Devon Energy’s (DVN) Buy Rating Reiterated at Seaport Global Securities
Devon Energy (NYSE:DVN)‘s stock had its “buy” rating reiterated by Seaport Global Securities in a report released on Wednesday. Seaport Global Securities also issued estimates for Devon Energy’s Q3 2018 earnings at $0.21 EPS, Q4 2018 earnings at $0.41 EPS, FY2018 earnings at $1.16 EPS, Q1 2019 earnings at $0.20 EPS, Q2 2019 earnings at $0.24 EPS, Q3 2019 earnings at $0.27 EPS, Q4 2019 earnings at $0.28 EPS and FY2019 earnings at $0.99 EPS.
Several other research analysts have also recently weighed in on DVN. Susquehanna Bancshares dropped their price objective on shares of Devon Energy from $54.00 to $53.00 and set a “positive” rating for the company in a research report on Wednesday, August 1st. Barclays started coverage on shares of Devon Energy in a research report on Wednesday, August 29th. They issued an “overweight” rating and a $49.00 price objective for the company. BMO Capital Markets restated a “buy” rating and issued a $50.00 price objective on shares of Devon Energy in a research report on Tuesday, August 7th. Zacks Investment Research cut shares of Devon Energy from a “buy” rating to a “hold” rating in a research report on Wednesday, July 25th. Finally, Jefferies Financial Group set a $53.00 price objective on shares of Devon Energy and gave the stock a “buy” rating in a research report on Wednesday, July 18th. Eight investment analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $49.78.
NYSE DVN traded up $0.05 during trading on Wednesday, reaching $35.15. 222,015 shares of the company traded hands, compared to its average volume of 7,010,942. The company has a current ratio of 1.65, a quick ratio of 1.65 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $18.32 billion, a price-to-earnings ratio of 56.57, a PEG ratio of 1.41 and a beta of 2.26. Devon Energy has a 1-year low of $29.83 and a 1-year high of $46.54.
In other news, Director Robert H. Henry sold 5,600 shares of the business’s stock in a transaction on Tuesday, August 21st. The shares were sold at an average price of $42.14, for a total value of $235,984.00. Following the completion of the transaction, the director now owns 9,704 shares of the company’s stock, valued at approximately $408,926.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.55% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. DFT Energy LP grew its holdings in shares of Devon Energy by 100.0% in the 3rd quarter. DFT Energy LP now owns 230,000 shares of the energy company’s stock valued at $9,186,000 after buying an additional 115,000 shares during the period. Oakbrook Investments LLC grew its holdings in shares of Devon Energy by 59.2% in the 3rd quarter. Oakbrook Investments LLC now owns 56,485 shares of the energy company’s stock valued at $2,256,000 after buying an additional 21,000 shares during the period. Aperio Group LLC grew its holdings in shares of Devon Energy by 0.7% in the 3rd quarter. Aperio Group LLC now owns 220,582 shares of the energy company’s stock valued at $8,810,000 after buying an additional 1,574 shares during the period. Guinness Asset Management Ltd grew its holdings in shares of Devon Energy by 14.5% in the 3rd quarter. Guinness Asset Management Ltd now owns 286,576 shares of the energy company’s stock valued at $11,446,000 after buying an additional 36,200 shares during the period. Finally, Nisa Investment Advisors LLC boosted its stake in Devon Energy by 4.8% in the 3rd quarter. Nisa Investment Advisors LLC now owns 166,747 shares of the energy company’s stock worth $6,660,000 after purchasing an additional 7,605 shares during the period. 84.06% of the stock is owned by institutional investors.
About Devon Energy
Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States and Canada. It operates approximately 14,600 gross wells. The company also offers gathering, transmission, processing, storage, fractionation, and marketing to upstream oil and natural gas producers; and owns natural gas pipelines, plants and treatment facilities.
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