Devon Energy Corporation (NYSE:DVN) Bond Prices Fall 1.2%
An issue of Devon Energy Corporation (NYSE:DVN) bonds fell 1.2% against their face value during trading on Friday. The debt issue has a 5% coupon and will mature on June 15, 2045. The bonds in the issue are now trading at $100.92 and were trading at $101.58 last week. Price changes in a company’s bonds in credit markets sometimes anticipate parallel changes in its stock price.
Several research firms recently weighed in on DVN. BMO Capital Markets increased their target price on Devon Energy Corporation from $35.00 to $38.00 and gave the stock an “outperform” rating in a research report on Friday, July 14th. Barclays PLC reiterated an “overweight” rating and set a $47.00 target price (down from $54.00) on shares of Devon Energy Corporation in a research report on Saturday, April 22nd. Seaport Global Securities downgraded Devon Energy Corporation from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $51.00 to $28.00 in a research report on Wednesday, June 21st. Credit Suisse Group raised their price objective on Devon Energy Corporation from $63.00 to $64.00 and gave the stock an “outperform” rating in a report on Thursday, May 4th. Finally, Scotiabank set a $57.00 price objective on Devon Energy Corporation and gave the stock a “buy” rating in a report on Tuesday, May 16th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. Devon Energy Corporation has an average rating of “Buy” and an average price target of $47.71.
Shares of Devon Energy Corporation (NYSE DVN) traded down 0.47% during midday trading on Friday, reaching $31.61. The company’s stock had a trading volume of 3,588,192 shares. The stock’s 50-day moving average is $31.79 and its 200 day moving average is $37.85. The stock has a market capitalization of $16.61 billion, a P/E ratio of 7.15 and a beta of 2.17. Devon Energy Corporation has a 12 month low of $28.79 and a 12 month high of $50.69.
Devon Energy Corporation (NYSE:DVN) last posted 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. Devon Energy Corporation had a return on equity of 5.36% and a net margin of 16.07%. The business had revenue of $3.27 billion during the quarter, compared to analysts’ expectations of $3.24 billion. During the same quarter in the previous year, the firm earned $0.06 EPS. The firm’s revenue was up 31.6% compared to the same quarter last year. On average, analysts expect that Devon Energy Corporation will post $1.73 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be paid a dividend of $0.06 per share. The ex-dividend date is Thursday, September 14th. This represents a $0.24 annualized dividend and a yield of 0.76%. Devon Energy Corporation’s dividend payout ratio is 5.47%.
In related news, Director Robert H. Henry sold 7,045 shares of the business’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 in the company, valued at $378,122.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.98% of the company’s stock.
A number of institutional investors have recently modified their holdings of the stock. Investec Asset Management LTD raised its stake in Devon Energy Corporation by 6.5% in the first quarter. Investec Asset Management LTD now owns 571,980 shares of the energy company’s stock valued at $23,863,000 after buying an additional 35,008 shares in the last quarter. Shapiro Capital Management LLC raised its stake in Devon Energy Corporation by 2.2% in the first quarter. Shapiro Capital Management LLC now owns 1,306,283 shares of the energy company’s stock valued at $54,498,000 after buying an additional 28,695 shares in the last quarter. Teachers Advisors LLC raised its stake in Devon Energy Corporation by 2.3% in the first quarter. Teachers Advisors LLC now owns 939,950 shares of the energy company’s stock valued at $39,215,000 after buying an additional 20,850 shares in the last quarter. HGK Asset Management Inc. raised its stake in Devon Energy Corporation by 7.0% in the first quarter. HGK Asset Management Inc. now owns 319,570 shares of the energy company’s stock valued at $13,332,000 after buying an additional 20,970 shares in the last quarter. Finally, Karp Capital Management Corp bought a new stake in Devon Energy Corporation during the first quarter valued at $6,649,000. Hedge funds and other institutional investors own 77.27% of the company’s stock.
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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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