Bank of America Corp. Reiterates “$64.00” Price Target for Devon Energy Corp. (DVN)
Devon Energy Corp. (NYSE:DVN) received a $64.00 target price from equities research analysts at Bank of America Corp. in a note issued to investors on Monday. The brokerage currently has a a “buy” rating on the energy company’s stock. Bank of America Corp.’s target price indicates a potential upside of 44.18% from the company’s previous close.
DVN has been the topic of a number of other research reports. Morgan Stanley reaffirmed an “overweight” rating on shares of Devon Energy Corp. in a research note on Wednesday, June 29th. Piper Jaffray Cos. reaffirmed a “neutral” rating and set a $41.00 target price (up previously from $39.00) on shares of Devon Energy Corp. in a research note on Thursday, July 7th. JPMorgan Chase & Co. reiterated a “buy” rating on shares of Devon Energy Corp. in a report on Thursday, June 30th. Citigroup Inc. reiterated a “buy” rating and set a $45.00 price target (up previously from $40.00) on shares of Devon Energy Corp. in a report on Monday, July 18th. Finally, Barclays PLC lifted their price target on shares of Devon Energy Corp. from $43.00 to $45.00 and gave the stock an “overweight” rating in a report on Thursday, August 4th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty have assigned a buy rating and three have given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $42.21.
Devon Energy Corp. (NYSE:DVN) traded down 1.51% during mid-day trading on Monday, hitting $43.72. 2,614,398 shares of the company were exchanged. The company’s 50-day moving average is $42.89 and its 200 day moving average is $37.22. The company’s market capitalization is $22.89 billion. Devon Energy Corp. has a 12-month low of $18.07 and a 12-month high of $48.68.
Devon Energy Corp. (NYSE:DVN) last posted its earnings results on Tuesday, August 2nd. The energy company reported $0.06 earnings per share 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. Devon Energy Corp. had a negative net margin of 114.09% and a positive return on equity of 3.62%. The company’s 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. Analysts expect that Devon Energy Corp. will post ($0.29) EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 30th. Investors of record on Thursday, December 15th will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.54%. The ex-dividend date of this dividend is Tuesday, December 13th. Devon Energy Corp.’s dividend payout ratio is currently -0.82%.
Several institutional investors have recently added to or reduced their stakes in DVN. IFP Advisors Inc raised its position in Devon Energy Corp. by 20.8% in the second quarter. IFP Advisors Inc now owns 2,806 shares of the energy company’s stock valued at $102,000 after buying an additional 483 shares in the last quarter. Ropes Wealth Advisors LLC raised its position in Devon Energy Corp. by 738.7% in the second quarter. Ropes Wealth Advisors LLC now owns 3,338 shares of the energy company’s stock valued at $121,000 after buying an additional 2,940 shares in the last quarter. Hall Laurie J Trustee raised its position in Devon Energy Corp. by 13.7% in the second quarter. Hall Laurie J Trustee now owns 3,745 shares of the energy company’s stock valued at $141,000 after buying an additional 450 shares in the last quarter. RS Investment Management Co. LLC acquired a new position in Devon Energy Corp. during the second quarter valued at approximately $144,000. Finally, Point72 Asia Hong Kong Ltd raised its position in Devon Energy Corp. by 91.7% in the second quarter. Point72 Asia Hong Kong Ltd now owns 4,600 shares of the energy company’s stock valued at $167,000 after buying an additional 2,200 shares in the last quarter. 75.62% of the stock is currently owned by institutional investors.
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.
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