A number of research firms have changed their ratings and price targets for Devon Energy Corp. (NYSE: DVN):

  • 9/20/2016 – Devon Energy Corp. was upgraded by analysts at Vetr from a “buy” rating to a “strong-buy” rating. They now have a $46.16 price target on the stock.
  • 9/19/2016 – Devon Energy Corp. was downgraded by analysts at Vetr from a “strong-buy” rating to a “buy” rating. They now have a $45.44 price target on the stock.
  • 9/13/2016 – Devon Energy Corp. was downgraded by analysts at Vetr from a “strong-buy” rating to a “buy” rating. They now have a $45.44 price target on the stock.
  • 9/12/2016 – Devon Energy Corp. was upgraded by analysts at Vetr from a “buy” rating to a “strong-buy” rating. They now have a $49.33 price target on the stock.
  • 9/6/2016 – Devon Energy Corp. was downgraded by analysts at Citigroup Inc. from a “positive” rating to a “market perform” rating. They noted that the move was a valuation call. They noted that the move was a valuation call.
  • 9/6/2016 – Devon Energy Corp. was downgraded by analysts at Raymond James Financial Inc. from an “outperform” rating to a “market perform” rating. They now have a $45.84 price target on the stock.
  • 9/6/2016 – Devon Energy Corp. was downgraded by analysts at Zacks Investment Research from a “strong-buy” rating to a “hold” rating. According to Zacks, “Devon Energy's focus on high-quality North American properties has led to robust oil output. Year to date, the company has signed agreements worth $3.2 billion to divest non-core assets, exceeding its divesture target of $2–$3 billion for 2016. Devon raised its 2016 production guidance and cut costs that would generate total savings of nearly $1000 million in 2016, a big positive under challenging circumstances. However, a highly competitive oil and gas industry is always a headwind while limited control over some properties could have an adverse impact on Devon’s financial performance.”
  • 9/1/2016 – Devon Energy Corp. had its price target raised by analysts at Barclays PLC from $45.00 to $50.00. They now have an “overweight” rating on the stock.
  • 8/23/2016 – Devon Energy Corp. had its price target raised by analysts at Argus from $51.00 to $61.00. They now have a “buy” rating on the stock.
  • 8/16/2016 – Devon Energy Corp. was upgraded by analysts at Zacks Investment Research from a “hold” rating to a “strong-buy” rating. They now have a $48.00 price target on the stock. According to Zacks, “Devon Energy's focus on high-quality North American properties has led to robust oil output. Year to date, the company has signed agreements worth $3.2 billion to divest non-core assets, exceeding its divesture target of $2–$3 billion for 2016. Devon raised its 2016 production guidance and cut costs that would generate total savings of nearly $1000 million in 2016, a big positive under challenging circumstances. However, a highly competitive oil and gas industry is always a headwind while limited control over some properties could have an adverse impact on Devon’s financial performance.”
  • 8/16/2016 – Devon Energy Corp. had its “buy” rating reaffirmed by analysts at Bank of America Corp.. They now have a $60.00 price target on the stock, up previously from $56.00.
  • 8/4/2016 – Devon Energy Corp. had its price target raised by analysts at Barclays PLC from $43.00 to $45.00. They now have an “overweight” rating on the stock.
  • 8/3/2016 – Devon Energy Corp. had its “buy” rating reaffirmed by analysts at JPMorgan Chase & Co..
  • 8/3/2016 – Devon Energy Corp. was given a new $54.00 price target on by analysts at Morgan Stanley. They now have a “buy” rating on the stock.
  • 8/3/2016 – Devon Energy Corp. was given a new $45.00 price target on by analysts at RBC Capital Markets. They now have a “buy” rating on the stock.
  • 8/3/2016 – Devon Energy Corp. had its “buy” rating reaffirmed by analysts at Credit Suisse Group AG. They now have a $46.00 price target on the stock.
  • 7/26/2016 – Devon Energy Corp. was upgraded by analysts at Zacks Investment Research from a “hold” rating to a “buy” rating. They now have a $40.00 price target on the stock. According to Zacks, “Devon Energy has increased oil output for seven quarters in a row for its customers with its focus on gaining a hand in high-quality North American oil and natural gas rich properties. Again, streamlining operations has taken shape in a divestiture plan of non-core assets, so that year-to-date, Devon has signed agreements to divest non-core assets worth $3.2 billion exceeding its divesture target of $2–$3 billion in 2016. Intending to utilize these proceeds to lower its existing debts and make strategic investments in high-quality resource plays, Devon raised its 2016 capital expenditure and production guidance. Alongside these, Devon has cut costs expected to generate total savings of nearly $900 million in 2016, a big positive amid challenging circumstances. However, a highly competitive oil and gas industry eats into the results while limited control over some properties could have an adverse impact on Devon’s financial performance.”

Shares of Devon Energy Corp. (NYSE:DVN) opened at 42.17 on Thursday. Devon Energy Corp. has a 52 week low of $18.07 and a 52 week high of $48.68. The company’s market cap is $22.08 billion. The company’s 50-day moving average price is $42.46 and its 200 day moving average price is $35.54.

Devon Energy Corp. (NYSE:DVN) last announced its earnings results on Tuesday, August 2nd. The energy company reported $0.06 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.19) by $0.25. Devon Energy Corp. had a positive return on equity of 3.62% and a negative net margin of 114.09%. The company had revenue of $2.49 billion for the quarter, compared to analyst estimates of $2.29 million. During the same period in the prior year, the company posted $0.78 EPS. The firm’s quarterly revenue was down 26.7% compared to the same quarter last year. Equities research analysts anticipate that Devon Energy Corp. will post ($0.28) earnings per share for the current fiscal year.

This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/09/22/research-analysts-recent-ratings-changes-for-devon-energy-corp-dvn.html

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 30th. Investors of record on Thursday, December 15th will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.57%. The ex-dividend date of this dividend is Tuesday, December 13th. Devon Energy Corp.’s dividend payout ratio is currently -0.82%.

Devon Energy Corporation (Devon) is an independent energy company engaged in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs). The Company’s operations are concentrated in various North American onshore areas in the United States and Canada. The Company also produces over 1.6 billion cubic feet of natural gas a day and approximately 135 thousand barrels of NGLs per day.

5 Day Chart for NYSE:DVN

Receive News & Ratings for Devon Energy Corp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Devon Energy Corp and related companies with MarketBeat.com's FREE daily email newsletter.