Devon Energy Corporation (DVN) Receives $45.31 Average Price Target from Brokerages

Shares of Devon Energy Corporation (NYSE:DVN) have been assigned an average recommendation of “Buy” from the twenty ratings firms that are covering the stock, MarketBeat reports. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and twelve have assigned a buy rating to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $45.31.

A number of equities analysts have recently issued reports on the company. BMO Capital Markets increased 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. Stifel Nicolaus reissued a “buy” rating and issued a $67.00 target price on shares of Devon Energy Corporation in a report on Sunday, September 3rd. Barclays PLC reissued an “overweight” rating and issued a $35.00 target price (up from $31.00) on shares of Devon Energy Corporation in a report on Wednesday, August 9th. Seaport Global Securities cut Devon Energy Corporation from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $51.00 to $28.00 in a report on Wednesday, June 21st. Finally, Sanford C. Bernstein cut Devon Energy Corporation from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $54.00 to $33.00 in a report on Thursday, July 6th.

Devon Energy Corporation (NYSE DVN) traded up 0.73% during midday trading on Thursday, reaching $35.87. The company’s stock had a trading volume of 2,461,688 shares. The firm has a market capitalization of $18.85 billion, a PE ratio of 8.12 and a beta of 2.21. The stock has a 50 day moving average of $34.37 and a 200 day moving average of $34.75. Devon Energy Corporation has a 52 week low of $28.79 and a 52 week high of $50.69.

Devon Energy Corporation (NYSE:DVN) last issued its earnings results on Tuesday, August 1st. The energy company reported $0.34 earnings per share (EPS) 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 business had revenue of $3.27 billion during the quarter, compared to analysts’ expectations of $3.24 billion. During the same period in the prior year, the firm posted $0.06 EPS. Devon Energy Corporation’s quarterly revenue was up 31.6% compared to the same quarter last year. On average, equities research analysts predict that Devon Energy Corporation will post $1.72 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 15th will be given a $0.06 dividend. The ex-dividend date is Thursday, December 14th. This represents a $0.24 annualized dividend and a dividend yield of 0.67%. Devon Energy Corporation’s dividend payout ratio is currently 5.47%.

In other news, Director Robert H. Henry sold 7,045 shares of the firm’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $33.35, for a total value of $234,950.75. Following the transaction, the director now directly owns 11,338 shares in the company, valued at approximately $378,122.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.51% of the stock is owned by company insiders.

Large investors have recently bought and sold shares of the company. Investec Asset Management LTD boosted its position in shares of Devon Energy Corporation by 6.5% in the 1st quarter. Investec Asset Management LTD now owns 571,980 shares of the energy company’s stock worth $23,863,000 after purchasing an additional 35,008 shares during the last quarter. Shapiro Capital Management LLC boosted its position in shares of Devon Energy Corporation by 2.2% in the 1st quarter. Shapiro Capital Management LLC now owns 1,306,283 shares of the energy company’s stock worth $54,498,000 after purchasing an additional 28,695 shares during the last quarter. Teachers Advisors LLC boosted its position in shares of Devon Energy Corporation by 2.3% in the 1st quarter. Teachers Advisors LLC now owns 939,950 shares of the energy company’s stock worth $39,215,000 after purchasing an additional 20,850 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its position in shares of Devon Energy Corporation by 4.7% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,953,530 shares of the energy company’s stock worth $62,455,000 after purchasing an additional 87,912 shares during the last quarter. Finally, Janus Capital Management LLC boosted its position in shares of Devon Energy Corporation by 408.1% in the 1st quarter. Janus Capital Management LLC now owns 2,572,931 shares of the energy company’s stock worth $107,342,000 after purchasing an additional 2,066,530 shares during the last quarter. Institutional investors and hedge funds own 77.04% of the company’s stock.

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A number of equities analysts have recently issued reports on the company. BMO Capital Markets increased 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. Stifel Nicolaus reissued a “buy” rating and issued a $67.00 target price on shares of Devon Energy Corporation in a report on Sunday, September 3rd. Barclays PLC reissued an “overweight” rating and issued a $35.00 target price (up from $31.00) on shares of Devon Energy Corporation in a report on Wednesday, August 9th. Seaport Global Securities cut Devon Energy Corporation from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $51.00 to $28.00 in a report on Wednesday, June 21st. Finally, Sanford C. Bernstein cut Devon Energy Corporation from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $54.00 to $33.00 in a report on Thursday, July 6th.

Devon Energy Corporation (NYSE DVN) traded up 0.73% during midday trading on Thursday, reaching $35.87. The company’s stock had a trading volume of 2,461,688 shares. The firm has a market capitalization of $18.85 billion, a PE ratio of 8.12 and a beta of 2.21. The stock has a 50 day moving average of $34.37 and a 200 day moving average of $34.75. Devon Energy Corporation has a 52 week low of $28.79 and a 52 week high of $50.69.

Devon Energy Corporation (NYSE:DVN) last issued its earnings results on Tuesday, August 1st. The energy company reported $0.34 earnings per share (EPS) 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 business had revenue of $3.27 billion during the quarter, compared to analysts’ expectations of $3.24 billion. During the same period in the prior year, the firm posted $0.06 EPS. Devon Energy Corporation’s quarterly revenue was up 31.6% compared to the same quarter last year. On average, equities research analysts predict that Devon Energy Corporation will post $1.72 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 15th will be given a $0.06 dividend. The ex-dividend date is Thursday, December 14th. This represents a $0.24 annualized dividend and a dividend yield of 0.67%. Devon Energy Corporation’s dividend payout ratio is currently 5.47%.

In other news, Director Robert H. Henry sold 7,045 shares of the firm’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $33.35, for a total value of $234,950.75. Following the transaction, the director now directly owns 11,338 shares in the company, valued at approximately $378,122.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.51% of the stock is owned by company insiders.

Large investors have recently bought and sold shares of the company. Investec Asset Management LTD boosted its position in shares of Devon Energy Corporation by 6.5% in the 1st quarter. Investec Asset Management LTD now owns 571,980 shares of the energy company’s stock worth $23,863,000 after purchasing an additional 35,008 shares during the last quarter. Shapiro Capital Management LLC boosted its position in shares of Devon Energy Corporation by 2.2% in the 1st quarter. Shapiro Capital Management LLC now owns 1,306,283 shares of the energy company’s stock worth $54,498,000 after purchasing an additional 28,695 shares during the last quarter. Teachers Advisors LLC boosted its position in shares of Devon Energy Corporation by 2.3% in the 1st quarter. Teachers Advisors LLC now owns 939,950 shares of the energy company’s stock worth $39,215,000 after purchasing an additional 20,850 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its position in shares of Devon Energy Corporation by 4.7% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,953,530 shares of the energy company’s stock worth $62,455,000 after purchasing an additional 87,912 shares during the last quarter. Finally, Janus Capital Management LLC boosted its position in shares of Devon Energy Corporation by 408.1% in the 1st quarter. Janus Capital Management LLC now owns 2,572,931 shares of the energy company’s stock worth $107,342,000 after purchasing an additional 2,066,530 shares during the last quarter. Institutional investors and hedge funds own 77.04% of the company’s stock.

COPYRIGHT VIOLATION NOTICE: This story was originally published by The Ledger Gazette and is owned by of The Ledger Gazette. If you are reading this story on another domain, it was illegally copied and reposted in violation of US & international copyright law. The legal version of this story can be read at https://ledgergazette.com/2017/10/15/devon-energy-corporation-dvn-receives-45-31-average-price-target-from-brokerages.html.

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).

Analyst Recommendations for Devon Energy Corporation (NYSE:DVN)

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