Devon Energy Corporation (DVN) Price Target Increased to $48.00 by Analysts at Morgan Stanley

Devon Energy Corporation (NYSE:DVN) had its target price increased by Morgan Stanley from $42.00 to $48.00 in a research report released on Wednesday. The firm currently has an overweight rating on the energy company’s stock.

Several other equities analysts also recently commented on the company. BMO Capital Markets set a $38.00 target price on Devon Energy Corporation and gave the stock a buy rating in a research report on Monday, August 28th. Citigroup Inc. cut their target price on Devon Energy Corporation from $52.00 to $40.00 and set a buy rating for the company in a research report on Friday, July 21st. Royal Bank Of Canada set a $43.00 target price on Devon Energy Corporation and gave the stock a buy rating in a research report on Friday, August 25th. Stifel Nicolaus set a $61.00 target price on Devon Energy Corporation and gave the stock a buy rating in a research report on Friday, August 25th. Finally, BidaskClub downgraded Devon Energy Corporation from a hold rating to a sell rating in a research report on Thursday, July 27th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and thirteen have given a buy rating to the company. The stock has an average rating of Buy and an average price target of $45.47.

Devon Energy Corporation (NYSE:DVN) opened at 34.93 on Wednesday. The company has a market capitalization of $18.36 billion, a P/E ratio of 7.90 and a beta of 2.21. Devon Energy Corporation has a 52 week low of $28.79 and a 52 week high of $50.69. The company’s 50-day moving average price is $34.88 and its 200-day moving average price is $34.58.

Devon Energy Corporation (NYSE:DVN) last posted its earnings results on Tuesday, August 1st. The energy company reported $0.34 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.33 by $0.01. The business had revenue of $3.27 billion during the quarter, compared to the consensus estimate of $3.24 billion. Devon Energy Corporation had a return on equity of 5.36% and a net margin of 16.07%. Devon Energy Corporation’s revenue was up 31.6% on a year-over-year basis. During the same quarter last year, the company earned $0.06 EPS. On average, equities analysts forecast that Devon Energy Corporation will post $1.71 EPS for the current fiscal year.

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The company also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 15th will be paid a $0.06 dividend. The ex-dividend date is Thursday, December 14th. This represents a $0.24 annualized dividend and a dividend yield of 0.69%. Devon Energy Corporation’s dividend payout ratio (DPR) is currently 5.47%.

In other news, Director Robert H. Henry sold 7,045 shares of Devon Energy Corporation 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 completion of the sale, the director now directly owns 11,338 shares of the company’s stock, valued at approximately $378,122.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.51% of the stock is currently owned by company insiders.

Several large investors have recently bought and sold shares of DVN. OppenheimerFunds Inc. boosted its position in shares of Devon Energy Corporation by 27.4% in the 1st quarter. OppenheimerFunds Inc. now owns 32,239 shares of the energy company’s stock worth $1,345,000 after purchasing an additional 6,939 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. Bridgewater Associates LP boosted its position in shares of Devon Energy Corporation by 340.1% in the 1st quarter. Bridgewater Associates LP now owns 570,774 shares of the energy company’s stock worth $23,813,000 after purchasing an additional 441,074 shares during the last quarter. Godshalk Welsh Capital Management Inc. boosted its position in shares of Devon Energy Corporation by 1.0% in the 1st quarter. Godshalk Welsh Capital Management Inc. now owns 10,075 shares of the energy company’s stock worth $420,000 after purchasing an additional 100 shares during the last quarter. Finally, Strategic Global Advisors LLC bought a new posit

Several other equities analysts also recently commented on the company. BMO Capital Markets set a $38.00 target price on Devon Energy Corporation and gave the stock a buy rating in a research report on Monday, August 28th. Citigroup Inc. cut their target price on Devon Energy Corporation from $52.00 to $40.00 and set a buy rating for the company in a research report on Friday, July 21st. Royal Bank Of Canada set a $43.00 target price on Devon Energy Corporation and gave the stock a buy rating in a research report on Friday, August 25th. Stifel Nicolaus set a $61.00 target price on Devon Energy Corporation and gave the stock a buy rating in a research report on Friday, August 25th. Finally, BidaskClub downgraded Devon Energy Corporation from a hold rating to a sell rating in a research report on Thursday, July 27th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and thirteen have given a buy rating to the company. The stock has an average rating of Buy and an average price target of $45.47.

Devon Energy Corporation (NYSE:DVN) opened at 34.93 on Wednesday. The company has a market capitalization of $18.36 billion, a P/E ratio of 7.90 and a beta of 2.21. Devon Energy Corporation has a 52 week low of $28.79 and a 52 week high of $50.69. The company’s 50-day moving average price is $34.88 and its 200-day moving average price is $34.58.

Devon Energy Corporation (NYSE:DVN) last posted its earnings results on Tuesday, August 1st. The energy company reported $0.34 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.33 by $0.01. The business had revenue of $3.27 billion during the quarter, compared to the consensus estimate of $3.24 billion. Devon Energy Corporation had a return on equity of 5.36% and a net margin of 16.07%. Devon Energy Corporation’s revenue was up 31.6% on a year-over-year basis. During the same quarter last year, the company earned $0.06 EPS. On average, equities analysts forecast that Devon Energy Corporation will post $1.71 EPS for the current fiscal year.

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/2017/10/22/devon-energy-corporation-dvn-price-target-increased-to-48-00-by-analysts-at-morgan-stanley.html.

The company also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 15th will be paid a $0.06 dividend. The ex-dividend date is Thursday, December 14th. This represents a $0.24 annualized dividend and a dividend yield of 0.69%. Devon Energy Corporation’s dividend payout ratio (DPR) is currently 5.47%.

In other news, Director Robert H. Henry sold 7,045 shares of Devon Energy Corporation 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 completion of the sale, the director now directly owns 11,338 shares of the company’s stock, valued at approximately $378,122.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.51% of the stock is currently owned by company insiders.

Several large investors have recently bought and sold shares of DVN. OppenheimerFunds Inc. boosted its position in shares of Devon Energy Corporation by 27.4% in the 1st quarter. OppenheimerFunds Inc. now owns 32,239 shares of the energy company’s stock worth $1,345,000 after purchasing an additional 6,939 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. Bridgewater Associates LP boosted its position in shares of Devon Energy Corporation by 340.1% in the 1st quarter. Bridgewater Associates LP now owns 570,774 shares of the energy company’s stock worth $23,813,000 after purchasing an additional 441,074 shares during the last quarter. Godshalk Welsh Capital Management Inc. boosted its position in shares of Devon Energy Corporation by 1.0% in the 1st quarter. Godshalk Welsh Capital Management Inc. now owns 10,075 shares of the energy company’s stock worth $420,000 after purchasing an additional 100 shares during the last quarter. Finally, Strategic Global Advisors LLC bought a new position in shares of Devon Energy Corporation in the 1st quarter worth $328,000. Institutional investors and hedge funds own 77.00% of the company’s stock.

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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