Devon Energy Corporation (DVN) Rating Lowered to Strong Sell at BidaskClub
BidaskClub downgraded shares of Devon Energy Corporation (NYSE:DVN) from a sell rating to a strong sell rating in a research report sent to investors on Saturday morning.
A number of other research analysts also recently weighed in on the company. BMO Capital Markets reissued a buy rating and issued a $45.00 price objective on shares of Devon Energy Corporation in a research note on Wednesday, May 3rd. Royal Bank Of Canada set a $53.00 target price on Devon Energy Corporation and gave the company a buy rating in a report on Tuesday, April 25th. Stifel Nicolaus began coverage on Devon Energy Corporation in a report on Wednesday, April 12th. They issued a buy rating and a $73.00 target price on the stock. They noted that the move was a valuation call. Credit Suisse Group reaffirmed a buy rating and issued a $57.00 target price on shares of Devon Energy Corporation in a report on Friday, March 31st. Finally, Scotiabank set a $54.00 target price on Devon Energy Corporation and gave the company a buy rating in a report on Monday, March 27th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the stock. The stock presently has an average rating of Buy and an average price target of $50.86.
Devon Energy Corporation (NYSE DVN) traded up 1.57% during mid-day trading on Friday, reaching $30.48. 4,161,286 shares of the company were exchanged. The company has a market cap of $16.02 billion, a P/E ratio of 51.75 and a beta of 2.10. The stock’s 50-day moving average is $35.39 and its 200-day moving average is $41.75. Devon Energy Corporation has a 12 month low of $30.03 and a 12 month high of $50.69.
Devon Energy Corporation (NYSE:DVN) last posted its quarterly earnings results on Tuesday, May 2nd. The energy company reported $0.41 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.40 by $0.01. Devon Energy Corporation had a return on equity of 4.25% and a net margin of 2.34%. The company had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $2.98 billion. Equities analysts expect that Devon Energy Corporation will post $1.87 earnings per share for the current year.
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The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be issued a $0.06 dividend. The ex-dividend date is Thursday, September 14th. This represents a $0.24 dividend on an annualized basis and a yield of 0.79%. Devon Energy Corporation’s dividend payout ratio is presently 43.64%.
In other Devon Energy Corporation news, Director Robert A. Mosbacher, Jr. sold 800 shares of the business’s stock in a transaction dated Friday, April 21st. The stock was sold at an average price of $39.18, for a total value of $31,344.00. Following the completion of the transaction, the director now directly owns 23,308 shares of the company’s stock, valued at $913,207.44. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.98% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. boosted its position in Devon Energy Corporation by 3,279.8% in the first quarter. BlackRock Inc. now owns 46,398,296 shares of the energy company’s stock worth $1,935,735,000 after buying an additional 45,025,477 shares during the last quarter. Norges Bank acquired a new position in Devon Energy Corporation during the fourth quarter worth about $239,147,000. Discovery Capital Management LLC CT acquired a new position in Devon Energy Corporation during the fourth quarter worth about $153,392,000. Janus Capital Management LLC boosted its position in Devon Energy Corporation by 408.1% in the first quarter. Janus Capital Management LLC now owns 2,572,931 shares of the energy company’s stock worth $107,342,000 after buying an additional 2,066,530 shares during the last quarter. Finally, Shelton Capital Management boosted its position in Devon Energy Corporation by 14,804.2% in the fourth quarter. Shelton Capital Management now owns 2,000,000 shares of the energy company’s stock worth $613,000 after buying an additional 1,986,581 shares during the last quarter. 77.51% of the stock is owned by hedge funds and other institutional investors.
About Devon Energy Corporation
Devon Energy Corporation is an independent energy company. The Company also controls EnLink Midstream Partners, L.P. (EnLink). The Company’s segments include U.S., Canada and EnLink. The Company is engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs).
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