Devon Energy Corp PT Raised to $87.00 (DVN)
Equities researchers at Howard Weil lifted their target price on shares of Devon Energy Corp (NYSE:DVN) from $77.00 to $87.00 in a research report issued on Tuesday. The firm currently has a “sector outperform” rating on the stock. Howard Weil’s price objective indicates a potential upside of 10.31% from the company’s current price.
Other equities research analysts have also recently issued reports about the stock. Analysts at Argus raised their price target on shares of Devon Energy Corp from $80.00 to $88.00 in a research note on Monday, June 16th. They now have a “buy” rating on the stock. Separately, analysts at Deutsche Bank reiterated a “hold” rating on shares of Devon Energy Corp in a research note on Wednesday, June 11th. They now have a $87.00 price target on the stock, up previously from $79.00. Finally, analysts at Wells Fargo & Co. initiated coverage on shares of Devon Energy Corp in a research note on Wednesday, June 11th. They set a “buy” rating and a $100.00 price target on the stock. Nine investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $83.71.
Shares of Devon Energy Corp (NYSE:DVN) opened at 78.69 on Tuesday. Devon Energy Corp has a 52-week low of $51.66 and a 52-week high of $79.25. The stock’s 50-day moving average is $74.09 and its 200-day moving average is $66.16. The company has a market cap of $32.098 billion and a price-to-earnings ratio of 19.39.
Devon Energy Corp (NYSE:DVN) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $1.14 earnings per share for the quarter, missing the analysts’ 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 last year, the company posted $0.66 earnings per share. Devon Energy Corp’s revenue was up 89.0% compared to the same quarter last year. Analysts expect that Devon Energy Corp will post $5.78 EPS 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 1.22%. 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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