Devon Energy Corp (DVN) Releases Earnings Results, Beats Expectations By $0.25 EPS

Devon Energy Corp (DVN) reported quarterly earnings results on Tuesday, Aug-2-2016. The company said it had a profit of $0.06 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.25. Analysts had a consensus of $-0.19. The company posted revenue of $2488.00 million in the period, compared to analysts expectations of $2296.19 million. The company’s revenue was down -26.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.78 EPS.

Many Wall Street Analysts have commented on Devon Energy Corp. Company shares were Downgraded by KLR Group on Jul 18, 2016 to ” Accumulate”, Firm has raised the Price Target to $ 44 from a previous price target of $41 .Company shares were Upgraded by Scotia Howard Weil on Jul 11, 2016 to ” Focus Stock”, Firm has raised the Price Target to $ 61 from a previous price target of $50 .Company shares were Resumed by Piper Jaffray on Jul 7, 2016 to “Neutral”, Firm has raised the Price Target to $ 41 from a previous price target of $39 .

Devon Energy Corp opened for trading at $35.94 and hit $38.36 on the upside on Friday, eventually ending the session at $38.28, with a gain of 5.95% or 2.15 points. The heightened volatility saw the trading volume jump to 1,02,35,349 shares. Company has a market cap of $20,059 M.

Investors should note that on Jun 8, 2016, Devon Energy Corp announced a cash dividend of $0.0600. The company’s management has announced Sep 13, 2016 as the ex-dividend date and fixed the record date on Sep 15, 2016. The payable date has been fixed on Sep 30, 2016.

In a different news, on Jun 22, 2016, Robert H. Henry (director) sold 7,100 shares at $37.43 per share price. According to the SEC, on Jan 6, 2016, Barbara M Baumann (director) purchased 8,200 shares at $30.44 per share price. On Dec 22, 2015, John E Bethancourt (director) purchased 10,000 shares at $28.94 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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