Devon Energy Corporation (DVN) Lowered to “Strong Sell” at BidaskClub
Devon Energy Corporation (NYSE:DVN) was downgraded by equities research analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a note issued to investors on Saturday.
A number of other brokerages have also issued reports on DVN. Barclays PLC restated an “overweight” rating and issued a $35.00 target price (up previously from $31.00) on shares of Devon Energy Corporation in a research note on Thursday, August 3rd. Royal Bank Of Canada set a $53.00 target price on Devon Energy Corporation and gave the stock a “buy” rating in a research note on Monday, May 29th. Bank of America Corporation restated a “buy” rating on shares of Devon Energy Corporation in a research note on Thursday, May 11th. Piper Jaffray Companies initiated coverage on Devon Energy Corporation in a research note on Monday, July 17th. They issued a “neutral” rating and a $48.00 target price for the company. Finally, Cowen and Company set a $37.00 target price on Devon Energy Corporation and gave the stock a “buy” rating in a research note on Tuesday, July 18th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. Devon Energy Corporation has an average rating of “Buy” and a consensus target price of $47.62.
Devon Energy Corporation (DVN) traded up 0.73% during mid-day trading on Friday, reaching $30.40. The company had a trading volume of 4,204,173 shares. Devon Energy Corporation has a 52 week low of $28.79 and a 52 week high of $50.69. The stock’s 50-day moving average price is $31.77 and its 200 day moving average price is $37.29. The firm has a market capitalization of $15.98 billion, a PE ratio of 6.88 and a beta of 2.17.
Devon Energy Corporation (NYSE:DVN) last issued its earnings results on Tuesday, August 1st. The energy company reported $0.34 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.33 by $0.01. The company had revenue of $3.27 billion during the quarter, compared to analyst estimates of $3.24 billion. Devon Energy Corporation had a return on equity of 5.36% and a net margin of 16.07%. The firm’s quarterly revenue was up 31.6% on a year-over-year basis. During the same quarter last year, the business posted $0.06 EPS. On average, equities research analysts predict that Devon Energy Corporation will post $1.74 EPS for the current year.
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In other news, Director Robert H. Henry sold 7,045 shares of the business’s stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $33.35, for a total transaction of $234,950.75. Following the transaction, the director now directly owns 11,338 shares in the company, valued at approximately $378,122.30. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.98% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. DnB Asset Management AS boosted its position in shares of Devon Energy Corporation by 20.9% in the first quarter. DnB Asset Management AS now owns 51,575 shares of the energy company’s stock valued at $2,152,000 after buying an additional 8,900 shares in the last quarter. Nisa Investment Advisors LLC boosted its position in shares of Devon Energy Corporation by 3.2% in the first quarter. Nisa Investment Advisors LLC now owns 101,879 shares of the energy company’s stock valued at $4,250,000 after buying an additional 3,125 shares in the last quarter. State of Alaska Department of Revenue bought a new position in shares of Devon Energy Corporation during the first quarter valued at $116,000. Candriam Luxembourg S.C.A. boosted its position in shares of Devon Energy Corporation by 22.4% in the first quarter. Candriam Luxembourg S.C.A. now owns 111,050 shares of the energy company’s stock valued at $4,633,000 after buying an additional 20,354 shares in the last quarter. Finally, Mn Services Vermogensbeheer B.V. boosted its position in shares of Devon Energy Corporation by 4.0% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 12,568 shares of the energy company’s stock valued at $490,000 after buying an additional 488 shares in the last quarter. Institutional investors and hedge funds own 77.08% of the company’s stock.
About Devon Energy Corporation
Devon Energy Corporation is an independent energy company. The Company also controls EnLink Midstream Partners, L.P. (EnLink). The Company’s segments include U.S., Canada and EnLink. The Company is engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs).
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