Devon Energy Corporation (NYSE:DVN) has been given a $40.00 price target by stock analysts at Cowen and Company in a report issued on Tuesday. The firm presently has a “buy” rating on the energy company’s stock. Cowen and Company’s price objective points to a potential upside of 8.40% from the stock’s current price.
A number of other research analysts have also commented on DVN. Sanford C. Bernstein lowered Devon Energy Corporation from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $54.00 to $33.00 in a research report on Thursday, July 6th. BMO Capital Markets upped their price target on Devon Energy Corporation from $35.00 to $38.00 and gave the company an “outperform” rating in a research report on Friday, July 14th. Zacks Investment Research lowered Devon Energy Corporation from a “hold” rating to a “sell” rating in a research report on Friday, July 14th. Royal Bank Of Canada reaffirmed a “buy” rating and set a $43.00 price target on shares of Devon Energy Corporation in a research report on Thursday, July 20th. Finally, Morgan Stanley upped their price target on Devon Energy Corporation from $42.00 to $48.00 and gave the company an “overweight” rating in a research report on Wednesday, October 18th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and thirteen have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $45.47.
Devon Energy Corporation (DVN) opened at 36.90 on Tuesday. The stock’s 50 day moving average price is $35.44 and its 200-day moving average price is $34.18. The company has a market capitalization of $19.39 billion, a P/E ratio of 8.35 and a beta of 2.21. Devon Energy Corporation has a 12 month low of $28.79 and a 12 month high of $50.69.
Devon Energy Corporation (NYSE:DVN) last released its earnings results on Tuesday, October 31st. The energy company reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.40 by $0.03. Devon Energy Corporation had a return on equity of 5.36% and a net margin of 16.07%. The company had revenue of $3.16 billion during the quarter, compared to analyst estimates of $3.13 billion. During the same quarter in the previous year, the company posted $1.89 EPS. Devon Energy Corporation’s revenue for the quarter was up 9.5% on a year-over-year basis. On average, equities research analysts predict that Devon Energy Corporation will post $1.68 EPS for the current fiscal year.
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In related news, Director Robert H. Henry sold 7,045 shares of the company’s stock in a transaction that occurred on 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 owns 11,338 shares in the company, valued at approximately $378,122.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.51% of the company’s stock.
Several institutional investors have recently bought and sold shares of DVN. Renaissance Technologies LLC grew its stake in shares of Devon Energy Corporation by 118.2% in the 2nd quarter. Renaissance Technologies LLC now owns 4,376,500 shares of the energy company’s stock worth $139,917,000 after buying an additional 2,370,500 shares during the last quarter. Janus Capital Management LLC boosted its stake in Devon Energy Corporation by 408.1% during the 1st quarter. Janus Capital Management LLC now owns 2,572,931 shares of the energy company’s stock valued at $107,342,000 after purchasing an additional 2,066,530 shares during the last quarter. Prudential Financial Inc. boosted its stake in Devon Energy Corporation by 66.7% during the 2nd quarter. Prudential Financial Inc. now owns 4,365,017 shares of the energy company’s stock valued at $139,549,000 after purchasing an additional 1,745,977 shares during the last quarter. Vanguard Group Inc. boosted its stake in Devon Energy Corporation by 3.0% during the 2nd quarter. Vanguard Group Inc. now owns 44,823,163 shares of the energy company’s stock valued at $1,432,998,000 after purchasing an additional 1,295,417 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its stake in Devon Energy Corporation by 21.6% during the 3rd quarter. Victory Capital Management Inc. now owns 5,570,722 shares of the energy company’s stock valued at $204,501,000 after purchasing an additional 988,090 shares during the last quarter. Institutional investors own 77.30% of the company’s stock.
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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