Devon Energy Corp (DVN) Releases Earnings Results, Beats Expectations By $0.08 EPS

Devon Energy Corp (DVN) reported quarterly earnings results on Tuesday, May-3-2016. The company said it had a profit of $-0.53 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.08. Analysts had a consensus of $-0.61. The company posted revenue of $2126.00 million in the period, compared to analysts expectations of $2583.85 million. The company’s revenue was down -34.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.22 EPS.

Many Wall Street Analysts have commented on Devon Energy Corp. Wunderlich Initiated Devon Energy Corp on Apr 27, 2016 to “Buy”, Price Target of the shares are set at $40.Company shares were Reiterated by Deutsche Bank on Apr 21, 2016 to “Buy”, Firm has raised the Price Target to $ 41 from a previous price target of $32 .Devon Energy Corp was Upgraded by Morgan Stanley to ” Overweight” on Apr 19, 2016.

Devon Energy Corp closed down -0.12 points or -0.35% at $34.56 with 99,28,138 shares getting traded on Monday. Post opening the session at $34.43, the shares hit an intraday low of $33.5 and an intraday high of $34.84 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

Investors should note that on Feb 16, 2016, Devon Energy Corp announced a cash dividend of $0.0600. The company’s management has announced Jun 13, 2016 as the ex-dividend date and fixed the record date on Jun 15, 2016. The payable date has been fixed on Jun 30, 2016.

In a different news, on Jan 6, 2016, Barbara M Baumann (director) purchased 8,200 shares at $30.44 per share price. According to the SEC, on Dec 22, 2015, John E Bethancourt (director) purchased 10,000 shares at $28.94 per share price. On Jun 11, 2015, Robert A Jr Mosbacher (director) sold 3,200 shares at $64.00 per share price, according to the Form-4 filing with the securities and exchange commission.

Devon Energy Corporation (Devon) is an independent energy company engaged in the exploration development and production of oil natural gas and natural gas liquids (NGLs). The Company’s operations are concentrated in various North American onshore areas in the United States and Canada. Devon has approximately 689 Million Barrels of Oil Equivalent (MMBoe) of proved undeveloped reserves. The Company operates through three segments: U.S. Canada and EnLink. The Company’s projects in North America include Anadarko Basin Barnett Shale Mississippian-Woodford Trend Permian Basin Rockies and Canadian Heavy Oil. EnLink’s operations consist of midstream assets and operations located across the United States. In Canada the company has two main projects Jackfish and Pike located in Alberta Canada. In addition its Lloydminster properties are located to the south and east of Jackfish in eastern Alberta.

Devon Energy Corp

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