Devon Energy Corp. (DVN) Given a $64.00 Price Target by Bank of America Corp. Analysts
Other analysts have also recently issued research reports about the stock. Deutsche Bank AG reaffirmed a buy rating on shares of Devon Energy Corp. in a research note on Sunday, July 17th. Scotiabank reaffirmed a focus stock rating and set a $61.00 price objective (up previously from $50.00) on shares of Devon Energy Corp. in a research note on Monday, July 11th. KLR Group cut shares of Devon Energy Corp. from a buy rating to an accumulate rating and upped their price objective for the company from $41.00 to $44.00 in a research note on Monday, July 18th. Credit Agricole SA started coverage on shares of Devon Energy Corp. in a research note on Wednesday, June 22nd. They set an outperform rating for the company. Finally, JPMorgan Chase & Co. reaffirmed a buy rating on shares of Devon Energy Corp. in a research note on Wednesday, August 3rd. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty have assigned a buy rating and three have given a strong buy rating to the company. The company has a consensus rating of Buy and an average target price of $42.21.
Devon Energy Corp. (NYSE:DVN) traded down 1.33% during mid-day trading on Monday, hitting $43.80. 2,770,991 shares of the stock traded hands. Devon Energy Corp. has a 12 month low of $18.07 and a 12 month high of $48.68. The stock has a 50-day moving average price of $42.89 and a 200-day moving average price of $37.22. The stock’s market cap is $22.93 billion.
Devon Energy Corp. (NYSE:DVN) last released its quarterly earnings results on Tuesday, August 2nd. The energy company reported $0.06 earnings per share for the quarter, topping the consensus estimate of ($0.19) by $0.25. Devon Energy Corp. had a negative net margin of 114.09% and a positive return on equity of 3.62%. The firm earned $2.49 billion during the quarter, compared to the consensus estimate of $2.29 million. During the same quarter in the prior year, the firm earned $0.78 EPS. The company’s revenue for the quarter was down 26.7% on a year-over-year basis. On average, equities analysts forecast that Devon Energy Corp. will post ($0.29) earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 30th. Investors of record on Thursday, December 15th will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.54%. The ex-dividend date is Tuesday, December 13th. Devon Energy Corp.’s dividend payout ratio (DPR) is -0.82%.
Several hedge funds have recently made changes to their positions in the stock. IFP Advisors Inc boosted its stake in shares of Devon Energy Corp. by 20.8% in the second quarter. IFP Advisors Inc now owns 2,806 shares of the energy company’s stock valued at $102,000 after buying an additional 483 shares during the period. Ropes Wealth Advisors LLC boosted its stake in shares of Devon Energy Corp. by 738.7% in the second quarter. Ropes Wealth Advisors LLC now owns 3,338 shares of the energy company’s stock valued at $121,000 after buying an additional 2,940 shares during the period. Hall Laurie J Trustee boosted its stake in shares of Devon Energy Corp. by 13.7% in the second quarter. Hall Laurie J Trustee now owns 3,745 shares of the energy company’s stock valued at $141,000 after buying an additional 450 shares during the period. RS Investment Management Co. LLC bought a new stake in shares of Devon Energy Corp. during the second quarter valued at approximately $144,000. Finally, Point72 Asia Hong Kong Ltd boosted its stake in shares of Devon Energy Corp. by 91.7% in the second quarter. Point72 Asia Hong Kong Ltd now owns 4,600 shares of the energy company’s stock valued at $167,000 after buying an additional 2,200 shares during the period. Hedge funds and other institutional investors own 75.62% of the company’s stock.
About Devon Energy Corp.
Devon Energy Corporation (Devon) is an independent energy company engaged in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs). The Company’s operations are concentrated in various North American onshore areas in the United States and Canada. The Company also produces over 1.6 billion cubic feet of natural gas a day and approximately 135 thousand barrels of NGLs per day.
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