Devon Energy (NYSE:DVN) Releases Quarterly Earnings Results, Beats Expectations By $0.15 EPS

Devon Energy (NYSE:DVN) posted its quarterly earnings results on Tuesday. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.26 by $0.15, Briefing.com reports. The firm had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.90 billion. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The firm’s quarterly revenue was up 13.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.18 earnings per share.

Devon Energy Price Performance

DVN stock traded up $1.19 during midday trading on Wednesday, reaching $43.17. The company had a trading volume of 11,677,307 shares, compared to its average volume of 7,264,641. The company has a market capitalization of $27.28 billion, a price-to-earnings ratio of 8.01, a price-to-earnings-growth ratio of 0.75 and a beta of 2.07. Devon Energy has a 1-year low of $40.47 and a 1-year high of $55.09. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.04 and a quick ratio of 0.97. The stock has a 50 day moving average price of $46.55 and a 200-day moving average price of $47.26.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on DVN. Sanford C. Bernstein dropped their price target on shares of Devon Energy from $48.00 to $43.00 and set a “market perform” rating on the stock in a research note on Wednesday, July 17th. Scotiabank cut their target price on Devon Energy from $67.00 to $60.00 and set a “sector outperform” rating on the stock in a report on Friday, July 12th. BMO Capital Markets upgraded Devon Energy to a “strong-buy” rating in a research note on Wednesday, July 3rd. Stifel Nicolaus increased their price objective on Devon Energy from $65.00 to $66.00 and gave the company a “buy” rating in a report on Tuesday, April 23rd. Finally, Wolfe Research started coverage on Devon Energy in a report on Thursday, July 18th. They issued a “peer perform” rating for the company. Six investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $59.13.

About Devon Energy

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.