Devon Energy Corp. (DVN) Trading Up 1.5%
Devon Energy Corp. (NYSE:DVN)’s share price was up 1.5% during mid-day trading on Wednesday . The company traded as high as $43.22 and last traded at $43.09, with a volume of 4,267,236 shares. The stock had previously closed at $42.47.
A number of equities analysts have recently issued reports on DVN shares. 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 note 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 research note on Wednesday, May 4th. Scotiabank reiterated a “focus stock” rating and set a $61.00 target price (up from $50.00) on shares of Devon Energy Corp. in a research report on Monday, July 11th. Deutsche Bank AG reiterated a “buy” rating on shares of Devon Energy Corp. in a research report on Sunday, July 17th. Finally, KLR Group downgraded Devon Energy Corp. from a “buy” rating to an “accumulate” rating and lifted their target price for the company from $41.00 to $44.00 in a research report on Monday, July 18th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, twenty-one have given a buy rating and four have given a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $41.56.
The stock’s market cap is $23.44 billion. The stock has a 50 day moving average of $38.60 and a 200-day moving average of $31.92.
Devon Energy Corp. (NYSE:DVN) last released its quarterly earnings data on Tuesday, August 2nd. The energy company reported $0.06 earnings per share for the quarter, topping the consensus estimate of ($0.19) by $0.25. The business earned $2.49 billion during the quarter, compared to analysts’ expectations of $2.29 million. During the same quarter last year, the business posted $0.78 EPS. The company’s quarterly revenue was down 26.7% compared to the same quarter last year. On average, equities research analysts predict that Devon Energy Corp. will post ($0.27) earnings per share for the current year.
The firm also recently disclosed 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. This represents a $0.24 annualized dividend and a yield of 0.54%. 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 stock was 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 document filed with the SEC, which is available at this link.
A number of large investors have added to or reduced their stakes in the company. Mutual of America Capital Management LLC boosted 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 valued at $1,386,000 after buying an additional 390 shares during the period. Bridgewater Associates LP boosted 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. Principal Financial Group Inc. boosted its position in Devon Energy Corp. by 2.9% in the fourth quarter. Principal Financial Group Inc. now owns 508,717 shares of the energy company’s stock worth $16,279,000 after buying an additional 14,361 shares during the last quarter. Trexquant Investment LP purchased a new position in Devon Energy Corp. during the fourth quarter worth approximately $1,043,000. Finally, KBC Group NV boosted 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.
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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