Societe Generale Increases Devon Energy Corp. Price Target to $68.00 (DVN)
Investment analysts at Societe Generale raised their price objective on shares of Devon Energy Corp. (NYSE:DVN) from $65.00 to $68.00 in a note issued to investors on Wednesday, AnalystRatings.Net reports. The firm currently has a “buy” rating on the stock. Societe Generale’s target price would suggest a potential upside of 16.66% from the company’s current price.
Devon Energy Corp. (NYSE:DVN) traded down 0.53% on Wednesday, hitting $58.29. 1,930,286 shares of the company’s stock traded hands. Devon Energy Corp. has a 52 week low of $50.81 and a 52 week high of $63.00. The stock’s 50-day moving average is $58.20 and its 200-day moving average is $56.49. The company’s market cap is $23.666 billion.
Devon Energy Corp. (NYSE:DVN) last announced its earnings results on Wednesday, August 7th. The company reported $1.21 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.95 by $0.26. The company had revenue of $3.09 billion for the quarter, compared to the consensus estimate of $2.60 billion. During the same quarter last year, the company posted $0.55 earnings per share. Devon Energy Corp.’s revenue was up 20.8% compared to the same quarter last year. Analysts expect that Devon Energy Corp. will post $4.21 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Tuesday, December 31st. Stockholders of record on Friday, December 13th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 1.51%. The ex-dividend date is Wednesday, December 11th.
Several other analysts have also recently commented on the stock. Analysts at Canaccord Genuity initiated coverage on shares of Devon Energy Corp. (NYSE:DVN) in a research note to investors on Tuesday, August 20th. They set a “buy” rating and a $75.00 price target on the stock. Separately, analysts at Guggenheim raised their price target on shares of Devon Energy Corp. (NYSE:DVN) from $74.00 to $76.00 in a research note to investors on Wednesday, August 14th. They now have a “buy” rating on the stock. Finally, analysts at Robert W. Baird raised their price target on shares of Devon Energy Corp. (NYSE:DVN) from $68.00 to $69.00 in a research note to investors on Thursday, August 8th. They now have an “outperform” rating on the stock. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and fourteen have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $68.64.
Devon Energy Corporation is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids (NYSE:DVN).
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