Devon Energy Corporation (DVN) Price Target Increased to $48.00 by Analysts at Morgan Stanley
Devon Energy Corporation (NYSE:DVN) had its price objective raised by Morgan Stanley from $42.00 to $48.00 in a research note issued to investors on Wednesday morning. They currently have an overweight rating on the energy company’s stock.
Other equities research analysts also recently issued reports about the company. Barclays PLC reaffirmed a buy rating and set a $31.00 price target on shares of Devon Energy Corporation in a research note on Friday, July 7th. Scotiabank set a $49.00 price objective on Devon Energy Corporation and gave the company a buy rating in a report on Saturday, July 1st. BMO Capital Markets reissued a buy rating and set a $42.00 price objective on shares of Devon Energy Corporation in a report on Thursday, June 22nd. Royal Bank Of Canada reissued a buy rating and set a $43.00 price objective on shares of Devon Energy Corporation in a report on Thursday, July 20th. Finally, Cowen and Company set a $37.00 price objective on Devon Energy Corporation and gave the company a buy rating in a report on Tuesday, July 18th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and thirteen have assigned a buy rating to the stock. The company has an average rating of Buy and a consensus target price of $45.47.
Shares of Devon Energy Corporation (DVN) traded down 0.77% during mid-day trading on Wednesday, hitting $34.95. The stock had a trading volume of 2,890,735 shares. The company has a 50-day moving average of $34.67 and a 200 day moving average of $34.62. Devon Energy Corporation has a one year low of $28.79 and a one year high of $50.69. The firm has a market cap of $18.37 billion, a price-to-earnings ratio of 7.91 and a beta of 2.21.
Devon Energy Corporation (NYSE:DVN) last posted its quarterly 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 period last year, the business earned $0.06 EPS. The business’s quarterly revenue was up 31.6% on a year-over-year basis. On average, equities research analysts forecast that Devon Energy Corporation will post $1.70 earnings per share for the current year.
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The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 15th will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.69%. The ex-dividend date of this dividend is Thursday, December 14th. Devon Energy Corporation’s payout ratio is presently 5.47%.
In other news, Director Robert H. Henry sold 7,045 shares of Devon Energy Corporation stock in a transaction that occurred on 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 owns 11,338 shares of the company’s stock, valued at approximately $378,122.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.51% of the stock is currently owned by company insiders.
Large investors have recently made changes to their positions in the company. Fifth Third Bancorp grew its holdings in shares of Devon Energy Corporation by 10.4% during the 1st quarter. Fifth Third Bancorp now owns 2,630 shares of the energy company’s stock worth $110,000 after purchasing an additional 248 shares in the last quarter. Sun Life Financial INC grew its holdings in shares of Devon Energy Corporation by 32,058.3% during the 2nd quarter. Sun Life Financial INC now owns 3,859 shares of the energy company’s stock worth $123,000 after purchasing an additional 3,847 shares in the last quarter. Global X Management Co. LLC grew its holdings in shares of Devon Energy Corporation by 34.0% during the 1st quarter. Global X Management Co. LLC now owns 4,036 shares of the energy company’s stock worth $168,000 after purchasing an additional 1,025 shares in the last quarter. Fiduciary Trust Co. acquired a new stake in shares of Devon Energy Corporation during the 2nd quarter worth approximately $144,000. Finally, FNY Partners Fund LP grew its holdings in shares of Devon Energy Corporation by 19,500.0% during the 1st quarter. FNY Partners Fund LP now owns 4,900 shares of the energy company’s stock worth $204,000 after purchasing an additional 4,875 shares in the last quarter. 77.00% 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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