Devon Energy Corp. Given Buy Rating at Canaccord Genuity (DVN)
Devon Energy Corp. (NYSE:DVN)‘s stock had its “buy” rating reiterated by equities research analysts at Canaccord Genuity in a research note issued to investors on Monday, Stock Ratings Network.com reports. They currently have a $75.00 price target on the stock. Canaccord Genuity’s price objective suggests a potential upside of 23.07% from the stock’s previous close.
Devon Energy Corp. (NYSE:DVN) traded up 0.23% on Monday, hitting $60.94. The stock had a trading volume of 2,246,665 shares. Devon Energy Corp. has a 1-year low of $50.81 and a 1-year high of $63.00. The stock has a 50-day moving average of $58.59 and a 200-day moving average of $56.58. The company’s market cap is $24.742 billion.
Devon Energy Corp. (NYSE:DVN) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $1.21 EPS for the quarter, beating the Thomson Reuters 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 in the prior year, the company posted $0.55 earnings per share. The company’s quarterly revenue was up 20.8% on a year-over-year basis. Analysts expect that Devon Energy Corp. will post $4.23 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 1.44%. The ex-dividend date is Wednesday, December 11th.
A number of other firms have also recently commented on DVN. Analysts at Raymond James cut their price target on shares of Devon Energy Corp. from $71.00 to $64.00 in a research note to investors on Monday. They now have an “outperform” rating on the stock. Separately, analysts at Societe Generale raised their price target on shares of Devon Energy Corp. from $65.00 to $68.00 in a research note to investors on Wednesday, October 2nd. They now have a “buy” rating on the stock. Finally, analysts at Guggenheim raised their price target on shares of Devon Energy Corp. 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. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and fourteen have given a buy rating to the stock. Devon Energy Corp. currently has a consensus rating of “Hold” and a consensus price target of $68.36.
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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