Devon Energy Corporation (DVN) Stock Rating Lowered by BidaskClub
Devon Energy Corporation (NYSE:DVN) was downgraded by analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a research report issued to clients and investors on Saturday.
DVN has been the subject of a number of other research reports. BMO Capital Markets lifted their target price on Devon Energy Corporation from $35.00 to $38.00 and gave the stock an “outperform” rating in a report on Friday, July 14th. Barclays PLC restated an “overweight” rating and issued a $47.00 price target (down previously from $54.00) on shares of Devon Energy Corporation in a research report on Saturday, April 22nd. Seaport Global Securities cut Devon Energy Corporation from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $51.00 to $28.00 in a research report on Wednesday, June 21st. Credit Suisse Group raised their price target on Devon Energy Corporation from $63.00 to $64.00 and gave the stock an “outperform” rating in a research report on Thursday, May 4th. Finally, Scotiabank set a $57.00 price target on Devon Energy Corporation and gave the stock a “buy” rating in a research report on Tuesday, May 16th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $47.62.
Shares of Devon Energy Corporation (NYSE DVN) traded up 0.73% during midday trading on Friday, reaching $30.40. 4,204,173 shares of the company’s stock traded hands. Devon Energy Corporation has a 52-week low of $28.79 and a 52-week high of $50.69. The stock has a market cap of $15.98 billion, a price-to-earnings ratio of 6.88 and a beta of 2.17. The stock has a 50 day moving average of $31.77 and a 200-day moving average of $37.29.
Devon Energy Corporation (NYSE:DVN) last posted its earnings results on Tuesday, August 1st. The energy company reported $0.34 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.33 by $0.01. Devon Energy Corporation had a return on equity of 5.36% and a net margin of 16.07%. The company had revenue of $3.27 billion during the quarter, compared to the consensus estimate of $3.24 billion. During the same quarter last year, the firm earned $0.06 earnings per share. The company’s revenue was up 31.6% on a year-over-year basis. On average, equities research analysts expect that Devon Energy Corporation will post $1.74 EPS for the current year.
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In other news, Director Robert H. Henry sold 7,045 shares of the business’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $33.35, for a total transaction of $234,950.75. Following the sale, the director now directly owns 11,338 shares in the company, valued at $378,122.30. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.98% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in DVN. Fifth Third Bancorp boosted its stake in Devon Energy Corporation by 10.4% in the first quarter. Fifth Third Bancorp now owns 2,630 shares of the energy company’s stock valued at $110,000 after buying an additional 248 shares during the period. FTB Advisors Inc. boosted its stake in Devon Energy Corporation by 84.2% in the first quarter. FTB Advisors Inc. now owns 2,755 shares of the energy company’s stock valued at $108,000 after buying an additional 1,259 shares during the period. State of Alaska Department of Revenue purchased a new stake in Devon Energy Corporation during the first quarter valued at $116,000. FUKOKU MUTUAL LIFE INSURANCE Co boosted its stake in Devon Energy Corporation by 88.9% in the first quarter. FUKOKU MUTUAL LIFE INSURANCE Co now owns 3,400 shares of the energy company’s stock valued at $142,000 after buying an additional 1,600 shares during the period. Finally, Sun Life Financial INC boosted its stake in Devon Energy Corporation by 32,058.3% in the second quarter. Sun Life Financial INC now owns 3,859 shares of the energy company’s stock valued at $123,000 after buying an additional 3,847 shares during the period. Institutional investors own 77.08% of the company’s stock.
Devon Energy Corporation Company Profile
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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