Devon Energy Corp. (DVN) Stock Price Down 3.1%
Devon Energy Corp. (NYSE:DVN)’s share price fell 3.1% on Wednesday . The company traded as low as $42.74 and last traded at $43.07, with a volume of 3,627,812 shares traded. The stock had previously closed at $44.44.
A number of research firms have weighed in on DVN. Argus boosted their price objective on Devon Energy Corp. from $51.00 to $61.00 and gave the stock a “buy” rating in a research note on Tuesday, August 23rd. Bank of America Corp. reissued a “buy” rating and set a $60.00 price objective (up previously from $56.00) on shares of Devon Energy Corp. in a research note on Tuesday, August 16th. Zacks Investment Research raised Devon Energy Corp. from a “hold” rating to a “strong-buy” rating and set a $48.00 price target on the stock in a research note on Tuesday, August 16th. Barclays PLC upped their price target on Devon Energy Corp. from $43.00 to $45.00 and gave the company an “overweight” rating in a research note on Thursday, August 4th. Finally, Credit Suisse Group AG reaffirmed a “buy” rating and issued a $46.00 price target on shares of Devon Energy Corp. in a research note on Wednesday, August 3rd. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twenty-one have issued a buy rating and four have assigned a strong buy rating to the company. The stock has an average rating of “Buy” and an average target price of $41.47.
The firm has a 50-day moving average of $40.32 and a 200-day moving average of $33.30. The company’s market capitalization is $22.69 billion.
Devon Energy Corp. (NYSE:DVN) last issued its quarterly earnings results on Tuesday, August 2nd. The energy company reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.19) by $0.25. The business earned $2.49 billion during the quarter, compared to analyst estimates of $2.29 million. The firm’s quarterly revenue was down 26.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.78 earnings per share. On average, analysts forecast that Devon Energy Corp. will post ($0.27) EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Shareholders 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 annualized dividend and a yield of 0.55%.
In other Devon Energy Corp. news, Director Robert H. Henry sold 7,100 shares of Devon Energy Corp. 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 sale, the director now directly owns 9,748 shares in the company, valued at approximately $364,867.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
An institutional investor recently bought a new position in Devon Energy Corp. stock. Trexquant Investment LP purchased a new stake in shares of Devon Energy Corp. (NYSE:DVN) during the fourth quarter, according to its most recent 13F filing with the SEC. The firm purchased 32,600 shares of the energy company’s stock, valued at approximately $1,043,000.
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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