Brokerages Set Devon Energy Corp (DVN) Target Price at $49.30
Devon Energy Corp (NYSE:DVN) has been given a consensus recommendation of “Buy” by the thirty research firms that are covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, nine have issued a hold recommendation and twenty have issued a buy recommendation on the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $49.25.
Several research analysts have weighed in on DVN shares. Jefferies Financial Group set a $52.00 price target on Devon Energy and gave the stock a “buy” rating in a research note on Friday. Morgan Stanley started coverage on Devon Energy in a research note on Thursday, July 12th. They issued an “equal weight” rating and a $46.00 price target for the company. Stephens set a $52.00 price target on Devon Energy and gave the stock a “buy” rating in a research note on Wednesday, July 25th. Royal Bank of Canada restated a “buy” rating on shares of Devon Energy in a research note on Friday, July 13th. Finally, Mizuho started coverage on Devon Energy in a research note on Monday, July 23rd. They issued a “buy” rating and a $59.00 price target for the company.
In related news, Director John E. Bethancourt purchased 12,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 7th. The shares were bought at an average price of $41.90 per share, for a total transaction of $502,800.00. Following the acquisition, the director now owns 56,469 shares of the company’s stock, valued at approximately $2,366,051.10. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Lyndon C. Taylor sold 18,357 shares of the stock in a transaction on Monday, June 11th. The shares were sold at an average price of $42.09, for a total value of $772,646.13. Following the sale, the executive vice president now owns 95,223 shares in the company, valued at approximately $4,007,936.07. The disclosure for this sale can be found here. 0.55% of the stock is owned by corporate insiders.
Devon Energy traded up $0.77, hitting $42.84, during midday trading on Thursday, Marketbeat.com reports. The company’s stock had a trading volume of 5,552,948 shares, compared to its average volume of 6,170,384. Devon Energy has a 12 month low of $29.78 and a 12 month high of $46.54. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.65 and a quick ratio of 1.65. The company has a market capitalization of $21.41 billion, a price-to-earnings ratio of 68.00, a PEG ratio of 3.66 and a beta of 2.18.
Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, July 31st. The energy company reported $0.34 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.37 by ($0.03). Devon Energy had a positive return on equity of 5.52% and a negative net margin of 1.60%. The business had revenue of $2.25 billion during the quarter, compared to the consensus estimate of $3.96 billion. During the same quarter in the previous year, the company earned $0.80 earnings per share. sell-side analysts anticipate that Devon Energy will post 1.64 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 28th. Stockholders of record on Friday, September 14th will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Thursday, September 13th. This represents a $0.32 annualized dividend and a dividend yield of 0.75%. Devon Energy’s dividend payout ratio (DPR) is 50.79%.
Devon Energy announced that its Board of Directors has initiated a stock buyback program on Tuesday, May 1st that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the energy company to purchase up to 5.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.
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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