Devon Energy Corporation (DVN) Given a $47.00 Price Target at Scotiabank
Devon Energy Corporation (NYSE:DVN) has been given a $47.00 target price by analysts at Scotiabank in a research note issued on Friday. The firm currently has a “buy” rating on the energy company’s stock. Scotiabank’s price objective indicates a potential upside of 48.69% from the stock’s previous close.
DVN has been the topic of several other research reports. BidaskClub lowered shares of Devon Energy Corporation from a “sell” rating to a “strong sell” rating in a research note on Saturday, June 24th. Citigroup Inc. dropped their price objective on shares of Devon Energy Corporation from $52.00 to $40.00 and set a “buy” rating on the stock in a research note on Friday, July 21st. BMO Capital Markets reiterated a “buy” rating and set a $45.00 price objective on shares of Devon Energy Corporation in a research note on Wednesday, May 3rd. Royal Bank Of Canada set a $53.00 price objective on shares of Devon Energy Corporation and gave the stock a “buy” rating in a research note on Monday, May 29th. Finally, Barclays PLC reiterated an “overweight” rating and set a $47.00 price objective (down previously from $54.00) on shares of Devon Energy Corporation in a research note on Saturday, April 22nd. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, twelve have issued 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 an average price target of $47.62.
Devon Energy Corporation (NYSE:DVN) traded down 0.47% during mid-day trading on Friday, reaching $31.61. The company’s stock had a trading volume of 3,588,192 shares. Devon Energy Corporation has a 1-year low of $28.79 and a 1-year high of $50.69. The stock has a market capitalization of $16.61 billion, a P/E ratio of 7.15 and a beta of 2.17. The stock’s 50 day moving average price is $31.79 and its 200 day moving average price is $37.85.
Devon Energy Corporation (NYSE:DVN) last released its quarterly earnings data on Tuesday, August 1st. The energy company reported $0.34 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.01. The firm had revenue of $3.27 billion for the quarter, compared to analyst estimates of $3.24 billion. Devon Energy Corporation had a net margin of 16.07% and a return on equity of 5.36%. Devon Energy Corporation’s quarterly revenue was up 31.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.06 earnings per share. Analysts expect that Devon Energy Corporation will post $1.73 EPS for the current fiscal year.
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In other Devon Energy Corporation 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 value of $234,950.75. Following the completion of the sale, the director now owns 11,338 shares in the company, valued at approximately $378,122.30. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.98% of the stock is owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the company. Exencial Wealth Advisors LLC increased its position in Devon Energy Corporation by 0.4% in the first quarter. Exencial Wealth Advisors LLC now owns 13,021 shares of the energy company’s stock worth $511,000 after buying an additional 46 shares in the last quarter. Park National Corp OH increased its position in Devon Energy Corporation by 0.8% in the second quarter. Park National Corp OH now owns 6,779 shares of the energy company’s stock worth $217,000 after buying an additional 54 shares in the last quarter. Point View Wealth Management Inc. increased its position in Devon Energy Corporation by 1.2% in the second quarter. Point View Wealth Management Inc. now owns 8,334 shares of the energy company’s stock worth $266,000 after buying an additional 95 shares in the last quarter. Honkamp Krueger Financial Services Inc. increased its position in Devon Energy Corporation by 1.4% in the second quarter. Honkamp Krueger Financial Services Inc. now owns 7,048 shares of the energy company’s stock worth $225,000 after buying an additional 96 shares in the last quarter. Finally, Wedbush Securities Inc. increased its position in Devon Energy Corporation by 1.1% in the second quarter. Wedbush Securities Inc. now owns 9,286 shares of the energy company’s stock worth $297,000 after buying an additional 99 shares in the last quarter. Institutional investors own 77.27% of the company’s stock.
Devon Energy Corporation 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).
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