 5th. The shares were sold at an average price of $53.55, for a total value of $242,956.35. Following the completion of the sale, the executive vice president now directly owns 270,269 shares in the company, valued at $14,472,904.95. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Devon Energy news, Director Ann G. Fox sold 2,150 shares of the business’s stock in a transaction that occurred on Monday, June 13th. The shares were sold at an average price of $70.27, for a total transaction of $151,080.50. Following the completion of the sale, the director now directly owns 26,858 shares in the company, valued at $1,887,311.66. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Dennis C. Cameron sold 4,537 shares of the business’s stock in a transaction that occurred on Tuesday, July 5th. The stock was sold at an average price of $53.55, for a total transaction of $242,956.35. Following the sale, the executive vice president now owns 270,269 shares of the company’s stock, valued at $14,472,904.95. The disclosure for this sale can be found here. 0.80% of the stock is owned by insiders.
Institutional Investors Weigh In On Devon Energy
Several hedge funds and other institutional investors have recently added to or reduced their stakes in DVN. National Asset Management Inc. increased its position in shares of Devon Energy by 7.1% during the fourth quarter. National Asset Management Inc. now owns 6,892 shares of the energy company’s stock worth $304,000 after acquiring an additional 459 shares during the last quarter. Commonwealth Equity Services LLC increased its position in shares of Devon Energy by 17.6% during the fourth quarter. Commonwealth Equity Services LLC now owns 108,776 shares of the energy company’s stock worth $4,791,000 after acquiring an additional 16,312 shares during the last quarter. Vestmark Advisory Solutions Inc. purchased a new stake in shares of Devon Energy during the fourth quarter worth about $271,000. Dupont Capital Management Corp increased its position in shares of Devon Energy by 74.6% during the fourth quarter. Dupont Capital Management Corp now owns 10,328 shares of the energy company’s stock worth $455,000 after acquiring an additional 4,414 shares during the last quarter. Finally, D.A. Davidson & CO. increased its position in shares of Devon Energy by 17.4% during the fourth quarter. D.A. Davidson & CO. now owns 51,182 shares of the energy company’s stock worth $2,245,000 after acquiring an additional 7,571 shares during the last quarter. Hedge funds and other institutional investors own 87.01% of the company’s stock.
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. It operates approximately 5,134 gross wells. Devon Energy Corporation was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.
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