Devon Energy Corp. (DVN) PT Set at $64.00 by Bank of America Corp.
Devon Energy Corp. (NYSE:DVN) received a $64.00 price target from equities research analysts at Bank of America Corp. in a research note issued to investors on Monday. The firm presently has a a “buy” rating on the energy company’s stock. Bank of America Corp.’s price objective would indicate a potential upside of 44.18% from the company’s previous close.
Several other equities analysts also recently weighed in on DVN. Deutsche Bank AG restated a “buy” rating on shares of Devon Energy Corp. in a report on Sunday, July 17th. Morgan Stanley set a $54.00 price target on Devon Energy Corp. and gave the company a “buy” rating in a report on Wednesday, August 3rd. Wunderlich raised their price target on Devon Energy Corp. from $40.00 to $41.00 and gave the company a “buy” rating in a report on Thursday, June 16th. BMO Capital Markets restated a “buy” rating and set a $40.00 price target (up from $35.00) on shares of Devon Energy Corp. in a report on Monday, June 13th. Finally, Scotiabank restated a “focus stock” rating and set a $61.00 price target (up from $50.00) on shares of Devon Energy Corp. in a report on Monday, July 11th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty have given a buy rating and three have given a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $42.21.
Shares of Devon Energy Corp. (NYSE:DVN) traded down 0.88% during midday trading on Monday, reaching $44.00. The company had a trading volume of 3,207,341 shares. Devon Energy Corp. has a 12-month low of $18.07 and a 12-month high of $48.68. The company has a 50 day moving average of $42.89 and a 200 day moving average of $37.22. The firm’s market capitalization is $23.04 billion.
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Devon Energy Corp. (NYSE:DVN) last issued its quarterly earnings results on Tuesday, August 2nd. The energy company reported $0.06 earnings per share for the quarter, beating the 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 firm earned $2.49 billion during the quarter, compared to the consensus estimate of $2.29 million. During the same period last year, the company earned $0.78 earnings per share. The company’s revenue was down 26.7% on a year-over-year basis. Analysts anticipate that Devon Energy Corp. will post ($0.29) EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 30th. Stockholders of record on Thursday, December 15th will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.54%. The ex-dividend date is Tuesday, December 13th. Devon Energy Corp.’s dividend payout ratio (DPR) is -0.82%.
Several large investors have recently made changes to their positions in DVN. Vanguard Group Inc. raised its stake in shares of Devon Energy Corp. by 8.0% in the second quarter. Vanguard Group Inc. now owns 39,324,357 shares of the energy company’s stock valued at $1,425,508,000 after buying an additional 2,924,209 shares during the period. State Street Corp raised its stake in Devon Energy Corp. by 1.8% in the second quarter. State Street Corp now owns 26,116,448 shares of the energy company’s stock worth $946,729,000 after buying an additional 467,341 shares during the last quarter. FMR LLC raised its stake in Devon Energy Corp. by 95.3% in the second quarter. FMR LLC now owns 12,404,825 shares of the energy company’s stock worth $449,675,000 after buying an additional 6,053,827 shares during the last quarter. BlackRock Fund Advisors raised its stake in Devon Energy Corp. by 41.1% in the second quarter. BlackRock Fund Advisors now owns 9,612,213 shares of the energy company’s stock worth $348,443,000 after buying an additional 2,797,495 shares during the last quarter. Finally, BlackRock Group LTD raised its stake in Devon Energy Corp. by 4.4% in the second quarter. BlackRock Group LTD now owns 6,255,651 shares of the energy company’s stock worth $226,768,000 after buying an additional 261,153 shares during the last quarter. 75.62% of the stock is currently owned by institutional investors and hedge funds.
About Devon Energy Corp.
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.
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