Piper Jaffray Companies Reiterates Hold Rating for Devon Energy Corporation (DVN)
Devon Energy Corporation (NYSE:DVN)‘s stock had its “hold” rating reissued by investment analysts at Piper Jaffray Companies in a report released on Friday. They presently have a $38.00 target price on the energy company’s stock. Piper Jaffray Companies’ price objective would indicate a potential upside of 0.03% from the stock’s current price.
Several other equities research analysts have also issued reports on the company. Morgan Stanley lifted their price target on Devon Energy Corporation from $42.00 to $48.00 and gave the company an “overweight” rating in a report on Wednesday, October 18th. BMO Capital Markets set a $38.00 price target on Devon Energy Corporation and gave the company a “buy” rating in a report on Monday, August 28th. Royal Bank Of Canada set a $43.00 price target on Devon Energy Corporation and gave the company a “buy” rating in a report on Friday, August 25th. Stifel Nicolaus set a $61.00 price target on Devon Energy Corporation and gave the company a “buy” rating in a report on Friday, August 25th. Finally, BidaskClub lowered Devon Energy Corporation from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $46.17.
Shares of Devon Energy Corporation (NYSE:DVN) opened at $37.99 on Friday. The stock has a market capitalization of $19,944.75, a PE ratio of 26.02, a PEG ratio of 1.17 and a beta of 2.22. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.63 and a current ratio of 1.63. Devon Energy Corporation has a 1-year low of $28.79 and a 1-year high of $50.69.
Devon Energy Corporation (NYSE:DVN) last announced its quarterly earnings results on Tuesday, October 31st. The energy company reported $0.46 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.39 by $0.07. The business had revenue of $3.16 billion during the quarter, compared to analyst estimates of $3.13 billion. Devon Energy Corporation had a return on equity of 6.88% and a net margin of 11.62%. The firm’s revenue was up 9.5% on a year-over-year basis. During the same period in the previous year, the company earned $1.89 EPS. sell-side analysts anticipate that Devon Energy Corporation will post 1.78 earnings per share for the current year.
A number of hedge funds and other institutional investors have recently modified their holdings of DVN. Renaissance Technologies LLC increased its position in Devon Energy Corporation by 118.2% in the 2nd quarter. Renaissance Technologies LLC now owns 4,376,500 shares of the energy company’s stock worth $139,917,000 after buying an additional 2,370,500 shares during the period. Alyeska Investment Group L.P. increased its position in Devon Energy Corporation by 4,117.5% in the 3rd quarter. Alyeska Investment Group L.P. now owns 1,835,864 shares of the energy company’s stock worth $67,395,000 after buying an additional 1,792,334 shares during the period. Prudential Financial Inc. increased its position in Devon Energy Corporation by 66.7% in the 2nd quarter. Prudential Financial Inc. now owns 4,365,017 shares of the energy company’s stock worth $139,549,000 after buying an additional 1,745,977 shares during the period. Vanguard Group Inc. increased its position in Devon Energy Corporation by 3.0% in the 2nd quarter. Vanguard Group Inc. now owns 44,823,163 shares of the energy company’s stock worth $1,432,998,000 after buying an additional 1,295,417 shares during the period. Finally, Victory Capital Management Inc. increased its position in Devon Energy Corporation by 21.6% in the 3rd quarter. Victory Capital Management Inc. now owns 5,570,722 shares of the energy company’s stock worth $204,501,000 after buying an additional 988,090 shares during the period. 77.13% of the stock is currently owned by institutional investors.
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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