Devon Energy Corp. (DVN) Trading Up 4.4%
Devon Energy Corp. (NYSE:DVN) shares were up 4.4% during mid-day trading on Tuesday . The company traded as high as $37.74 and last traded at $37.68, with a volume of 6,085,131 shares changing hands. The stock had previously closed at $36.08.
A number of research analysts have issued reports on DVN shares. Vetr cut Devon Energy Corp. from a “strong-buy” rating to a “sell” rating and set a $32.50 target price for the company. in a research note on Monday, April 25th. Royal Bank Of Canada upped their price objective on Devon Energy Corp. from $36.00 to $41.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 4th. Scotiabank reaffirmed a “focus stock” rating and set a $61.00 price objective (up from $50.00) on shares of Devon Energy Corp. in a research report on Monday, July 11th. Deutsche Bank AG reaffirmed a “buy” rating on shares of Devon Energy Corp. in a research report on Sunday, July 17th. Finally, KLR Group cut Devon Energy Corp. from a “buy” rating to an “accumulate” rating and upped their price objective for the stock from $41.00 to $44.00 in a research report on Monday, July 18th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twenty-one have issued a buy rating and three have issued a strong buy rating to the company’s stock. Devon Energy Corp. has a consensus rating of “Buy” and an average target price of $40.03.
The stock’s market cap is $19.63 billion. The firm’s 50 day moving average is $37.08 and its 200-day moving average is $30.18.
Devon Energy Corp. (NYSE:DVN) last announced its quarterly earnings results on Tuesday, May 3rd. The energy company reported ($0.53) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.64) by $0.11. The company earned $2.13 billion during the quarter, compared to the consensus estimate of $2.60 billion. The business’s revenue was down 34.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.22 earnings per share. On average, analysts forecast that Devon Energy Corp. will post ($0.76) earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Thursday, September 15th will be issued a $0.06 dividend. The ex-dividend date of this dividend is Tuesday, September 13th. This represents a $0.24 dividend on an annualized basis and a yield of 0.64%.
In other Devon Energy Corp. news, Director Robert H. Henry sold 7,100 shares of Devon Energy Corp. stock in a transaction 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 sale, the director now directly owns 9,748 shares in the company, valued at approximately $364,867.64. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.
Several hedge funds have bought and sold shares of the company. Trexquant Investment LP acquired a new stake in Devon Energy Corp. during the fourth quarter worth $1,043,000. Sei Investments Co. increased its stake in Devon Energy Corp. by 123.7% in the fourth quarter. Sei Investments Co. now owns 36,300 shares of the energy company’s stock worth $1,161,000 after buying an additional 20,071 shares during the period. Advantus Capital Management Inc increased its stake in 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 worth $1,192,000 after buying an additional 1,078 shares during the period. Mutual of America Capital Management LLC increased its stake in Devon Energy Corp. by 0.9% in the fourth quarter. Mutual of America Capital Management LLC now owns 43,317 shares of the energy company’s stock worth $1,386,000 after buying an additional 390 shares during the period. Finally, Mitsubishi UFJ Kokusai Asset Management CO. LTD. increased its stake in Devon Energy Corp. by 5.7% in the fourth quarter. Mitsubishi UFJ Kokusai Asset Management CO. LTD. now owns 51,749 shares of the energy company’s stock worth $1,656,000 after buying an additional 2,802 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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