Devon Energy Corp. (DVN) Shares Gap Up to $43.31
Devon Energy Corp. (NYSE:DVN)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $43.06, but opened at $43.31. Devon Energy Corp. shares last traded at $44.58, with a volume of 3,720,702 shares.
A number of research firms recently weighed in on DVN. Vetr raised Devon Energy Corp. from a “hold” rating to a “buy” rating and set a $38.00 price target for the company in a report on Friday, April 29th. Sanford C. Bernstein increased their target price on Devon Energy Corp. from $37.00 to $38.00 and gave the company an “outperform” rating in a report on Thursday, May 5th. Royal Bank Of Canada increased their target price on Devon Energy Corp. from $36.00 to $41.00 and gave the company an “outperform” rating in a report on Wednesday, May 4th. Deutsche Bank AG reissued a “buy” rating on shares of Devon Energy Corp. in a report on Sunday, July 17th. Finally, Citigroup Inc. reissued a “buy” rating on shares of Devon Energy Corp. in a report on Wednesday, May 4th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, twenty-one have issued a buy rating and four have assigned a strong buy rating to the stock. Devon Energy Corp. currently has a consensus rating of “Buy” and an average target price of $41.56.
The stock’s 50 day moving average price is $38.60 and its 200 day moving average price is $31.92. The company’s market cap is $23.44 billion.
Devon Energy Corp. (NYSE:DVN) last released its quarterly earnings results on Tuesday, August 2nd. The energy company reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.25. The business had revenue of $2.49 billion for the quarter, compared to the consensus estimate of $2.29 million. The firm’s revenue for the quarter was down 26.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.78 EPS. Equities research analysts forecast that Devon Energy Corp. will post ($0.27) earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Thursday, September 15th will be paid 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 0.54%.
In related news, Director Robert H. Henry sold 7,100 shares of the firm’s 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 transaction, the director now directly owns 9,748 shares in the company, valued at approximately $364,867.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.
A number of hedge funds and institutional investors have recently bought and sold shares of the stock. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Devon Energy Corp. during the fourth quarter worth about $1,718,000. Bridgewater Associates LP raised its position in Devon Energy Corp. by 6.9% in the fourth quarter. Bridgewater Associates LP now owns 125,805 shares of the energy company’s stock worth $4,026,000 after buying an additional 8,105 shares during the last quarter. KBC Group NV raised its position in Devon Energy Corp. by 49.0% in the fourth quarter. KBC Group NV now owns 121,487 shares of the energy company’s stock worth $3,888,000 after buying an additional 39,944 shares during the last quarter. Trexquant Investment LP purchased a new position in Devon Energy Corp. during the fourth quarter worth about $1,043,000. Finally, Advantus Capital Management Inc raised its position 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.
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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