Barclays PLC reissued their overweight rating on shares of Devon Energy Corporation (NYSE:DVN) in a report issued on Wednesday, August 9th. Barclays PLC currently has a $35.00 price target on the energy company’s stock, up from their prior price target of $31.00.
Other equities research analysts also recently issued research reports about the stock. BMO Capital Markets reissued a buy rating and set a $45.00 price objective on shares of Devon Energy Corporation in a research report on Wednesday, May 3rd. Royal Bank Of Canada set a $53.00 target price on shares of Devon Energy Corporation and gave the stock a buy rating in a report on Tuesday, April 25th. Stifel Nicolaus initiated coverage on shares of Devon Energy Corporation in a report on Wednesday, April 12th. They issued a buy rating and a $73.00 target price for the company. They noted that the move was a valuation call. Scotiabank set a $57.00 target price on shares of Devon Energy Corporation and gave the stock a buy rating in a report on Tuesday, May 16th. Finally, KLR Group reissued a buy rating and set a $54.00 price objective (up previously from $52.00) on shares of Devon Energy Corporation in a report on Monday, May 15th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Devon Energy Corporation currently has an average rating of Buy and a consensus target price of $47.62.
Devon Energy Corporation (DVN) traded up 0.73% during trading on Wednesday, hitting $30.40. The stock had a trading volume of 4,204,173 shares. The company has a 50-day moving average price of $31.77 and a 200-day moving average price of $37.29. Devon Energy Corporation has a 52-week low of $28.79 and a 52-week high of $50.69. The company has a market cap of $15.98 billion, a price-to-earnings ratio of 6.88 and a beta of 2.17.
Devon Energy Corporation (NYSE:DVN) last issued its quarterly earnings data on Tuesday, August 1st. The energy company reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.01. Devon Energy Corporation had a net margin of 16.07% and a return on equity of 5.36%. The firm had revenue of $3.27 billion during the quarter, compared to the consensus estimate of $3.24 billion. During the same quarter in the previous year, the firm posted $0.06 EPS. The company’s revenue for the quarter was up 31.6% compared to the same quarter last year. Equities research analysts forecast that Devon Energy Corporation will post $1.74 EPS for the current year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be paid a dividend of $0.06 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.79%. Devon Energy Corporation’s dividend payout ratio is presently 5.47%.
In other news, Director Robert H. Henry sold 7,045 shares of the stock in a transaction that occurred on Friday, August 4th. The shares were 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 $378,122.30. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.98% of the stock is currently owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Candriam Luxembourg S.C.A. increased its position in 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 worth $4,633,000 after buying an additional 20,354 shares in the last quarter. OLD Point Trust & Financial Services N A increased its stake in shares of Devon Energy Corporation by 7.2% in the first quarter. OLD Point Trust & Financial Services N A now owns 39,432 shares of the energy company’s stock valued at $1,645,000 after buying an additional 2,650 shares during the period. Navellier & Associates Inc purchased a new stake in shares of Devon Energy Corporation during the first quarter valued at $5,004,000. State of Alaska Department of Revenue purchased a new stake in shares of Devon Energy Corporation during the first quarter valued at $116,000. Finally, Nisa Investment Advisors LLC increased its stake 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 during the period. Hedge funds and other institutional investors 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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