Devon Energy Corporation (NYSE:DVN) had its target price reduced by equities researchers at Citigroup Inc. from $52.00 to $40.00 in a report issued on Friday, July 21st. The firm presently has a “buy” rating on the energy company’s stock. Citigroup Inc.’s price objective suggests a potential upside of 31.58% from the stock’s previous close.
Other equities analysts also recently issued research reports about the company. Scotiabank set a $57.00 target price on Devon Energy Corporation and gave the company a “buy” rating in a research report on Tuesday, May 16th. Stifel Nicolaus initiated coverage on Devon Energy Corporation in a research report on Wednesday, April 12th. They set a “buy” rating and a $73.00 price target on the stock. They noted that the move was a valuation call. Credit Suisse Group reissued a “buy” rating and set a $57.00 price target on shares of Devon Energy Corporation in a research report on Friday, March 31st. BMO Capital Markets reissued a “buy” rating and set a $45.00 price target on shares of Devon Energy Corporation in a research report on Wednesday, May 3rd. Finally, 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 Tuesday, April 25th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. Devon Energy Corporation has a consensus rating of “Buy” and an average price target of $47.62.
Shares of Devon Energy Corporation (DVN) traded up 0.73% during mid-day trading on Friday, hitting $30.40. The stock had a trading volume of 4,204,173 shares. Devon Energy Corporation has a one year low of $28.79 and a one year high of $50.69. The company has a 50-day moving average of $31.77 and a 200 day moving average of $37.29. The firm 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 posted its earnings results on Tuesday, August 1st. The energy company reported $0.34 EPS for the quarter, beating the consensus estimate of $0.33 by $0.01. Devon Energy Corporation had a return on equity of 5.36% and a net margin of 16.07%. The company had revenue of $3.27 billion for the quarter, compared to the consensus estimate of $3.24 billion. During the same quarter in the prior year, the business earned $0.06 earnings per share. The firm’s revenue for the quarter was up 31.6% on a year-over-year basis. On average, equities research analysts forecast that Devon Energy Corporation will post $1.74 earnings per share for the current year.
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In other Devon Energy Corporation news, Director Robert H. Henry sold 7,045 shares of the business’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $33.35, for a total value of $234,950.75. Following the completion of the sale, the director now directly owns 11,338 shares of the company’s stock, valued at $378,122.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.98% of the stock is currently owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in the company. Fifth Third Bancorp boosted its stake in shares of Devon Energy Corporation by 10.4% in the first quarter. Fifth Third Bancorp now owns 2,630 shares of the energy company’s stock worth $110,000 after buying an additional 248 shares during the period. FTB Advisors Inc. boosted its stake in shares of Devon Energy Corporation by 84.2% in the first quarter. FTB Advisors Inc. now owns 2,755 shares of the energy company’s stock worth $108,000 after buying an additional 1,259 shares during the period. State of Alaska Department of Revenue acquired a new stake in shares of Devon Energy Corporation during the first quarter worth $116,000. FUKOKU MUTUAL LIFE INSURANCE Co boosted its stake in shares of Devon Energy Corporation by 88.9% in the first quarter. FUKOKU MUTUAL LIFE INSURANCE Co now owns 3,400 shares of the energy company’s stock worth $142,000 after buying an additional 1,600 shares during the period. Finally, Sun Life Financial INC boosted its stake in shares of Devon Energy Corporation by 32,058.3% in the second quarter. Sun Life Financial INC now owns 3,859 shares of the energy company’s stock worth $123,000 after buying an additional 3,847 shares during the period. 77.08% of the stock is owned by institutional investors.
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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