Devon Energy Corp Hits New 1-Year High Following Analyst Upgrade (DVN)
Devon Energy Corp (NYSE:DVN) shares hit a new 52-week high on Tuesday after Credit Suisse raised their price target on the stock from $80.00 to $90.00, American Banking & Market News reports. The stock traded as high as $75.95 and last traded at $75.52, with a volume of 1,747,479 shares traded. The stock had previously closed at $74.45.
DVN has been the subject of a number of other recent research reports. Analysts at Wells Fargo & Co. upgraded shares of Devon Energy Corp from a “market perform” rating to an “outperform” rating in a research note on Tuesday, June 3rd. Separately, analysts at KLR Group initiated coverage on shares of Devon Energy Corp in a research note on Monday, June 2nd. They set an “accumulate” rating on the stock. Finally, analysts at Zacks reiterated a “neutral” rating on shares of Devon Energy Corp in a research note on Friday, May 30th. They now have a $78.00 price target on the stock. Eight investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $80.58.
The stock has a 50-day moving average of $72.0 and a 200-day moving average of $64.99. The company has a market cap of $30.711 billion and a price-to-earnings ratio of 18.30.
Devon Energy Corp (NYSE:DVN) last announced its earnings results on Wednesday, May 7th. The company reported $1.14 EPS for the quarter, missing the Thomson Reuters 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 prior year, the company posted $0.66 earnings per share. The company’s quarterly revenue was up 89.0% on a year-over-year basis. Analysts expect that Devon Energy Corp will post $5.79 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Tuesday, September 30th. Investors of record on Friday, September 12th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 1.29%. The ex-dividend date is Wednesday, September 10th.
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).
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