DVN - Devon Energy Corporation

NYSE - NYSE Delayed Price. Currency in USD
22.72
+0.10 (+0.44%)
At close: 4:00PM EST
Stock chart is not supported by your current browser
Previous Close22.62
Open22.90
Bid22.72 x 3200
Ask22.99 x 1800
Day's Range22.54 - 22.98
52 Week Range19.72 - 35.39
Volume4,688,362
Avg. Volume6,267,290
Market Cap8.727B
Beta (5Y Monthly)2.43
PE Ratio (TTM)6.85
EPS (TTM)N/A
Earnings DateN/A
Forward Dividend & Yield0.36 (1.59%)
Ex-Dividend DateMar. 11, 2020
1y Target EstN/A
  • What's in the Cards for Murphy Oil (MUR) in Q4 Earnings?
    Zacks

    What's in the Cards for Murphy Oil (MUR) in Q4 Earnings?

    Benefits from stable growth platforms like Eagle Ford Shale and Gulf of Mexico assets are likely to get reflected on Murphy Oil's (MUR) fourth-quarter 2019 results.

  • CNX Resources (CNX) to Report Q4 Earnings: What's in Store?
    Zacks

    CNX Resources (CNX) to Report Q4 Earnings: What's in Store?

    CNX Resources' (CNX) fourth-quarter earnings are expected to have benefited from additional production from new wells. However, decline in commodity price might have been a concern.

  • Rally Pauses as Coronavirus Spreads to U.S.
    Zacks

    Rally Pauses as Coronavirus Spreads to U.S.

    Rally Pauses as Coronavirus Spreads to U.S.

  • Will Devon Energy (DVN) Beat Estimates Again in Its Next Earnings Report?
    Zacks

    Will Devon Energy (DVN) Beat Estimates Again in Its Next Earnings Report?

    Devon Energy (DVN) has an impressive earnings surprise history and currently possesses the right combination of the two key ingredients for a likely beat in its next quarterly report.

  • Here's Why You Should Add Murphy Oil (MUR) in Your Portfolio
    Zacks

    Here's Why You Should Add Murphy Oil (MUR) in Your Portfolio

    Murphy Oil (MUR) is an appropriate investment pick, courtesy of these five factors.

  • Is Devon Energy Corporation (NYSE:DVN) Worth US$25.9 Based On Its Intrinsic Value?
    Simply Wall St.

    Is Devon Energy Corporation (NYSE:DVN) Worth US$25.9 Based On Its Intrinsic Value?

    Does the January share price for Devon Energy Corporation (NYSE:DVN) reflect what it's really worth? Today, we will...

  • The Zacks Analyst Blog Highlights: Earthstone, Talos, Hess, Devon and Matador
    Zacks

    The Zacks Analyst Blog Highlights: Earthstone, Talos, Hess, Devon and Matador

    The Zacks Analyst Blog Highlights: Earthstone, Talos, Hess, Devon and Matador

  • Oil & Gas US E&P Outlook: Bullish Signals Abound
    Zacks

    Oil & Gas US E&P Outlook: Bullish Signals Abound

    Oil & Gas US E&P; Outlook: Bullish Signals Abound

  • 5 Top Crude Oil Stocks to Tap U.S.-China Phase-One Trade Deal
    Zacks

    5 Top Crude Oil Stocks to Tap U.S.-China Phase-One Trade Deal

    The U.S. energy sector is likely to be a major beneficiary of this phase-one trade deal.

  • Is Devon Energy (DVN) a Great Value Stock Right Now?
    Zacks

    Is Devon Energy (DVN) a Great Value Stock Right Now?

    Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

  • FuelCell (FCEL) to Report Q4 Earnings: What's in Store?
    Zacks

    FuelCell (FCEL) to Report Q4 Earnings: What's in Store?

    FuelCell Energy (FCEL) is set to report fiscal Q4 results. Earnings are likely to have gained from restructuring strategies & investment from other firms to continue fuel cell technology expansion.

  • Can Devon Energy (DVN) Run Higher on Rising Earnings Estimates?
    Zacks

    Can Devon Energy (DVN) Run Higher on Rising Earnings Estimates?

    Devon Energy (DVN) shares have started gaining and might continue moving higher in the near term, as indicated by solid earnings estimate revisions.

  • Will Canadian Natural (CNQ) Sustain Its Solid Thrust in 2020?
    Zacks

    Will Canadian Natural (CNQ) Sustain Its Solid Thrust in 2020?

    Canadian Natural's (CNQ) better-than-expected Q3 results, stellar growth estimates and a solid balance sheet are likely to retain investor confidence in the stock.

  • Baystreet

    Futures Fall as Mideast Tension Rises

    Futures for stocks in Canada’s largest centre took a header Friday amid tensions in the Middle East ...

  • Oil & Gas Stock Roundup: WPX Energy's Acquisition, Devon's Asset Sale & More
    Zacks

    Oil & Gas Stock Roundup: WPX Energy's Acquisition, Devon's Asset Sale & More

    WPX Energy's (WPX) acquisition is in sync with its intention to further increase oil output. Meanwhile, Devon Energy (DVN), post the Barnett asset sale, will transform into an U.S. oil-focused firm.

  • Should You Buy Devon Energy Corporation (NYSE:DVN) For Its Dividend?
    Simply Wall St.

    Should You Buy Devon Energy Corporation (NYSE:DVN) For Its Dividend?

    Dividend paying stocks like Devon Energy Corporation (NYSE:DVN) tend to be popular with investors, and for good reason...

  • Devon to Exit Barnett, Transforms to US Oil-Focused Company
    Zacks

    Devon to Exit Barnett, Transforms to US Oil-Focused Company

    Devon Energy (DVN) to fetch $770 million from the divestiture of Barnett Shale assets. Post the asset sale, the company is set to focus more on core U.S. oil assets.

  • Energy Stocks in Spotlight on Sino-US Trade War Truce
    Zacks

    Energy Stocks in Spotlight on Sino-US Trade War Truce

    Higher oil prices will encourage explorers to produce more of the commodity, while the oilfield service firms are likely to get more contracts from upstream energy players.

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

    Oil Drillers Remove Rigs From Permian Basin & Cana Woodford

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

  • 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.

  • The stock market's biggest winners and losers of the past decade
    Yahoo Finance

    The stock market's biggest winners and losers of the past decade

    With the 2010s officially drawing to a close, Yahoo Finance took a look at some of the biggest S&P 500 winners and losers of the past decade based on price returns.

  • 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.

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

    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.

  • Investing.com

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

    Investing.com - The Saudi theatre act to prop up the oil market ahead of taking Saudi Aramco public is already working with crude prices getting another 2%-plus pop on Thursday on a news leak that OPEC’s existing production cuts will be extended until June.

  • 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.