Devon Energy (NYSE:DVN) received a $46.00 price target from Jefferies Group in a research report issued on Wednesday. The brokerage currently has a “buy” rating on the energy company’s stock. Jefferies Group’s price objective indicates a potential upside of 10.66% from the company’s previous close. Jefferies Group also issued estimates for Devon Energy’s FY2017 earnings at $1.81 EPS.
Several other equities analysts have also recently weighed in on the company. Credit Suisse Group initiated coverage on Devon Energy in a research note on Monday, December 11th. They set an “outperform” rating and a $43.00 target price on the stock. Morgan Stanley lifted their target price on Devon Energy from $42.00 to $48.00 and gave the company an “overweight” rating in a research note on Wednesday, October 18th. Cowen reaffirmed a “buy” rating and set a $37.00 target price on shares of Devon Energy in a research note on Tuesday, August 22nd. Citigroup reaffirmed a “buy” rating and set a $44.00 target price on shares of Devon Energy in a research note on Tuesday, November 28th. Finally, Piper Jaffray Companies reaffirmed a “hold” rating and set a $38.00 target price on shares of Devon Energy in a research note on Friday, November 24th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and fifteen have issued a buy rating to the company’s stock. Devon Energy presently has an average rating of “Buy” and an average target price of $45.78.
Shares of Devon Energy (NYSE DVN) traded up $0.65 on Wednesday, reaching $41.57. The company had a trading volume of 4,243,618 shares, compared to its average volume of 4,784,896. The stock has a market cap of $21,483.00, a PE ratio of 14.19, a P/E/G ratio of 1.27 and a beta of 2.21. Devon Energy has a 1 year low of $28.79 and a 1 year high of $49.45. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.63 and a quick ratio of 1.63.
In other news, EVP Lyndon C. Taylor sold 12,798 shares of the company’s stock in a transaction that occurred on Thursday, December 14th. The stock was sold at an average price of $38.29, for a total transaction of $490,035.42. Following the completion of the transaction, the executive vice president now directly owns 67,900 shares in the company, valued at $2,599,891. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.51% of the stock is owned by insiders.
Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Devon Energy by 3.0% during the second quarter. Vanguard Group Inc. now owns 44,823,163 shares of the energy company’s stock valued at $1,432,998,000 after purchasing an additional 1,295,417 shares during the period. State Street Corp increased its position in shares of Devon Energy by 1.0% during the second quarter. State Street Corp now owns 27,673,118 shares of the energy company’s stock valued at $884,702,000 after purchasing an additional 265,179 shares during the period. Standard Life Investments LTD increased its position in shares of Devon Energy by 1.3% during the second quarter. Standard Life Investments LTD now owns 6,054,868 shares of the energy company’s stock valued at $193,604,000 after purchasing an additional 75,952 shares during the period. Northern Trust Corp increased its position in shares of Devon Energy by 0.3% during the second quarter. Northern Trust Corp now owns 5,955,294 shares of the energy company’s stock valued at $190,390,000 after purchasing an additional 18,861 shares during the period. Finally, Victory Capital Management Inc. increased its position in shares of Devon Energy by 21.6% during the third quarter. Victory Capital Management Inc. now owns 5,570,722 shares of the energy company’s stock valued at $204,501,000 after purchasing an additional 988,090 shares during the period. Institutional investors own 77.43% of the company’s stock.
Devon Energy Company Profile
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).
