Devon Energy Corporation (DVN) Given a $66.00 Price Target at Stifel Nicolaus
Devon Energy Corporation (NYSE:DVN) has been given a $66.00 target price by analysts at Stifel Nicolaus in a research report issued on Thursday. The brokerage currently has a “buy” rating on the energy company’s stock. Stifel Nicolaus’ target price would indicate a potential upside of 81.57% from the company’s current price.
A number of other brokerages also recently issued reports on DVN. Cowen and Company reiterated a “buy” rating and set a $40.00 price target on shares of Devon Energy Corporation in a research report on Thursday, September 28th. Piper Jaffray Companies lowered their price target on Devon Energy Corporation from $46.00 to $36.00 and set a “neutral” rating on the stock in a research report on Monday, September 18th. BidaskClub upgraded Devon Energy Corporation from a “strong sell” rating to a “sell” rating in a research report on Wednesday, June 14th. Barclays PLC reiterated an “overweight” rating and set a $35.00 price target (up previously from $31.00) on shares of Devon Energy Corporation in a research report on Thursday, August 3rd. Finally, Scotiabank set a $49.00 price target on Devon Energy Corporation and gave the stock a “buy” rating in a research report on Monday, July 31st. Two analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $45.29.
Shares of Devon Energy Corporation (NYSE DVN) traded down 1.692% during mid-day trading on Thursday, reaching $35.735. The company had a trading volume of 1,215,752 shares. The company has a market capitalization of $18.78 billion, a price-to-earnings ratio of 8.085 and a beta of 2.21. The stock has a 50 day moving average of $33.37 and a 200-day moving average of $34.94. Devon Energy Corporation has a 52 week low of $28.79 and a 52 week high of $50.69.
Devon Energy Corporation (NYSE:DVN) last issued its quarterly earnings results on Tuesday, August 1st. The energy company reported $0.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.01. The company had revenue of $3.27 billion for the quarter, compared to the consensus estimate of $3.24 billion. Devon Energy Corporation had a return on equity of 5.36% and a net margin of 16.07%. Devon Energy Corporation’s revenue for the quarter was up 31.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.06 earnings per share. On average, analysts expect that Devon Energy Corporation will post $1.73 earnings per share for the current fiscal year.
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In related news, Director Robert H. Henry sold 7,045 shares of the stock in a transaction that occurred on Friday, August 4th. The stock was 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 of the company’s stock, valued at $378,122.30. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.51% of the stock is currently owned by company insiders.
A number of hedge funds have recently bought and sold shares of the business. Centre Asset Management LLC acquired a new stake in Devon Energy Corporation during the third quarter worth $8,334,000. Achmea Investment Management B.V. increased its stake in Devon Energy Corporation by 22.4% during the second quarter. Achmea Investment Management B.V. now owns 50,424 shares of the energy company’s stock worth $1,611,000 after acquiring an additional 9,221 shares during the last quarter. Lord Abbett & CO. LLC increased its stake in Devon Energy Corporation by 10.1% during the second quarter. Lord Abbett & CO. LLC now owns 1,561,234 shares of the energy company’s stock worth $49,913,000 after acquiring an additional 143,851 shares during the last quarter. Sentry Investment Management LLC increased its stake in Devon Energy Corporation by 174.7% during the second quarter. Sentry Investment Management LLC now owns 40,927 shares of the energy company’s stock worth $1,308,000 after acquiring an additional 26,028 shares during the last quarter. Finally, Toronto Dominion Bank increased its stake in Devon Energy Corporation by 24.7% during the second quarter. Toronto Dominion Bank now owns 185,353 shares of the energy company’s stock worth $5,925,000 after acquiring an additional 36,768 shares during the last quarter. 77.00% 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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