Devon Energy Corp. (DVN) Upgraded to “Strong-Buy” by Vetr Inc.
Vetr upgraded shares of Devon Energy Corp. (NYSE:DVN) from a buy rating to a strong-buy rating in a report issued on Tuesday morning. The brokerage currently has $46.16 price objective on the energy company’s stock.
DVN has been the subject of a number of other reports. Argus increased their price objective on Devon Energy Corp. from $51.00 to $61.00 and gave the stock a buy rating in a report on Tuesday, August 23rd. Barclays PLC upped their target price on Devon Energy Corp. from $45.00 to $50.00 and gave the stock an overweight rating in a research report on Thursday, September 1st. Bank of America Corp. restated a buy rating and issued a $50.00 target price on shares of Devon Energy Corp. in a research report on Tuesday, June 7th. Morgan Stanley restated an overweight rating on shares of Devon Energy Corp. in a research report on Wednesday, June 29th. Finally, Zacks Investment Research upgraded Devon Energy Corp. from a hold rating to a buy rating and set a $40.00 target price for the company in a research report on Tuesday, July 26th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty have given a buy rating and three have assigned a strong buy rating to the company’s stock. The company has an average rating of Buy and an average target price of $42.09.
Devon Energy Corp. (NYSE:DVN) opened at 40.66 on Tuesday. Devon Energy Corp. has a 52 week low of $18.07 and a 52 week high of $48.68. The stock has a 50 day moving average price of $42.29 and a 200 day moving average price of $35.49. The firm’s market cap is $21.29 billion.
Devon Energy Corp. (NYSE:DVN) last issued its quarterly earnings data on Tuesday, August 2nd. The energy company reported $0.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business earned $2.49 billion during the quarter, compared to analyst estimates of $2.29 million. During the same period in the prior year, the company posted $0.78 EPS. The business’s revenue for the quarter was down 26.7% compared to the same quarter last year. Equities research analysts expect that Devon Energy Corp. will post ($0.28) EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 30th. Stockholders of record on Thursday, December 15th will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.59%. The ex-dividend date of this dividend is Tuesday, December 13th. Devon Energy Corp.’s payout ratio is -0.82%.
Several hedge funds have recently bought and sold shares of the company. IFP Advisors Inc raised its stake in Devon Energy Corp. by 20.8% in the second quarter. IFP Advisors Inc now owns 2,806 shares of the energy company’s stock valued at $102,000 after buying an additional 483 shares during the last quarter. Ropes Wealth Advisors LLC raised its stake in Devon Energy Corp. by 738.7% in the second quarter. Ropes Wealth Advisors LLC now owns 3,338 shares of the energy company’s stock valued at $121,000 after buying an additional 2,940 shares during the last quarter. Hall Laurie J Trustee raised its stake in shares of Devon Energy Corp. by 13.7% in the second quarter. Hall Laurie J Trustee now owns 3,745 shares of the energy company’s stock worth $141,000 after buying an additional 450 shares in the last quarter. RS Investment Management Co. LLC bought a new stake in shares of Devon Energy Corp. during the second quarter worth $144,000. Finally, Point72 Asia Hong Kong Ltd raised its stake in shares of Devon Energy Corp. by 91.7% in the second quarter. Point72 Asia Hong Kong Ltd now owns 4,600 shares of the energy company’s stock worth $167,000 after buying an additional 2,200 shares in the last quarter. 75.62% of the stock is owned by institutional investors.
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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