Devon Energy Corp. (DVN) Shares Gap Up to $43.31
Devon Energy Corp. (NYSE:DVN) gapped up before the market opened 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 changing hands.
A number of equities research analysts have issued reports on the stock. Zacks Investment Research raised shares of Devon Energy Corp. from a “hold” rating to a “strong-buy” rating and set a $48.00 target price on the stock in a report on Tuesday. Bank of America Corp. reissued a “buy” rating and set a $60.00 target price (up previously from $56.00) on shares of Devon Energy Corp. in a report on Tuesday. Barclays PLC boosted their target price on shares of Devon Energy Corp. from $38.00 to $43.00 and gave the company an “overweight” rating in a report on Thursday, July 14th. Deutsche Bank AG reissued a “buy” rating on shares of Devon Energy Corp. in a report on Sunday, July 17th. Finally, KLR Group cut shares of Devon Energy Corp. from a “buy” rating to an “accumulate” rating and boosted their target price for the company from $41.00 to $44.00 in a report on Monday, July 18th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twenty-one have given a buy rating and four have issued a strong buy rating to the company. Devon Energy Corp. presently has an average rating of “Buy” and a consensus target price of $41.56.
The stock’s market capitalization is $23.21 billion. The firm’s 50 day moving average is $38.83 and its 200 day moving average is $32.05.
Devon Energy Corp. (NYSE:DVN) last released its quarterly earnings results on Tuesday, August 2nd. The energy company reported $0.06 EPS for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.25. The firm had revenue of $2.49 billion for the quarter, compared to analysts’ expectations of $2.29 million. During the same period in the prior year, the firm posted $0.78 earnings per share. Devon Energy Corp.’s revenue for the quarter was down 26.7% on a year-over-year basis. On average, analysts forecast that Devon Energy Corp. will post ($0.27) EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Thursday, September 15th will be paid a dividend of $0.06 per share. The ex-dividend date of this dividend is Tuesday, September 13th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.54%.
In other Devon Energy Corp. news, Director Robert H. Henry sold 7,100 shares of the business’s stock in a transaction dated 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 directly owns 9,748 shares of the company’s stock, valued at approximately $364,867.64. The transaction was disclosed in a filing with the SEC, which is available through this link.
Other large investors recently added to or reduced their stakes in the company. Trexquant Investment LP bought a new stake in Devon Energy Corp. during the fourth quarter valued at about $1,043,000. 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. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Devon Energy Corp. during the fourth quarter valued at about $1,718,000. KBC Group NV boosted its stake 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 valued at $3,888,000 after buying an additional 39,944 shares during the period. Finally, Bridgewater Associates LP boosted its stake 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 valued at $4,026,000 after buying an additional 8,105 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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