Devon Energy (DVN) Rating Reiterated by Piper Jaffray Companies
Devon Energy (NYSE:DVN)‘s stock had its “hold” rating reissued by Piper Jaffray Companies in a research report issued to clients and investors on Tuesday. They currently have a $42.00 price target on the energy company’s stock. Piper Jaffray Companies’ target price indicates a potential downside of 2.89% from the company’s current price.
Several other research analysts also recently commented on the stock. Morgan Stanley raised their price target on shares of Devon Energy from $42.00 to $48.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 18th. Credit Suisse Group started coverage on shares of Devon Energy in a research note on Monday, December 11th. They issued an “outperform” rating and a $43.00 price target on the stock. Seaport Global Securities raised shares of Devon Energy from a “neutral” rating to a “buy” rating in a research note on Tuesday, December 19th. Scotiabank set a $50.00 price target on shares of Devon Energy and gave the stock a “buy” rating in a research note on Saturday, November 25th. Finally, Jefferies Group raised shares of Devon Energy from a “hold” rating to a “buy” rating and set a $43.00 price target on the stock in a research note on Monday, October 9th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and fifteen have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $46.06.
Shares of Devon Energy (NYSE DVN) opened at $43.25 on Tuesday. The stock has a market cap of $22,730.00, a PE ratio of 14.71, a PEG ratio of 2.56 and a beta of 2.21. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 0.87. Devon Energy has a twelve month low of $28.79 and a twelve month high of $48.18.
Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, October 31st. The energy company reported $0.46 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.39 by $0.07. The firm had revenue of $3.16 billion during the quarter, compared to analyst estimates of $3.13 billion. Devon Energy had a net margin of 11.62% and a return on equity of 6.88%. The business’s revenue was up 9.5% on a year-over-year basis. During the same quarter last year, the business earned $1.89 EPS. research analysts expect that Devon Energy will post 1.79 earnings per share for the current fiscal year.
In other Devon Energy news, EVP Lyndon C. Taylor sold 12,798 shares of the firm’s stock in a transaction dated Thursday, December 14th. The shares were sold at an average price of $38.29, for a total transaction of $490,035.42. Following the transaction, the executive vice president now owns 67,900 shares of the company’s stock, valued at approximately $2,599,891. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.51% of the company’s stock.
Large investors have recently added to or reduced their stakes in the company. Gabelli Funds LLC boosted its holdings in shares of Devon Energy by 3.2% in the 3rd quarter. Gabelli Funds LLC now owns 483,500 shares of the energy company’s stock valued at $17,749,000 after buying an additional 15,000 shares in the last quarter. Ninepoint Partners LP bought a new stake in shares of Devon Energy in the 3rd quarter valued at about $6,241,000. 3G Capital Partners LP bought a new stake in shares of Devon Energy in the 3rd quarter valued at about $14,684,000. TVR Capital Management LP boosted its holdings in shares of Devon Energy by 121.8% in the 2nd quarter. TVR Capital Management LP now owns 240,000 shares of the energy company’s stock valued at $7,673,000 after buying an additional 131,806 shares in the last quarter. Finally, Bridgewater Associates LP boosted its holdings in shares of Devon Energy by 54.4% in the 2nd quarter. Bridgewater Associates LP now owns 880,996 shares of the energy company’s stock valued at $28,165,000 after buying an additional 310,222 shares in the last quarter. Institutional investors and hedge funds own 77.44% of the company’s stock.
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About Devon Energy
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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