ISI Group Increases Devon Energy Corp Price Target to $0.48 (DVN)
ISI Group increased their price target on shares of Devon Energy Corp (NYSE:DVN) from $0.10 to $0.48 in a research note issued on Monday. The firm currently has an “average” rating on the stock. ISI Group’s price target would suggest a potential downside of 99.39% from the company’s current price.
Shares of Devon Energy Corp (NYSE:DVN) traded down 1.30% during mid-day trading on Monday, hitting $78.18. The stock had a trading volume of 2,102,884 shares. Devon Energy Corp has a one year low of $53.46 and a one year high of $80.63. The stock’s 50-day moving average is $75.83 and its 200-day moving average is $67.20. The company has a market cap of $31.890 billion and a P/E ratio of 19.47. Devon Energy Corp also was the target of a significant decline in short interest in the month of June. As of June 13th, there was short interest totalling 6,499,517 shares, a decline of 34.1% from the May 30th total of 9,860,562 shares. Approximately 1.7% of the company’s shares are short sold. Based on an average daily trading volume, of 3,022,962 shares, the short-interest ratio is presently 2.2 days.
Devon Energy Corp (NYSE:DVN) last announced its 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. On average, analysts predict that Devon Energy Corp will post $5.82 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Tuesday, September 30th. Stockholders 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 1.21%. The ex-dividend date is Wednesday, September 10th.
In other Devon Energy Corp news, Director Robert A. Mosbacher, Jr. sold 3,500 shares of the company’s stock on the open market in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $79.07, for a total transaction of $276,745.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Several other analysts have also recently commented on the stock. Analysts at Wed upgraded shares of Devon Energy Corp to a “buy” rating in a research note on Monday. They now have a $96.00 price target on the stock, up previously from $75.00. Separately, analysts at Citigroup Inc. upgraded shares of Devon Energy Corp from a “neutral” rating to a “buy” rating in a research note on Monday. They now have a $96.00 price target on the stock, up previously from $21.00. Finally, analysts at Morgan Stanley reiterated an “equal weight” rating on shares of Devon Energy Corp in a research note on Tuesday, July 1st. They now have a $89.00 price target on the stock, up previously from $88.00. Eleven equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. Devon Energy Corp has a consensus rating of “Buy” and a consensus price target of $81.31.
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).
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.