Devon Energy (DVN) Lifted to Buy at Seaport Global Securities

Seaport Global Securities upgraded shares of Devon Energy (NYSE:DVN) from a neutral rating to a buy rating in a research note published on Tuesday, Marketbeat reports. Seaport Global Securities also issued estimates for Devon Energy’s Q4 2017 earnings at $0.52 EPS, Q1 2018 earnings at $0.54 EPS, Q2 2018 earnings at $0.53 EPS, Q3 2018 earnings at $0.56 EPS, Q4 2018 earnings at $0.53 EPS and FY2018 earnings at $2.16 EPS.

Other research analysts have also recently issued reports about the stock. Credit Suisse Group began coverage on shares of Devon Energy in a research note on Monday, December 11th. They issued an outperform rating and a $43.00 price objective on the stock. Cowen reissued a buy rating and issued a $37.00 price objective on shares of Devon Energy in a research note on Tuesday, August 22nd. Morgan Stanley lifted their price objective on shares of Devon Energy from $42.00 to $48.00 and gave the company an overweight rating in a research note on Wednesday, October 18th. Jefferies Group reissued a hold rating and issued a $31.00 price objective (down from $35.00) on shares of Devon Energy in a research note on Tuesday, August 29th. Finally, Citigroup reissued a buy rating and issued a $44.00 price objective on shares of Devon Energy in a research note on Tuesday, November 28th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and fifteen have assigned a buy rating to the stock. The stock has a consensus rating of Buy and an average target price of $45.78.

Devon Energy (NYSE:DVN) opened at $40.92 on Tuesday. The stock has a market cap of $20,916.00, a P/E ratio of 27.29, a P/E/G ratio of 1.25 and a beta of 2.21. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.63 and a quick ratio of 1.63. Devon Energy has a one year low of $28.79 and a one year high of $49.45.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, October 31st. The energy company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.39 by $0.07. The business had revenue of $3.16 billion for the quarter, compared to analysts’ expectations of $3.13 billion. Devon Energy had a net margin of 11.62% and a return on equity of 6.88%. The firm’s quarterly revenue was up 9.5% compared to the same quarter last year. During the same period last year, the firm posted $1.89 earnings per share. equities analysts anticipate that Devon Energy will post 1.78 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 29th. Shareholders of record on Thursday, March 15th will be given a $0.06 dividend. The ex-dividend date is Wednesday, March 14th. This represents a $0.24 dividend on an annualized basis and a yield of 0.59%. Devon Energy’s dividend payout ratio is currently 8.19%.

In other Devon Energy news, EVP Lyndon C. Taylor sold 12,798 shares of the firm’s stock in a transaction that occurred on Thursday, December 14th. The shares were sold at an average price of $38.29, for a total value of $490,035.42. Following the sale, the executive vice president now owns 67,900 shares in the company, valued at $2,599,891. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.51% of the company’s stock.

Several large investors have recently modified their holdings of DVN. Renaissance Technologies LLC lifted its holdings in shares of Devon Energy by 118.2% during the second quarter. Renaissance Technologies LLC now owns 4,376,500 shares of the energy company’s stock worth $139,917,000 after purchasing an additional 2,370,500 shares during the period. Alyeska Investment Group L.P. lifted its holdings in shares of Devon Energy by 4,117.5% during the third quarter. Alyeska Investment Group L.P. now owns 1,835,864 shares of the energy company’s stock worth $67,395,000 after purchasing an additional 1,792,334 shares during the period. Prudential Financial Inc. lifted its holdings in shares of Devon Energy by 66.7% during the second quarter. Prudential Financial Inc. now owns 4,365,017 shares of the energy company’s stock worth $139,549,000 after purchasing an additional 1,745,977 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Devon Energy by 3.0% during the second quarter. Vanguard Group Inc. now owns 44,823,163 shares of the energy company’s stock worth $1,432,998,000 after purchasing an additional 1,295,417 shares during the period. Finally, Victory Capital Management Inc. lifted its holdings in shares of Devon Energy by 21.6% during the third quarter. Victory Capital Management Inc. now owns 5,570,722 shares of the energy company’s stock worth $204,501,000 after purchasing an additional 988,090 shares during the period. Institutional investors own 77.43% of the company’s stock.

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Devon Energy Company Profile

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).

Analyst Recommendations for Devon Energy (NYSE:DVN)

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