Devon Energy (DVN) Earns Overweight Rating from Analysts at Barclays
Investment analysts at Barclays began coverage on shares of Devon Energy (NYSE:DVN) in a research report issued on Wednesday, The Fly reports. The firm set an “overweight” rating on the energy company’s stock.
A number of other research analysts have also commented on the company. UBS Group upgraded Devon Energy from a “neutral” rating to a “buy” rating and set a $53.00 price target for the company in a report on Monday, August 6th. Royal Bank of Canada reiterated a “buy” rating on shares of Devon Energy in a report on Friday, July 13th. Zacks Investment Research lowered Devon Energy from a “buy” rating to a “hold” rating in a report on Wednesday, July 25th. Johnson Rice upgraded Devon Energy from an “accumulate” rating to a “buy” rating in a report on Wednesday, August 15th. Finally, Morgan Stanley started coverage on Devon Energy in a report on Thursday, July 12th. They set an “equal weight” rating and a $46.00 price target for the company. Nine research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $49.77.
Shares of DVN stock opened at $42.51 on Wednesday. Devon Energy has a 12 month low of $29.83 and a 12 month high of $46.54. The company has a market cap of $21.71 billion, a PE ratio of 67.48, a price-to-earnings-growth ratio of 3.82 and a beta of 2.18. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.65 and a quick ratio of 1.65.
Devon Energy declared that its board has initiated a stock repurchase program on Tuesday, May 1st that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the energy company to repurchase up to 5.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.
In other Devon Energy news, EVP Lyndon C. Taylor sold 18,357 shares of the stock in a transaction on Monday, June 11th. The stock was sold at an average price of $42.09, for a total transaction of $772,646.13. Following the completion of the transaction, the executive vice president now directly owns 95,223 shares in the company, valued at $4,007,936.07. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John E. Bethancourt acquired 12,000 shares of the company’s stock in a transaction on Thursday, June 7th. The shares were bought at an average price of $41.90 per share, with a total value of $502,800.00. Following the completion of the purchase, the director now directly owns 56,469 shares of the company’s stock, valued at $2,366,051.10. The disclosure for this purchase can be found here. Corporate insiders own 0.55% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in DVN. Bristol John W & Co. Inc. NY acquired a new position in Devon Energy during the first quarter worth $103,000. Jackson Grant Investment Advisers Inc. acquired a new position in Devon Energy during the second quarter worth $112,000. Financial Architects Inc raised its stake in Devon Energy by 168.5% during the second quarter. Financial Architects Inc now owns 2,709 shares of the energy company’s stock worth $119,000 after acquiring an additional 1,700 shares in the last quarter. Penserra Capital Management LLC acquired a new position in Devon Energy during the first quarter worth $125,000. Finally, Gables Capital Management Inc. acquired a new position in Devon Energy during the first quarter worth $146,000. Hedge funds and other institutional investors own 84.00% of the company’s stock.
About Devon Energy
Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States and Canada. It operates approximately 14,600 gross wells. The company also offers gathering, transmission, processing, storage, fractionation, and marketing to upstream oil and natural gas producers; and owns natural gas pipelines, plants and treatment facilities.
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