Devon Energy (NYSE:DVN) Posts Earnings Results, Beats Expectations By $0.16 EPS

Devon Energy (NYSE:DVN) posted its quarterly earnings results on Tuesday. The energy company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.16, Zacks reports. Devon Energy had a return on equity of 23.17% and a net margin of 18.14%. The company had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.25 billion.

Devon Energy Trading Up 7.7 %

Shares of DVN stock opened at $37.58 on Thursday. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $24.69 billion, a price-to-earnings ratio of 8.24, a price-to-earnings-growth ratio of 1.09 and a beta of 1.98. Devon Energy has a 12-month low of $30.39 and a 12-month high of $55.09. The stock’s 50-day moving average price is $34.31 and its 200-day moving average price is $38.40.

Devon Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.55%. The ex-dividend date of this dividend is Friday, March 14th. This is an increase from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s dividend payout ratio is 19.30%.

Analysts Set New Price Targets

DVN has been the topic of several analyst reports. Truist Financial dropped their target price on Devon Energy from $43.00 to $42.00 and set a “hold” rating on the stock in a report on Monday, January 13th. Wells Fargo & Company dropped their price target on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 17th. Royal Bank of Canada restated a “sector perform” rating and set a $50.00 price objective on shares of Devon Energy in a research note on Friday, January 10th. Citigroup dropped their target price on shares of Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a research note on Tuesday, November 26th. Finally, JPMorgan Chase & Co. cut shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price target on the stock. in a report on Thursday, December 5th. Ten investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $49.17.

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.