Devon Energy Corp. Receives Neutral Rating from Zacks (DVN)
Devon Energy Corp. (NYSE:DVN)‘s stock had its “neutral” rating reiterated by Zacks in a research note issued to investors on Friday, American Banking News.com reports. They currently have a $68.00 target price on the stock. Zacks‘ target price would suggest a potential upside of 5.33% from the stock’s previous close.
Zacks‘ analyst wrote, “Devon Energy has surpassed our fourth earnings expectation riding on strong production and better realized prices. During the year the company was able to repatriate $4.3 billion of foreign cash to the U.S. at an estimated effective tax rate of 4%, which had a positive impact on the company’s balance sheet. The company also took a bold step in the reported quarter to enhance its position in the Eagle Ford Shale by acquiring GeoSouthern Energy for about $6 billion in cash. Spiraling oil and natural gas demand worldwide has prompted the company to acquire these assets. The acquired assets are expected to contribute $800 million in free cash flow from 2015 and increase further going forward. However, the cyclical demand for oil, natural gas and NGL, along with volatility in prices, could weigh on profitability. We are retaining our Neutral recommendation on the stock. “
Other equities research analysts have also recently issued reports about the stock. Analysts at FBR Capital Markets raised their price target on shares of Devon Energy Corp. from $77.00 to $82.00 in a research note on Friday. They now have an “outperform” rating on the stock. Separately, analysts at Robert W. Baird raised their price target on shares of Devon Energy Corp. from $73.00 to $74.00 in a research note on Friday. Finally, analysts at Howard Weil raised their price target on shares of Devon Energy Corp. from $70.00 to $76.00 in a research note on Thursday. They now have a “sector outperform” rating on the stock. Thirteen equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $72.33.
Shares of Devon Energy Corp. (NYSE:DVN) traded down 1.38% during mid-day trading on Friday, hitting $63.67. 4,596,629 shares of the company’s stock traded hands. Devon Energy Corp. has a 1-year low of $50.81 and a 1-year high of $66.92. The stock has a 50-day moving average of $60.34 and a 200-day moving average of $60.12. The company’s market cap is $25.850 billion.
Devon Energy Corp. (NYSE:DVN) last posted its quarterly earnings results on Wednesday, February 19th. The company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.01. The company had revenue of $2.62 billion for the quarter, compared to the consensus estimate of $2.69 billion. Analysts expect that Devon Energy Corp. will post $5.91 EPS 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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