Devon Energy Corp. (DVN) Stock Price Up 4.7%
Devon Energy Corp. (NYSE:DVN)’s share price rose 4.7% during mid-day trading on Thursday . The company traded as high as $41.55 and last traded at $41.42, with a volume of 3,651,981 shares traded. The stock had previously closed at $39.57.
DVN has been the topic of a number of recent research reports. Howard Weil raised Devon Energy Corp. from a “sector outperform” rating to a “focus stock” rating and increased their price target for the stock from $50.00 to $61.00 in a research report on Monday, July 11th. Zacks Investment Research raised Devon Energy Corp. from a “hold” rating to a “buy” rating and set a $40.00 price target on the stock in a research report on Tuesday, July 26th. Morgan Stanley reissued an “overweight” rating on shares of Devon Energy Corp. in a research report on Wednesday, June 29th. Vetr downgraded Devon Energy Corp. from a “strong-buy” rating to a “sell” rating and set a $32.50 price target on the stock. in a research report on Monday, April 25th. Finally, Deutsche Bank AG increased their price target on Devon Energy Corp. from $41.00 to $45.00 and gave the stock a “buy” rating in a research report on Tuesday, July 5th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twenty-two have given a buy rating and three have assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $41.00.
The firm’s market cap is $21.63 billion. The company’s 50 day moving average is $37.55 and its 200 day moving average is $31.22.
Devon Energy Corp. (NYSE:DVN) last released its quarterly earnings data on Tuesday, August 2nd. The energy company reported $0.06 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.19) by $0.25. The business had revenue of $2.49 billion for the quarter, compared to analyst estimates of $2.29 million. The company’s revenue was down 26.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.78 earnings per share. On average, equities research analysts anticipate that Devon Energy Corp. will post ($0.37) EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Thursday, September 15th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Tuesday, September 13th. This represents a $0.24 annualized dividend and a dividend yield of 0.58%.
In other news, Director Robert H. Henry sold 7,100 shares of the company’s stock in a transaction dated Monday, June 20th. The stock was sold at an average price of $37.43, for a total transaction of $265,753.00. Following the completion of the transaction, the director now directly owns 9,748 shares of the company’s stock, valued at approximately $364,867.64. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.
Several hedge funds and institutional investors have added to or reduced their stakes in DVN. First Washington CORP boosted its position in Devon Energy Corp. by 46.7% in the fourth quarter. First Washington CORP now owns 54,000 shares of the energy company’s stock valued at $1,728,000 after buying an additional 17,200 shares in the last quarter. Foresters Investment Management Company Inc. boosted its position in Devon Energy Corp. by 1.4% in the fourth quarter. Foresters Investment Management Company Inc. now owns 428,575 shares of the energy company’s stock valued at $13,714,000 after buying an additional 5,900 shares in the last quarter. Trexquant Investment LP acquired a new position in Devon Energy Corp. during the fourth quarter valued at about $1,043,000. Systematic Financial Management LP boosted its position in Devon Energy Corp. by 63.5% in the fourth quarter. Systematic Financial Management LP now owns 955,291 shares of the energy company’s stock valued at $30,569,000 after buying an additional 371,039 shares in the last quarter. Finally, Marshall Wace LLP boosted its position in Devon Energy Corp. by 256.2% in the fourth quarter. Marshall Wace LLP now owns 337,566 shares of the energy company’s stock valued at $10,802,000 after buying an additional 242,802 shares in the last quarter.
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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