Devon Energy Corp. (DVN) Stock Price Up 6.2%
Devon Energy Corp. (NYSE:DVN)’s share price rose 6.2% during mid-day trading on Tuesday . The stock traded as high as $40.26 and last traded at $40.01, with a volume of 4,930,155 shares changing hands. The stock had previously closed at $37.67.
DVN has been the topic of several recent analyst reports. Johnson Rice raised shares of Devon Energy Corp. from a “hold” rating to an “accumulate” rating in a report on Thursday, May 19th. Citigroup Inc. increased their price objective on shares of Devon Energy Corp. from $30.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, April 7th. Vetr downgraded shares of Devon Energy Corp. from a “strong-buy” rating to a “buy” rating and set a $29.42 price objective on the stock. in a report on Thursday, March 31st. Deutsche Bank AG decreased their price objective on shares of Devon Energy Corp. from $48.00 to $32.00 and set a “buy” rating on the stock in a report on Tuesday, March 29th. Finally, Evercore ISI raised shares of Devon Energy Corp. from a “hold” rating to a “buy” rating and increased their price objective for the company from $30.00 to $40.00 in a report on Friday, April 15th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, twenty have issued a buy rating and three have assigned a strong buy rating to the stock. Devon Energy Corp. has an average rating of “Buy” and an average price target of $39.77.
The company’s 50 day moving average is $36.45 and its 200-day moving average is $29.66. The firm’s market capitalization is $20.97 billion.
Devon Energy Corp. (NYSE:DVN) last posted its quarterly earnings results on Tuesday, May 3rd. The energy company reported ($0.53) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.64) by $0.11. The business earned $2.13 billion during the quarter, compared to analysts’ expectations of $2.60 billion. During the same quarter in the previous year, the business posted $0.22 EPS. The company’s quarterly revenue was down 34.9% on a year-over-year basis. Analysts forecast that Devon Energy Corp. will post ($0.84) earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Thursday, September 15th will be given a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.64%. The ex-dividend date of this dividend is Tuesday, September 13th.
In other Devon Energy Corp. news, Director Robert H. Henry sold 7,100 shares of the stock in a transaction that occurred on Monday, June 20th. The shares were sold at an average price of $37.43, for a total value of $265,753.00. Following the completion of the sale, the director now owns 9,748 shares of the company’s stock, valued at $364,867.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
A number of hedge funds have recently modified their holdings of the stock. Trexquant Investment LP purchased a new stake in shares of Devon Energy Corp. during the fourth quarter valued at about $1,043,000. Brave Asset Management Inc increased its stake in shares of Devon Energy Corp. by 6.6% in the fourth quarter. Brave Asset Management Inc now owns 33,712 shares of the energy company’s stock valued at $1,079,000 after buying an additional 2,100 shares during the period. Sei Investments Co. increased its stake in shares of Devon Energy Corp. by 123.7% in the fourth quarter. Sei Investments Co. now owns 36,300 shares of the energy company’s stock valued at $1,161,000 after buying an additional 20,071 shares during the period. Advantus Capital Management Inc increased its stake in shares of Devon Energy Corp. by 3.0% in the fourth quarter. Advantus Capital Management Inc now owns 37,236 shares of the energy company’s stock valued at $1,192,000 after buying an additional 1,078 shares during the period. Finally, Camelot Portfolios LLC increased its stake in shares of Devon Energy Corp. by 41.0% in the fourth quarter. Camelot Portfolios LLC now owns 37,979 shares of the energy company’s stock valued at $1,215,000 after buying an additional 11,045 shares during the period.
Devon Energy Corporation (Devon) is an independent energy company engaged in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs). The Company’s operations are concentrated in various North American onshore areas in the United States and Canada. The Company also produces over 1.6 billion cubic feet of natural gas a day and approximately 135 thousand barrels of NGLs per day.
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