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. The stock had previously closed at $39.57.
DVN has been the topic of a number of research reports. Vetr lowered Devon Energy Corp. from a “strong-buy” rating to a “sell” rating and set a $32.50 price target on the stock. in a report on Monday, April 25th. Royal Bank Of Canada raised their price target on Devon Energy Corp. from $36.00 to $41.00 and gave the stock an “outperform” rating in a report on Wednesday, May 4th. Scotiabank reissued a “focus stock” rating and set a $61.00 price target (up previously from $50.00) on shares of Devon Energy Corp. in a report on Monday, July 11th. Deutsche Bank AG reissued a “buy” rating on shares of Devon Energy Corp. in a report on Sunday, July 17th. Finally, KLR Group lowered Devon Energy Corp. from a “buy” rating to an “accumulate” rating and raised their price target for the stock from $41.00 to $44.00 in a report on Monday, July 18th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, twenty-two have issued a buy rating and three have given a strong buy rating to the company. Devon Energy Corp. presently has a consensus rating of “Buy” and a consensus target price of $41.00.
The stock’s market cap is $21.82 billion. The company has a 50-day moving average price of $37.73 and a 200 day moving average price of $31.43.
Devon Energy Corp. (NYSE:DVN) last released its earnings results on Tuesday, August 2nd. The energy company reported $0.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.25. During the same quarter in the previous year, the company earned $0.78 EPS. The company earned $2.49 billion during the quarter, compared to analysts’ expectations of $2.29 million. The firm’s quarterly revenue was down 26.7% compared to the same quarter last year. Equities research analysts expect that Devon Energy Corp. will post ($0.25) earnings per share for the current fiscal year.
The business also recently announced 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. The ex-dividend date is Tuesday, September 13th. This represents a $0.24 dividend on an annualized basis and a yield of 0.58%.
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 in the company, valued at approximately $364,867.64. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.
A number of large investors recently added to or reduced their stakes in DVN. Foresters Investment Management Company Inc. increased its stake 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 worth $13,714,000 after buying an additional 5,900 shares during the last quarter. Marshall Wace LLP increased its stake 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 worth $10,802,000 after buying an additional 242,802 shares during the last quarter. 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 last quarter. 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 last quarter. Finally, 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 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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