Devon Energy Corporation (DVN) Bonds Trading 0.9% Lower
An issue of Devon Energy Corporation (NYSE:DVN) bonds fell 0.9% as a percentage of their face value during trading on Tuesday. The high-yield issue of debt has a 4.75% coupon and will mature on May 15, 2042. The debt is now trading at $96.25. Price changes in a company’s bonds in credit markets often predict parallel changes in its share price.
DVN has been the subject of several research reports. BMO Capital Markets reiterated a “buy” rating and issued a $45.00 target price on shares of Devon Energy Corporation in a report on Wednesday, May 3rd. Royal Bank Of Canada set a $53.00 target price on shares of Devon Energy Corporation and gave the company a “buy” rating in a report on Tuesday, April 25th. Stifel Nicolaus reiterated a “buy” rating and issued a $74.00 target price on shares of Devon Energy Corporation in a report on Tuesday, June 6th. Scotiabank set a $57.00 target price on shares of Devon Energy Corporation and gave the company a “buy” rating in a report on Tuesday, May 16th. Finally, KLR Group reiterated a “buy” rating and issued a $54.00 target price (up previously from $52.00) on shares of Devon Energy Corporation in a report on Monday, May 15th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $47.62.
Devon Energy Corporation (DVN) traded down 0.48% during midday trading on Tuesday, hitting $30.92. 4,004,871 shares of the stock traded hands. Devon Energy Corporation has a one year low of $28.79 and a one year high of $50.69. The company’s 50-day moving average is $31.81 and its 200-day moving average is $37.50. The company has a market cap of $16.25 billion, a PE ratio of 7.00 and a beta of 2.17.
Devon Energy Corporation (NYSE:DVN) last released its quarterly earnings results on Tuesday, August 1st. The energy company reported $0.34 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.33 by $0.01. The business had revenue of $3.27 billion during the quarter, compared to analyst estimates of $3.24 billion. Devon Energy Corporation had a net margin of 16.07% and a return on equity of 5.36%. The business’s revenue was up 31.6% on a year-over-year basis. During the same period last year, the business earned $0.06 EPS. Equities research analysts expect that Devon Energy Corporation will post $1.74 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.78%. The ex-dividend date is Thursday, September 14th. Devon Energy Corporation’s payout ratio is 5.47%.
In related news, Director Robert H. Henry sold 7,045 shares of the firm’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $33.35, for a total transaction of $234,950.75. Following the completion of the sale, the director now directly owns 11,338 shares of the company’s stock, valued at approximately $378,122.30. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.98% of the stock is currently owned by company insiders.
Large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. raised its stake in Devon Energy Corporation by 3,279.8% in the first quarter. BlackRock Inc. now owns 46,398,296 shares of the energy company’s stock worth $1,935,735,000 after buying an additional 45,025,477 shares during the last quarter. Vanguard Group Inc. raised its stake in Devon Energy Corporation by 3.0% in the second quarter. Vanguard Group Inc. now owns 44,823,163 shares of the energy company’s stock worth $1,432,998,000 after buying an additional 1,295,417 shares during the last quarter. State Street Corp raised its stake in Devon Energy Corporation by 1.0% in the second quarter. State Street Corp now owns 27,673,118 shares of the energy company’s stock worth $884,702,000 after buying an additional 265,179 shares during the last quarter. Artisan Partners Limited Partnership raised its stake in Devon Energy Corporation by 3.3% in the first quarter. Artisan Partners Limited Partnership now owns 8,077,398 shares of the energy company’s stock worth $336,989,000 after buying an additional 255,610 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in Devon Energy Corporation by 36.6% in the first quarter. Bank of New York Mellon Corp now owns 6,311,065 shares of the energy company’s stock worth $263,297,000 after buying an additional 1,690,260 shares during the last quarter. 77.08% of the stock is owned by institutional investors and hedge funds.
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About Devon Energy Corporation
Devon Energy Corporation is an independent energy company. The Company also controls EnLink Midstream Partners, L.P. (EnLink). The Company’s segments include U.S., Canada and EnLink. The Company is engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs).
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