Devon Energy Corp Now Covered by Wells Fargo & Co. (DVN)
Equities researchers at Wells Fargo & Co. assumed coverage on shares of Devon Energy Corp (NYSE:DVN) in a research report issued on Wednesday. The firm set a “buy” rating and a $100.00 price target on the stock. Wells Fargo & Co.’s price objective indicates a potential upside of 33.44% from the stock’s previous close.
The analysts wrote, “After several months with the stock under review, we resume coverage of Devon after a number of changes that have transformed the investment case by introducing a series of options that immediately reposition DVN as a competitive E&P within the large cap US oils. Versus our initial positive view in early 2013, management has surpassed our expectations: this starts with EnLink, providing a public marker for a previously overlooked midstream business, but with options to monetize retained interests at an accretive multiple. “Critically, when adjusted for the value of its public holdings, we believe DVN stands on the lowest multiple in the sector.”
A number of other firms have also recently commented on DVN. Analysts at Bank of America initiated coverage on shares of Devon Energy Corp in a research note on Wednesday. They set a “buy” rating and a $100.00 price target on the stock. Separately, 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. 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 investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Devon Energy Corp has an average rating of “Buy” and a consensus price target of $82.43.
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 saw unusually large options trading on Tuesday. Stock traders acquired 12,051 call options on the company. This is an increase of approximately 330% compared to the average volume of 2,802 call options.
Devon Energy Corp (NYSE:DVN) last released its earnings data 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. 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. Shareholders 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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