Cowen and Company Initiates Coverage on Devon Energy Corp. (DVN)
Cowen and Company began coverage on shares of Devon Energy Corp. (NYSE:DVN) in a research note issued on Monday, Stock Ratings Network.com reports. The firm set an “outperform” rating on the stock.
DVN has been the subject of a number of other recent research reports. Analysts at Guggenheim downgraded shares of Devon Energy Corp. from a “buy” rating to a “neutral” rating in a research note to investors on Monday, January 6th. Separately, analysts at Deutsche Bank cut their price target on shares of Devon Energy Corp. from $80.00 to $73.00 in a research note to investors on Monday, December 9th. They now have a “hold” rating on the stock. Finally, analysts at Argus upgraded shares of Devon Energy Corp. from a “hold” rating to a “buy” rating in a research note to investors on Tuesday, December 3rd. They now have a $70.00 price target on the stock. Fourteen investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $72.50.
Shares of Devon Energy Corp. (NYSE:DVN) traded down 1.43% during mid-day trading on Monday, hitting $58.67. 3,576,159 shares of the company’s stock traded hands. Devon Energy Corp. has a one year low of $50.81 and a one year high of $66.92. The stock’s 50-day moving average is $60.38 and its 200-day moving average is $59.52. The company’s market cap is $23.820 billion.
Devon Energy Corp. (NYSE:DVN) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $1.29 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.20 by $0.09. The company had revenue of $2.72 billion for the quarter, compared to the consensus estimate of $2.74 billion. During the same quarter in the prior year, the company posted $0.88 earnings per share. The company’s quarterly revenue was up 45.8% on a year-over-year basis. On average, analysts predict that Devon Energy Corp. will post $4.28 earnings per share for the current fiscal year.
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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