Devon Energy Corp. (DVN) Rating Lowered to Buy at Vetr Inc.
Devon Energy Corp. (NYSE:DVN) was downgraded by equities researchers at Vetr from a “strong-buy” rating to a “buy” rating in a research report issued on Monday. They currently have a $45.44 target price on the energy company’s stock. Vetr‘s target price suggests a potential upside of 11.76% from the company’s current price.
A number of other equities analysts also recently issued reports on the company. KLR Group downgraded Devon Energy Corp. from a “buy” rating to an “accumulate” rating and increased their target price for the stock from $41.00 to $44.00 in a research note on Monday, July 18th. Bank of America Corp. reissued a “buy” rating on shares of Devon Energy Corp. in a research note on Thursday, June 16th. Wunderlich increased their target price on Devon Energy Corp. from $40.00 to $41.00 and gave the stock a “buy” rating in a research note on Thursday, June 16th. BMO Capital Markets reissued a “buy” rating and set a $40.00 target price (up from $35.00) on shares of Devon Energy Corp. in a research note on Monday, June 13th. Finally, Barclays PLC reissued a “buy” rating on shares of Devon Energy Corp. in a research note on Thursday, May 26th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $42.09.
Shares of Devon Energy Corp. (NYSE:DVN) opened at 40.66 on Monday. Devon Energy Corp. has a 1-year low of $18.07 and a 1-year high of $48.68. The firm has a 50-day moving average price of $42.29 and a 200-day moving average price of $35.49. The stock’s market capitalization is $21.29 billion.
Devon Energy Corp. (NYSE:DVN) last posted its quarterly earnings data on Tuesday, August 2nd. The energy company reported $0.06 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.19) by $0.25. The firm earned $2.49 billion during the quarter, compared to the consensus estimate of $2.29 million. Devon Energy Corp. had a positive return on equity of 3.62% and a negative net margin of 114.09%. The firm’s revenue was down 26.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.78 EPS. On average, equities research analysts forecast that Devon Energy Corp. will post ($0.28) earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 30th. Investors of record on Thursday, December 15th will be paid a $0.06 dividend. The ex-dividend date is Tuesday, December 13th. This represents a $0.24 dividend on an annualized basis and a yield of 0.59%. Devon Energy Corp.’s dividend payout ratio (DPR) is -0.82%.
A number of institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in Devon Energy Corp. by 8.0% in the second quarter. Vanguard Group Inc. now owns 39,324,357 shares of the energy company’s stock worth $1,425,508,000 after buying an additional 2,924,209 shares during the period. State Street Corp increased its position in shares of Devon Energy Corp. by 1.8% in the second quarter. State Street Corp now owns 26,116,448 shares of the energy company’s stock worth $946,729,000 after buying an additional 467,341 shares during the last quarter. BlackRock Institutional Trust Company N.A. increased its position in shares of Devon Energy Corp. by 9.4% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 15,091,081 shares of the energy company’s stock worth $414,099,000 after buying an additional 1,300,977 shares during the last quarter. FMR LLC increased its position in shares of Devon Energy Corp. by 95.3% in the second quarter. FMR LLC now owns 12,404,825 shares of the energy company’s stock worth $449,675,000 after buying an additional 6,053,827 shares during the last quarter. Finally, BlackRock Fund Advisors increased its position in shares of Devon Energy Corp. by 41.1% in the second quarter. BlackRock Fund Advisors now owns 9,612,213 shares of the energy company’s stock worth $348,443,000 after buying an additional 2,797,495 shares during the last quarter. Institutional investors and hedge funds own 75.66% of the company’s stock.
Devon Energy Corp. Company Profile
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.
To view Vetr’s full report, visit Vetr’s official website.
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