Devon Energy Corporation (DVN) Stock Price Up NaN on Strong Earnings
Devon Energy Corporation (NYSE:DVN) shares rose NaN during mid-day trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $39.34 and last traded at $0.00. Approximately 9,300,928 shares changed hands during mid-day trading, an increase of Infinity from the average daily volume of 0 shares. The energy company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates 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 net margin of 16.07% and a return on equity of 5.36%. Devon Energy Corporation’s revenue was up 9.5% compared to the same quarter last year. During the same period last year, the business earned $1.89 EPS.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 15th will be paid a dividend of $0.06 per share. The ex-dividend date is Thursday, December 14th. This represents a $0.24 dividend on an annualized basis and a yield of 0.65%. Devon Energy Corporation’s dividend payout ratio is currently 5.47%.
A number of analysts have recently issued reports on DVN shares. Morgan Stanley raised their price target on shares of 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 shares of Devon Energy Corporation and gave the company a “buy” rating in a report on Monday, August 28th. Citigroup Inc. dropped their price target on shares of Devon Energy Corporation from $52.00 to $40.00 and set a “buy” rating on the stock in a report on Friday, July 21st. Royal Bank Of Canada set a $43.00 price target on shares of Devon Energy Corporation and gave the company a “buy” rating in a report on Friday, August 25th. Finally, Stifel Nicolaus set a $61.00 price target on shares of Devon Energy Corporation and gave the company a “buy” rating in a report on Friday, August 25th. Two 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 currently has an average rating of “Buy” and an average price target of $45.47.
In other Devon Energy Corporation news, Director Robert H. Henry sold 7,045 shares of Devon Energy Corporation stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $33.35, for a total transaction of $234,950.75. Following the transaction, the director now owns 11,338 shares of the company’s stock, valued at $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 owned by insiders.
A number of large investors have recently modified their holdings of DVN. Renaissance Technologies LLC lifted its holdings in Devon Energy Corporation by 118.2% during the second quarter. Renaissance Technologies LLC now owns 4,376,500 shares of the energy company’s stock valued at $139,917,000 after purchasing an additional 2,370,500 shares in the last quarter. Janus Capital Management LLC lifted its holdings in Devon Energy Corporation by 408.1% during the first quarter. Janus Capital Management LLC now owns 2,572,931 shares of the energy company’s stock valued at $107,342,000 after purchasing an additional 2,066,530 shares in the last quarter. Prudential Financial Inc. lifted its holdings in Devon Energy Corporation by 66.7% during the second quarter. Prudential Financial Inc. now owns 4,365,017 shares of the energy company’s stock valued at $139,549,000 after purchasing an additional 1,745,977 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Devon Energy Corporation by 3.0% during the second quarter. Vanguard Group Inc. now owns 44,823,163 shares of the energy company’s stock valued at $1,432,998,000 after purchasing an additional 1,295,417 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its holdings in Devon Energy Corporation by 21.6% during the third quarter. Victory Capital Management Inc. now owns 5,570,722 shares of the energy company’s stock valued at $204,501,000 after purchasing an additional 988,090 shares in the last quarter. 77.30% of the stock is currently owned by institutional investors and hedge funds.
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).
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