BMO Capital Markets set a $45.00 price objective on Devon Energy Corporation (NYSE:DVN) in a research report report published on Tuesday morning. The firm currently has a buy rating on the energy company’s stock.
A number of other equities research analysts have also recently commented on DVN. BidaskClub raised Devon Energy Corporation from a strong sell rating to a sell rating in a report on Wednesday, June 14th. Seaport Global Securities cut Devon Energy Corporation from a buy rating to a neutral rating and decreased their price target for the company from $51.00 to $28.00 in a report on Wednesday, June 21st. Scotiabank set a $49.00 price target on Devon Energy Corporation and gave the company a buy rating in a report on Saturday, July 1st. Sanford C. Bernstein cut Devon Energy Corporation from an outperform rating to a market perform rating and decreased their price target for the company from $54.00 to $33.00 in a report on Thursday, July 6th. Finally, Barclays PLC reissued a buy rating and set a $31.00 price target on shares of Devon Energy Corporation in a report on Friday, July 7th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and twelve have assigned a buy rating to the stock. The company currently has an average rating of Buy and a consensus target price of $45.31.
Devon Energy Corporation (NYSE:DVN) opened at 35.61 on Tuesday. Devon Energy Corporation has a 52 week low of $28.79 and a 52 week high of $50.69. The firm has a 50-day moving average price of $34.14 and a 200-day moving average price of $34.81. The company has a market capitalization of $18.72 billion, a price-to-earnings ratio of 8.06 and a beta of 2.21.
Devon Energy Corporation (NYSE:DVN) last posted its quarterly earnings results on Tuesday, August 1st. The energy company reported $0.34 EPS for the quarter, beating the Zacks’ consensus estimate of $0.33 by $0.01. The business had revenue of $3.27 billion for the quarter, compared to analysts’ expectations of $3.24 billion. Devon Energy Corporation had a return on equity of 5.36% and a net margin of 16.07%. The business’s quarterly revenue was up 31.6% on a year-over-year basis. During the same period last year, the firm earned $0.06 earnings per share. Analysts anticipate that Devon Energy Corporation will post $1.73 EPS for the current fiscal year.
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The company also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 15th will be issued a $0.06 dividend. The ex-dividend date is Thursday, December 14th. This represents a $0.24 annualized dividend and a dividend yield of 0.67%. Devon Energy Corporation’s dividend payout ratio (DPR) is 5.47%.
In other news, Director Robert H. Henry sold 7,045 shares of Devon Energy Corporation stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $33.35, for a total value of $234,950.75. Following the sale, the director now directly owns 11,338 shares of the company’s stock, valued at $378,122.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.51% of the company’s stock.
Several hedge funds have recently modified their holdings of DVN. Fifth Third Bancorp increased its holdings in shares of Devon Energy Corporation by 10.4% in the first quarter. Fifth Third Bancorp now owns 2,630 shares of the energy company’s stock worth $110,000 after purchasing an additional 248 shares during the last quarter. Sun Life Financial INC increased its holdings in shares of Devon Energy Corporation by 32,058.3% in the second quarter. Sun Life Financial INC now owns 3,859 shares of the energy company’s stock worth $123,000 after purchasing an additional 3,847 shares during the last quarter. Fiduciary Trust Co. bought a new stake in shares of Devon Energy Corporation in the second quarter worth about $144,000. Global X Management Co. LLC increased its holdings in shares of Devon Energy Corporation by 12.5% in the second quarter. Global X Management Co. LLC now owns 4,539 shares of the energy company’s stock worth $145,000 after purchasing an additional 503 shares during the last quarter. Finally, Exane Derivatives increased its holdings in shares of Devon Energy Corporation by 36.0% in the second quarter. Exane Derivatives now owns 5,650 shares of the energy company’s stock worth $181,000 after purchasing an additional 1,497 shares during the last quarter. 77.04% of the stock is currently owned by hedge funds and other institutional investors.
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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