Devon Energy (NYSE:DVN) Posts Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Devon Energy (NYSE:DVN) announced its earnings results on Tuesday. The energy company reported $1.10 EPS for the quarter, topping the consensus estimate of $1.09 by $0.01, Briefing.com reports. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The company had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter in the prior year, the business earned $1.65 earnings per share. The business’s revenue for the quarter was up 4.9% on a year-over-year basis.

Devon Energy Price Performance

Devon Energy stock traded up $0.21 during mid-day trading on Wednesday, hitting $39.55. 10,058,466 shares of the company were exchanged, compared to its average volume of 7,366,679. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45. The business has a fifty day moving average of $40.81 and a 200 day moving average of $45.06. Devon Energy has a 1-year low of $37.76 and a 1-year high of $55.09. The company has a market capitalization of $24.77 billion, a PE ratio of 7.14, a price-to-earnings-growth ratio of 1.18 and a beta of 2.03.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on DVN shares. Sanford C. Bernstein decreased their price objective on Devon Energy from $48.00 to $43.00 and set a “market perform” rating for the company in a report on Wednesday, July 17th. Mizuho dropped their price target on Devon Energy from $53.00 to $51.00 and set an “outperform” rating for the company in a report on Wednesday, October 9th. TD Cowen dropped their price objective on Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a report on Tuesday. Scotiabank reduced their price target on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th. Finally, BMO Capital Markets dropped their price target on Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a research note on Friday, October 4th. Ten equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $52.15.

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.