Devon Energy Corporation (NYSE:DVN) had its price target lowered by Piper Jaffray Companies from $46.00 to $36.00 in a report issued on Monday morning. The brokerage currently has a neutral rating on the energy company’s stock.
DVN has been the subject of a number of other research reports. BMO Capital Markets boosted their target price on Devon Energy Corporation from $35.00 to $38.00 and gave the company an outperform rating in a research note on Friday, July 14th. Stifel Nicolaus reissued a buy rating and issued a $67.00 target price on shares of Devon Energy Corporation in a research note on Sunday, September 3rd. Barclays PLC reissued an overweight rating and issued a $35.00 target price (up previously from $31.00) on shares of Devon Energy Corporation in a research note on Wednesday, August 9th. Seaport Global Securities lowered Devon Energy Corporation from a buy rating to a neutral rating and lowered their target price for the company from $51.00 to $28.00 in a research note on Wednesday, June 21st. Finally, Sanford C. Bernstein lowered Devon Energy Corporation from an outperform rating to a market perform rating and lowered their target price for the company from $54.00 to $33.00 in a research note on Thursday, July 6th. 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. The stock has an average rating of Hold and an average target price of $45.61.
Shares of Devon Energy Corporation (NYSE:DVN) opened at 35.35 on Monday. Devon Energy Corporation has a 52 week low of $28.79 and a 52 week high of $50.69. The firm has a market cap of $18.58 billion, a PE ratio of 8.00 and a beta of 2.18. The stock has a 50 day moving average price of $31.92 and a 200 day moving average price of $35.28.
Devon Energy Corporation (NYSE:DVN) last released its earnings results 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 return on equity of 5.36% and a net margin of 16.07%. The company had revenue of $3.27 billion during the quarter, compared to analyst estimates of $3.24 billion. During the same quarter in the previous year, the company posted $0.06 EPS. Devon Energy Corporation’s revenue for the quarter was up 31.6% on a year-over-year basis. Equities analysts expect that Devon Energy Corporation will post $1.73 earnings per share for the current year.
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The company also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 15th will be issued a dividend of $0.06 per share. The ex-dividend date is Thursday, December 14th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.68%. Devon Energy Corporation’s dividend payout ratio (DPR) is 5.47%.
In other Devon Energy Corporation news, Director Robert H. Henry sold 7,045 shares of the company’s stock in a transaction that occurred on 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 owns 11,338 shares in the company, valued at approximately $378,122.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.98% of the stock is currently owned by corporate insiders.
Several institutional investors have recently bought and sold shares of DVN. UBS Asset Management Americas Inc. grew its stake in shares of Devon Energy Corporation by 1.6% in the 1st quarter. UBS Asset Management Americas Inc. now owns 1,402,944 shares of the energy company’s stock worth $58,531,000 after buying an additional 22,351 shares during the last quarter. Meadow Creek Investment Management LLC grew its stake in shares of Devon Energy Corporation by 25.5% in the 1st quarter. Meadow Creek Investment Management LLC now owns 16,688 shares of the energy company’s stock worth $696,000 after buying an additional 3,388 shares during the last quarter. Ropes Wealth Advisors LLC grew its stake in shares of Devon Energy Corporation by 9.3% in the 1st quarter. Ropes Wealth Advisors LLC now owns 10,021 shares of the energy company’s stock worth $418,000 after buying an additional 851 shares during the last quarter. Teza Capital Management LLC purchased a new stake in shares of Devon Energy Corporation in the 1st quarter worth approximately $372,000. Finally, HGK Asset Management Inc. grew its stake in shares of Devon Energy Corporation by 7.0% in the 1st quarter. HGK Asset Management Inc. now owns 319,570 shares of the energy company’s stock worth $13,332,000 after buying an additional 20,970 shares during the last quarter. Institutional investors own 76.99% of the company’s stock.
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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