Brokerages Set Devon Energy Corp. (DVN) Target Price at $42.44
Shares of Devon Energy Corp. (NYSE:DVN) have received a consensus recommendation of “Buy” from the thirty-eight analysts that are covering the firm. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, nineteen have assigned a buy rating and three have issued a strong buy rating on the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $42.59.
A number of research firms have issued reports on DVN. Bank of America Corp. set a $64.00 target price on Devon Energy Corp. and gave the stock a “buy” rating in a research report on Monday. Citigroup Inc. downgraded Devon Energy Corp. from a “positive” rating to a “market perform” rating in a research report on Tuesday, September 6th. They noted that the move was a valuation call. Raymond James Financial Inc. downgraded Devon Energy Corp. from an “outperform” rating to a “market perform” rating and set a $45.84 target price for the company. in a research report on Tuesday, September 6th. Zacks Investment Research downgraded Devon Energy Corp. from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 6th. Finally, Argus raised their target price on Devon Energy Corp. from $51.00 to $61.00 and gave the stock a “buy” rating in a research report on Tuesday, August 23rd.
Shares of Devon Energy Corp. (NYSE:DVN) opened at 43.90 on Tuesday. The company’s market capitalization is $22.99 billion. The company’s 50 day moving average price is $42.85 and its 200 day moving average price is $37.37. Devon Energy Corp. has a 12 month low of $18.07 and a 12 month high of $48.68.
Devon Energy Corp. (NYSE:DVN) last released its earnings results on Tuesday, August 2nd. The energy company reported $0.06 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.19) by $0.25. Devon Energy Corp. had a positive return on equity of 3.62% and a negative net margin of 114.09%. The business earned $2.49 billion during the quarter, compared to the consensus estimate of $2.29 million. During the same period last year, the business posted $0.78 earnings per share. The business’s revenue for the quarter was down 26.7% on a year-over-year basis. Analysts expect that Devon Energy Corp. will post ($0.29) EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 30th. Investors of record on Thursday, December 15th will be given a $0.06 dividend. The ex-dividend date is Tuesday, December 13th. This represents a $0.24 annualized dividend and a yield of 0.55%. Devon Energy Corp.’s dividend payout ratio (DPR) is presently -0.82%.
A number of institutional investors have recently added to or reduced their stakes in DVN. State Street Corp boosted its position in Devon Energy Corp. by 31.8% in the first quarter. State Street Corp now owns 25,649,107 shares of the energy company’s stock valued at $703,812,000 after buying an additional 6,194,903 shares during the period. FMR LLC boosted its position in Devon Energy Corp. by 95.3% in the second quarter. FMR LLC now owns 12,404,825 shares of the energy company’s stock valued at $449,675,000 after buying an additional 6,053,827 shares during the period. Barrow Hanley Mewhinney & Strauss LLC acquired a new position in Devon Energy Corp. during the second quarter valued at about $146,444,000. Vanguard Group Inc. boosted its position in Devon Energy Corp. by 8.0% in the second quarter. Vanguard Group Inc. now owns 39,324,357 shares of the energy company’s stock valued at $1,425,508,000 after buying an additional 2,924,209 shares during the period. Finally, BlackRock Fund Advisors boosted its position in Devon Energy Corp. by 41.1% in the second quarter. BlackRock Fund Advisors now owns 9,612,213 shares of the energy company’s stock valued at $348,443,000 after buying an additional 2,797,495 shares during the period. 75.62% of the stock is currently owned by institutional investors and hedge funds.
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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