DVN - Devon Energy Corporation

NYSE - NYSE Delayed Price. Currency in USD
23.99
+0.66 (+2.83%)
At close: 4:00PM EST

23.99 0.00 (0.00%)
After hours: 5:40PM EST

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Previous Close23.33
Open23.39
Bid23.82 x 1300
Ask24.03 x 1000
Day's Range23.32 - 24.11
52 Week Range19.72 - 35.39
Volume5750489
Avg. Volume6,676,675
Market Cap9.2B
Beta (5Y Monthly)2.39
PE Ratio (TTM)7.23
EPS (TTM)3.32
Earnings DateFeb 17, 2020 - Feb 21, 2020
Forward Dividend & Yield0.36 (1.54%)
Ex-Dividend Date2019-12-12
1y Target Est30.39
  • GlobeNewswire

    Devon Energy Announces Agreement with Dow to Develop STACK Acreage

    Devon Energy Corp. (DVN) announced today it has entered into an agreement with Dow (DOW) to jointly develop a portion of the company’s STACK acreage in central Oklahoma. Under this agreement, Devon will monetize half of its working interest in 133 undrilled locations in exchange for approximately a $100 million drilling carry over the next four years. The average working interest is estimated at 60 percent across a mix of standard and extended-reach lateral drilling locations.

  • Oil Drillers Remove Rigs From Permian Basin & Cana Woodford
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    Oil Drillers Remove Rigs From Permian Basin & Cana Woodford

    In the Permian Basin, oil drillers remove rigs for seven weeks in a row.

  • Investopedia

    Drop in Crude Stockpiles Fuels Oil Stocks

    Buyers returned to the beaten-down energy sector Wednesday. Play for further gains by trading these stocks and an industry-leading ETF.

  • Why Is Devon Energy (DVN) Up 1.4% Since Last Earnings Report?
    Zacks

    Why Is Devon Energy (DVN) Up 1.4% Since Last Earnings Report?

    Devon Energy (DVN) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.

  • GlobeNewswire

    Devon Energy Announces First-Quarter 2020 Cash Dividend for Common Stockholders

    OKLAHOMA CITY, Dec. 04, 2019 -- Devon Energy Corp. (NYSE: DVN) announced today that its board of directors has declared a quarterly cash dividend on Devon’s common stock for.

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  • Oil Drillers Remove Rigs From Permian Basin & DJ-Niobrara
    Zacks

    Oil Drillers Remove Rigs From Permian Basin & DJ-Niobrara

    Domestic drillers may continue to lower rigs in the oil patches as they are spending conservatively.

  • Is Devon Energy Corp (DVN) A Good Stock To Buy?
    Insider Monkey

    Is Devon Energy Corp (DVN) A Good Stock To Buy?

    We are still in an overall bull market and many stocks that smart money investors were piling into surged through the end of November. Among them, Facebook and Microsoft ranked among the top 3 picks and these stocks gained 54% and 51% respectively. Hedge funds' top 3 stock picks returned 41.7% this year and beat […]

  • Noble Energy (NBL) Signs $430M Natural Gas Deal with Egypt
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    Noble Energy (NBL) Signs $430M Natural Gas Deal with Egypt

    Noble Energy (NBL) signs a long-term contract worth $430 million to supply natural gas to Egypt.

  • Oil Drillers Continue to Remove Rigs From Permian Basin
    Zacks

    Oil Drillers Continue to Remove Rigs From Permian Basin

    The count of oil rigs in the Permian fell for five consecutive weeks.

  • Investing.com

    Oil Jumps Almost 3% as Saudis Float 'Cuts Message' Before OPEC

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  • Investopedia

    Top Energy Stocks for December 2019

    The energy sector consists of stocks related to the production and supply of energy around the world. The sector includes upstream firms that are involved in the exploration and production of oil or gas reserves, such as EOG Resources Inc. (EOG). Also in the sector are downstream companies that refine and process oil and gas products for delivery to consumers, including HollyFrontier Corp. (HFC).

  • EnLink's 20% Yield Is Everything Wrong With America's Pipelines
    Bloomberg

    EnLink's 20% Yield Is Everything Wrong With America's Pipelines

    (Bloomberg Opinion) -- When a stock goes into free fall, one hope is that some acquirer out there will catch it. Sometimes, though, suitors come with their own complications. That brings us to EnLink Midstream LLC.EnLink operates gathering and processing pipelines and other oil and gas infrastructure across several onshore U.S. basins. In the summer of 2018, Devon Energy Corp., an exploration and production company, sold its stakes in various EnLink entities to Global Infrastructure Partners for just over $3.1 billion. After a subsequent simplification of EnLink, GIP owns 46% of the common units, now worth $1.2 billion.EnLink has been undone by weaker commodity prices. Earlier this month, Devon announced it had dropped the number of rigs operating in one of Oklahoma’s shale basins to precisely zero (how’s that for a coda to last year’s deal?). This confirmed a trend evident already in permitting and drilling data for the Anadarko basin, where just four companies account for the majority of activity; and, crucially, they have operations in other basins that are more competitive in terms of breakeven costs.The distribution yield on EnLink’s stock now scrapes 20% — on a par with the current yield on long-dated bonds of Chesapeake Energy Corp., which just issued a going-concern notice. There’s being paid to wait, as they say, and then there’s being paid to wait in that trash compactor from Star Wars.EnLink’s cash flow math is tight. Consensus forecasts — which have now had time to digest cost savings pledged on the latest earnings call — put Ebitda at $1.1 billion in 2020. Take off around $500-$550 million for cash interest and (much-reduced) capital expenditure, and that leaves about $550-$600 million versus current distributions of about $550 million. With Ebitda forecast to grow at just 1% a year through 2022, that tight squeeze won’t ease up. Wells Fargo & Co.’s analysts estimated in a recent report that, absent a change in distribution policy, current leverage of 4.2 times adjusted Ebitda could reach almost 6 times by 2025. By any rational measure, the distribution should be cut.The complicating issue is that EnLink’s leverage is compounded by more leverage at the GIP level in the form of a $1 billion term loan. Technically, it is separate from EnLink’s own finances. But as the company acknowledges in its own 10K filing, debt owed by an entity owning almost half the company plus its managing partner, and which is serviced by EnLink’s own distributions, is very much a risk factor. By my calculations, the loan requires roughly $80 million a year of EnLink distributions (GIP didn’t respond to requests for comment)(1). As of now, distributions amount to about $255 million. So, in theory, EnLink could slash its payout by about two-thirds and GIP could still service the loan.In practice, that would be a bitter pill to swallow. As it is, GIP’s common units in EnLink are now worth not much more than the value of the loan and way below the original investment. Cutting distributions would certainly help EnLink’s balance sheet; all else equal, a 67% cut would save enough cash to take leverage below 4 times adjusted Ebitda, in line with long-term targets. But this would almost certainly push the value of GIP’s stake even lower, at least in the near term. As Ethan Bellamy, analyst at Robert W. Baird & Co. Inc., put it to me:Does GIP leverage prevent EnLink from cutting the distribution and right sizing the ship? It wouldn’t be the first time we’ve seen parental leverage from a private equity sponsor lead to sub-optimal outcomes for the subsidiary public entity.On the other hand, if EnLink cuts and its price falls further, then GIP might be tempted to make an offer for the rest of the company in an effort to salvage things out of the public eye. Needless to say, a takeover premium on an even lower EnLink price would do very little to make up for the losses suffered to date. We are seeing this play out with Blackstone Group Inc.’s offer for another midstream company, Tallgrass Energy LP, although the pain there is compounded by an agreement between the buyer and Tallgrass’s executives that effectively shields the latter from losses (see this).EnLink captures so much of what has gone wrong in America’s pipelines business. There’s the misalignment of interest between ordinary investors and the sponsors steering the company’s destiny. There’s the exposure to commodity markets from which, in theory, midstream companies were supposed to be insulated. Above all, there’s the overcapitalization of this sector, with obligations piled onto assets (largely to fund outsize payouts to controlling sponsors) that ultimately couldn’t generate the profits to service them (largely because too much stuff got built).Almost exactly four years ago, Kinder Morgan Inc. presaged the midstream reckoning to come by slashing its dividend. The stock has been listless for much of the period since then; even with the cut, chipping away at debts in a post-boom environment is a laborious process. As this decade of nominal success for America’s shale boom draws to a close, EnLink’s predicament shows the hangover remains very much a work in progress.(1) This assumes the full $1 billion remains outstanding. Interest is charged at Libor plus 4.25%, equating to 6.15%, or about $62 million. A debt-service covenant ratio of 1.1 times takes this to $68 million. Mandatory annual amortization of 1% of the loan plus assumed G&A costs results in an estimated minimum requirement of about $80 million to service the debt. Details derived from Moody's Corp.'s initial rating report from July 2018.To contact the author of this story: Liam Denning at ldenning1@bloomberg.netTo contact the editor responsible for this story: Mark Gongloff at mgongloff1@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Liam Denning is a Bloomberg Opinion columnist covering energy, mining and commodities. He previously was editor of the Wall Street Journal's Heard on the Street column and wrote for the Financial Times' Lex column. He was also an investment banker.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Devon Energy Corporation (NYSE:DVN) Delivered A Better ROE Than Its Industry
    Simply Wall St.

    Devon Energy Corporation (NYSE:DVN) Delivered A Better ROE Than Its Industry

    One of the best investments we can make is in our own knowledge and skill set. With that in mind, this article will...

  • Oil & Gas Stock Roundup: EOG & Occidental Report Q3 Earnings
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    Oil & Gas Stock Roundup: EOG & Occidental Report Q3 Earnings

    While the commodity pricing scenario continues to be challenging, both EOG Resources (EOG) and Occidental Petroleum (OXY) benefited from higher year-over-year production.

  • Thomson Reuters StreetEvents

    Edited Transcript of DVN earnings conference call or presentation 6-Nov-19 4:00pm GMT

    Q3 2019 Devon Energy Corp Earnings Call

  • Canadian Natural (CNQ) Q3 Earnings Beat on Strong Production
    Zacks

    Canadian Natural (CNQ) Q3 Earnings Beat on Strong Production

    Canadian Natural Resources' (CNQ) third-quarter free cash flow totaled $1,471 million after capital expenditure and dividend payments.

  • Investopedia

    Top Energy Stocks for November 2019

    The energy sector consists of stocks related to the production and supply of energy around the world. Among energy sector companies are upstream firms—those involved in the exploration and production of oil or gas reserves—like EOG Resources (EOG). Also in the sector are downstream companies that refine and process oil and gas products for delivery to consumers, including HollyFrontier (HFC).

  • Noble Energy (NBL) Q3 Loss Narrower Than Expected, Sales Lag
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    Noble Energy (NBL) Q3 Loss Narrower Than Expected, Sales Lag

    Noble Energy's (NBL) Q3 loss is narrower than expected. The company lowers its 2019 capital expenditure guidance, indicating that its important projects are close to completion.

  • GlobeNewswire

    QL Capital Partners Enters into Partnership with Devon Energy to Fund Delaware Basin Gas Gathering Infrastructure

    QL Capital Partners, LP (“QLCP”) and Devon Energy Corporation (DVN) (“Devon”, “DVN” or “the Company”) have entered into an agreement to create a new partnership to fund selected gas gathering and compression assets owned by Devon in the Company’s highly productive “Cotton Draw” development area within the Delaware Basin. As part of the transaction, Devon will contribute its existing gas gathering and compression infrastructure within an area of mutual interest to Cotton Draw Midstream, LLC (“the Partnership”), a newly formed partnership which Devon will continue to operate pursuant to a management services agreement. Devon will dedicate to the Partnership approximately 24,000 gross upstream acres for gathering and compression on the Partnership’s system.

  • Devon (DVN) Tops Q3 Earnings Estimates, Raises Guidance
    Zacks

    Devon (DVN) Tops Q3 Earnings Estimates, Raises Guidance

    Devon Energy's (DVN) Q3 earnings are better than expected on the back of strong production from its U.S. assets and cost-cutting initiatives.

  • Devon Energy (DVN) Q3 Earnings and Revenues Surpass Estimates (Revised)
    Zacks

    Devon Energy (DVN) Q3 Earnings and Revenues Surpass Estimates (Revised)

    Devon Energy (DVN) delivered earnings and revenue surprises of 36.84% and 17.87%, respectively, for the quarter ended September 2019. Do the numbers hold clues to what lies ahead for the stock?

  • GlobeNewswire

    Devon Energy Reports Third-Quarter 2019 Results

    OKLAHOMA CITY, Nov. 05, 2019 -- Devon Energy Corp. (NYSE: DVN) today reported operational and financial results for the third quarter of 2019. The company’s earnings release,.

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