Stock Update: Devon Energy Corporation (NYSE:DVN) – Devon Energy Corporation Announces Offering of Common Stock

[ Business Wire] – Devon Energy Corporation announced today that it intends to commence a registered public offering of 55,000,000 shares of its common stock , subject to market conditions. Read more on this. Devon Energy Corporation (DVN) , valued at $8.36B, began trading this morning at $20.41. Looking at the equity, the company’s one day range is $18.38 to $20.83 and has traded between $18.38 and $70.48 over the past 12 months. Priced at -17.01x this year’s forecasted earnings, DVN shares are relatively inexpensive compared to the industry ’s 17.02x forward p/e ratio. And for income investors, the company pays shareholders $0.96 per share annually in dividends, yielding 4.43%. In a review of the consensus earnings estimate this quarter, 22 sell-side analysts are looking at $-0.55 per share, which would be $0.22 better than the year-ago quarter and a $0.00 sequential increase. Investors should also note that the full-year EPS estimate of $-1.25 is a $3.77 setback when compared to the previous year’s annual results. The quarterly earnings estimate is predicated on a consensus revenue forecast of $3.02 Billion. If reported, that would be a 7.36% decrease over the year-ago quarter. In terms of ratings, Barclays upgraded DVN from Equal Weight to Overweight (Jan 11, 2016). Previously, Guggenheim upgraded DVN from Neutral to Buy. When considering if the stock is under or overvalued, the average price target is $42.18, which is 106.66% above where the stock opened this morning. See more in (NYSE:DVN) Similar Articles: Company Update: Devon Energy Corporation (NYSE:DVN) – Devon Energy to Report Fourth-Quarter and Full-Year 2015 Results Feb. 16; Conference Call Scheduled for Feb. 17 Market Update: Devon Energy Corporation (NYSE:DVN) – Devon Energy Reports Third-Quarter 2015 Results Stock Update: Devon Energy Corporation (NYSE:DVN) – Devon Energy Announces Fourth-Quarter Cash Dividend for Common Stockholders