Zacks Reiterates Neutral Rating for Devon Energy Corp (DVN)
Devon Energy Corp (NYSE:DVN)‘s stock had its “neutral” rating restated by Zacks in a report released on Friday. They currently have a $78.00 target price on the stock. Zacks‘s price target would suggest a potential upside of 5.56% from the stock’s previous close.
Zacks’ analyst wrote, “Devon Energy’s earnings per share in first-quarter were higher than the Zacks Consensus Estimate, thanks to strong oil production and better realized prices of the product sold. Devon is working on its strategy to divest non-core assets in the U.S. and Canada and focus on the reserve rich onshore U.S. assets. Devon divested its conventional gas assets in Canada and will utilize net proceeds of $2.7 billion to pay down outstanding debts incurred for acquiring Eagle Ford assets. Devon decided to strengthen its operation in Eagle Ford. In addition, the acquisition of acreage in Cana-Woodford will further boost its liquid production going forward. Formation of the new midstream MLP business with Crosstex will benefit the company given the increasing oil and gas drilling activities in the U.S. However, the cyclical demand for oil, natural gas and NGL, along with volatility in prices, could weigh on its profitability. We retain our Neutral recommendation.”
In other Devon Energy Corp news, EVP Frank Rudolph unloaded 1,000 shares of Devon Energy Corp stock on the open market in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $71.31, for a total value of $71,310.00. Following the completion of the transaction, the executive vice president now directly owns 46,369 shares of the company’s stock, valued at approximately $3,306,573. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Shares of Devon Energy Corp (NYSE:DVN) traded down 0.19% on Friday, hitting $73.75. 1,120,689 shares of the company’s stock traded hands. Devon Energy Corp has a 52 week low of $51.66 and a 52 week high of $73.98. The stock’s 50-day moving average is $71.00 and its 200-day moving average is $64.28. The company has a market cap of $30.083 billion and a price-to-earnings ratio of 18.16.
Devon Energy Corp (NYSE:DVN) last released its earnings data on Wednesday, May 7th. The company reported $1.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.26 by $0.12. The company had revenue of $3.73 billion for the quarter, compared to the consensus estimate of $2.87 billion. During the same quarter in the previous year, the company posted $0.66 earnings per share. The company’s revenue for the quarter was up 89.0% on a year-over-year basis. Analysts expect that Devon Energy Corp will post $5.81 EPS for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at Barclays upgraded shares of Devon Energy Corp from an “equal weight” rating to an “overweight” rating in a research note on Tuesday, May 20th. They now have a $79.00 price target on the stock, up previously from $75.00. Separately, analysts at Oppenheimer raised their price target on shares of Devon Energy Corp from $75.00 to $85.00 in a research note on Monday, May 19th. They now have an “outperform” rating on the stock. Finally, analysts at Ned Davis Research upgraded shares of Devon Energy Corp from a “sell” rating to a “neutral” rating in a research note on Monday, May 12th. Seven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Devon Energy Corp presently has an average rating of “Buy” and a consensus price target of $80.05.
Devon Energy Corporation (NYSE:DVN) is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs).
To view Zacks’ full report, visit Zacks’ official website.