Devon Energy Corp. (NYSE: DVN) announced that its Q1 2011 earnings will be released on Wednesday May 4. The company exceeded market expectations in the last four reported quarters.
In Q42010:
- Devon reported net earnings of $562 million, or $1.30 per common share ($1.29 per diluted common share). In the fourth quarter of 2009. The company reported net earnings of $667 million, or $1.50 per common share ($1.49 per diluted common share).
- As of December 31, 2010, the company's cash balances totaled $3.4 billion, reducing net debt to 10 percent of adjusted capitalization compared with 29 percent at year-end 2009.
For fiscal year 2010, DVN reported record net earnings of $4.6 billion, or $10.35 per common share ($10.31 per diluted common share). This compares with full-year 2009 net loss of $2.5 billion, or $5.58 per common share ($5.58 per diluted common share). The company's 2009 financial results were affected by a $4.2 billion non-cash, after-tax reduction in the carrying value of oil and gas properties.
During Q12011, DVN reported that J. Todd Mitchell will not stand for re-election to the company's board of directors at the expiration of his current term. Mitchell's decision was based on his desire to devote more time to his family and the increased demands on his time from his active role in his family enterprise.
Also, Devon announced that its board has increased the amount of the quarterly cash dividend on Devon's common stock by approximately six percent. The amount of the dividend declared for the second quarter of 2011 is $0.17 per share. The dividend is payable on June 30, 2011 based on a record date of June 15, 2011.
In a revision to its business outlook for Q1 2011, the average revenue is expected to be $2.24 billion, or in the range of $2.84 billion to $3.22 billion. The average EPS for the first quarter is anticipated at $1.33, or to be in the range of $1.10 to $1.68.
The stock last traded at a price of $89.37, down 1.79 percent, and has an average target price of $101.02. The company has been trading in the range of $58.58 to $93.56 in the past 52 weeks.
