Devon Energy Corporation (DVN) Rating Reiterated by Cowen and Company
Cowen and Company reissued their buy rating on shares of Devon Energy Corporation (NYSE:DVN) in a research report report published on Thursday morning. The firm currently has a $40.00 target price on the energy company’s stock.
A number of other brokerages have also recently issued reports on DVN. Piper Jaffray Companies dropped their price objective on Devon Energy Corporation from $46.00 to $36.00 and set a neutral rating on the stock in a 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 from $31.00) on shares of Devon Energy Corporation in a research report on Thursday, August 3rd. Scotiabank set a $49.00 price target on shares of Devon Energy Corporation and gave the stock a buy rating in a report on Monday, July 31st. Finally, Stifel Nicolaus reissued a buy rating and issued a $74.00 price target on shares of Devon Energy Corporation in a report on Tuesday, June 6th. Two analysts have rated the stock with a sell rating, six have given a hold rating and eleven have issued a buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus price target of $45.78.
Shares of Devon Energy Corporation (NYSE:DVN) opened at 36.71 on Thursday. Devon Energy Corporation has a 12-month low of $28.79 and a 12-month high of $50.69. The stock’s 50 day moving average price is $31.92 and its 200 day moving average price is $35.28. The firm has a market capitalization of $19.29 billion, a price-to-earnings ratio of 8.31 and a beta of 2.21.
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, 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 business had revenue of $3.27 billion during the quarter, compared to analyst estimates of $3.24 billion. During the same period in the previous year, the business earned $0.06 EPS. Devon Energy Corporation’s revenue was up 31.6% compared to the same quarter last year. Equities research analysts expect that Devon Energy Corporation will post $1.73 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 15th will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.65%. The ex-dividend date is Thursday, December 14th. Devon Energy Corporation’s dividend payout ratio is presently 5.47%.
In other news, Director Robert H. Henry sold 7,045 shares of the firm’s stock in a transaction dated Friday, August 4th. The stock was 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 of the company’s stock, valued at $378,122.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.51% of the stock is currently owned by company insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in DVN. Park National Corp OH boosted its holdings in Devon Energy Corporation by 0.8% during the 2nd quarter. Park National Corp OH now owns 6,779 shares of the energy company’s stock valued at $217,000 after acquiring an additional 54 shares during the period. Point View Wealth Management Inc. grew its position in Devon Energy Corporation by 1.2% during the 2nd quarter. Point View Wealth Management Inc. now owns 8,334 shares of the energy company’s stock worth $266,000 after acquiring an additional 95 shares during the last quarter. Honkamp Krueger Financial Services Inc. grew its position in Devon Energy Corporation by 1.4% during the 2nd quarter. Honkamp Krueger Financial Services Inc. now owns 7,048 shares of the energy company’s stock worth $225,000 after acquiring an additional 96 shares during the last quarter. Wedbush Securities Inc. grew its position in Devon Energy Corporation by 1.1% during the 2nd quarter. Wedbush Securities Inc. now owns 9,286 shares of the energy company’s stock worth $297,000 after acquiring an additional 99 shares during the last quarter. Finally, Fernwood Investment Management LLC grew its position in Devon Energy Corporation by 1.4% during the 1st quarter. Fernwood Investment Management LLC now owns 7,200 shares of the energy company’s stock worth $300,000 after acquiring an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 77.00% 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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