Bank of America Initiates Coverage on Devon Energy Corp (DVN)
Analysts at Bank of America assumed coverage on shares of Devon Energy Corp (NYSE:DVN) in a research report issued to clients and investors on Wednesday. The firm set a “buy” rating and a $100.00 price target on the stock. Bank of America’s price objective would indicate a potential upside of 33.44% from the stock’s previous close.
Other equities research analysts have also recently issued reports about the stock. Analysts at Credit Suisse raised their price target on shares of Devon Energy Corp from $80.00 to $90.00 in a research note on Tuesday. Separately, 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. Finally, 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. Eight equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $82.43.
Shares of Devon Energy Corp (NYSE:DVN) opened at 74.45 on Wednesday. Devon Energy Corp has a 52-week low of $51.66 and a 52-week high of $75.95. The stock has a 50-day moving average of $72.18 and a 200-day moving average of $65.10. The company has a market cap of $30.368 billion and a P/E ratio of 18.36. Devon Energy Corp also was the recipient of some unusual options trading activity on Tuesday. Investors acquired 12,051 call options on the company. This represents an increase of approximately 330% compared to the average daily volume of 2,802 call options.
Devon Energy Corp (NYSE:DVN) last issued its quarterly 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. On average, analysts predict that Devon Energy Corp will post $5.79 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Tuesday, September 30th. Stockholders of record on Friday, September 12th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 1.28%. The ex-dividend date of this dividend 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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