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Company Update: Devon Energy Corporation (NYSE:DVN) – Devon Energy Announces Additional $1 Billion of Upstream Asset Sales

[Business Wire] – Devon Energy Corp. announced today it has entered into definitive agreements with undisclosed parties to monetize nearly $1 billion of non-core upstream assets in east Texas, the Anadarko Basin and an overriding royalty interest in the northern Midland Basin. Read more on this. Devon Energy Corporation (DVN) , valued at $19.40B, began trading this morning at $37.26. During the trading session, DVN traded between $36.67 to $37.33 with the price of the stock fluctuating between $18.07 to $64.07 over the last 52 weeks. Priced at -36.28x this year’s forecasted earnings, DVN shares are relatively inexpensive compared to the industry’s -8.28x forward p/e ratio. The company pays shareholders $0.24 per share annually in dividends, yielding 0.67%. According to a consensus of 27 analysts, the earnings estimate of $-0.27 per share would be $0.78 better than the year-ago quarter and a $0.00 sequential decrease. The full-year EPS estimate is $-0.99, which would be a $3.51 better than last year. The quarterly earnings estimate is predicated on a consensus revenue forecast of $2.27 Billion. If reported, that would be a 33.04% decrease over the year-ago quarter. In terms of ratings, Johnson Rice upgraded DVN from Hold to Accumulate (May 19, 2016). Previously, Wunderlich Initiated DVN at to Buy. The average price target for DVN shares by the analysts covering it is $38.26, which is 2.68% above where the stock opened. See more in (NYSE:DVN) Similar Articles: Company Update: Devon Energy Corporation (NYSE:DVN) – Devon Energy to Present at Barclays Americas Select Conference Market Update: Devon Energy Corporation (NYSE:DVN) – Devon Energy to Report First-Quarter 2016 Results May 3; Conference Call Scheduled for May 4 Stock Update: Devon Energy Corporation (NYSE:DVN) – Devon Energy Corporation Announces Offering of Common Stock
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