Mitsubishi UFJ Financial Group Comments on Devon Energy Corp’s Q3 2019 Earnings (NYSE:DVN)

Devon Energy Corp (NYSE:DVN) – Equities researchers at Mitsubishi UFJ Financial Group lowered their Q3 2019 earnings per share estimates for shares of Devon Energy in a research report issued on Thursday, August 8th. Mitsubishi UFJ Financial Group analyst M. Mcallister now expects that the energy company will post earnings per share of $0.28 for the quarter, down from their previous estimate of $0.30. Mitsubishi UFJ Financial Group currently has a “Neutral” rating and a $36.00 target price on the stock.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, August 6th. The energy company reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.07. Devon Energy had a net margin of 39.80% and a return on equity of 8.42%. The firm had revenue of $1.92 billion during the quarter, compared to analysts’ expectations of $2.09 billion. During the same period in the previous year, the company earned $0.34 EPS. The firm’s revenue for the quarter was down .1% compared to the same quarter last year.

A number of other equities research analysts have also weighed in on the stock. Morgan Stanley decreased their price objective on shares of Devon Energy from $32.00 to $31.00 and set an “equal weight” rating for the company in a report on Friday, July 12th. Goldman Sachs Group reiterated a “sell” rating and set a $25.50 price objective on shares of Devon Energy in a report on Tuesday, July 23rd. ValuEngine upgraded shares of Devon Energy from a “strong sell” rating to a “sell” rating in a report on Friday, August 2nd. Zacks Investment Research upgraded shares of Devon Energy from a “hold” rating to a “buy” rating and set a $37.00 price objective for the company in a report on Thursday, April 18th. Finally, SunTrust Banks began coverage on shares of Devon Energy in a report on Tuesday, July 30th. They set a “buy” rating and a $33.00 price objective for the company. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and eleven have assigned a buy rating to the company. Devon Energy currently has a consensus rating of “Hold” and an average price target of $38.74.

DVN stock opened at $23.62 on Monday. Devon Energy has a 12 month low of $20.37 and a 12 month high of $43.60. The business’s 50-day moving average price is $26.58. The stock has a market cap of $9.99 billion, a PE ratio of 18.31, a PEG ratio of 1.71 and a beta of 2.27. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.49 and a current ratio of 1.49.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be issued a $0.09 dividend. The ex-dividend date of this dividend is Thursday, September 12th. This represents a $0.36 annualized dividend and a dividend yield of 1.52%. Devon Energy’s dividend payout ratio is currently 27.91%.

In other news, CAO Jeremy D. Humphers sold 4,000 shares of the business’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $25.40, for a total value of $101,600.00. Following the completion of the sale, the chief accounting officer now owns 81,914 shares in the company, valued at approximately $2,080,615.60. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.63% of the company’s stock.

Large investors have recently bought and sold shares of the company. Meeder Asset Management Inc. grew its position in shares of Devon Energy by 94.6% in the 1st quarter. Meeder Asset Management Inc. now owns 823 shares of the energy company’s stock worth $26,000 after buying an additional 400 shares during the last quarter. Westside Investment Management Inc. acquired a new stake in shares of Devon Energy in the second quarter valued at $45,000. Advisory Services Network LLC lifted its holdings in shares of Devon Energy by 43.1% in the second quarter. Advisory Services Network LLC now owns 1,712 shares of the energy company’s stock valued at $48,000 after buying an additional 516 shares during the period. Resources Investment Advisors LLC. lifted its holdings in shares of Devon Energy by 8,181.8% in the second quarter. Resources Investment Advisors LLC. now owns 1,822 shares of the energy company’s stock valued at $52,000 after buying an additional 1,800 shares during the period. Finally, Signaturefd LLC lifted its holdings in shares of Devon Energy by 46.0% in the first quarter. Signaturefd LLC now owns 2,569 shares of the energy company’s stock valued at $81,000 after buying an additional 809 shares during the period. Institutional investors and hedge funds own 84.90% of the company’s stock.

About Devon Energy

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 12,900 gross wells. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.

Further Reading: Derivative

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

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