Shares of Devon Energy Corp (NYSE:DVN) gapped down prior to trading on Thursday . The stock had previously closed at $30.01, but opened at $30.57. Devon Energy shares last traded at $31.09, with a volume of 10495830 shares traded.
Several equities analysts recently commented on DVN shares. Jefferies Group restated a “buy” rating and set a $52.00 target price on shares of Devon Energy in a research report on Tuesday, January 30th. Seaport Global Securities upgraded Devon Energy from a “neutral” rating to a “buy” rating in a research report on Tuesday, December 19th. Credit Suisse Group set a $50.00 target price on Devon Energy and gave the stock a “buy” rating in a research report on Tuesday, January 23rd. They noted that the move was a valuation call. Wolfe Research upgraded Devon Energy from a “market perform” rating to an “outperform” rating in a research report on Tuesday, January 30th. Finally, Morgan Stanley raised their target price on Devon Energy from $48.00 to $54.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 24th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $47.56.
The stock has a market capitalization of $16,520.00, a price-to-earnings ratio of 18.49, a price-to-earnings-growth ratio of 1.49 and a beta of 2.10. The company has a current ratio of 1.45, a quick ratio of 1.63 and a debt-to-equity ratio of 0.73.
Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, February 20th. The energy company reported $0.38 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.60 by ($0.22). Devon Energy had a net margin of 10.04% and a return on equity of 6.92%. The business had revenue of $3.98 billion for the quarter, compared to analyst estimates of $3.58 billion. During the same period in the prior year, the business earned $0.25 earnings per share. The company’s revenue for the quarter was up 41.8% on a year-over-year basis. sell-side analysts predict that Devon Energy Corp will post 2.91 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 29th. Investors of record on Thursday, March 15th will be issued a dividend of $0.06 per share. The ex-dividend date is Wednesday, March 14th. This represents a $0.24 dividend on an annualized basis and a yield of 0.76%. Devon Energy’s dividend payout ratio is 14.12%.
In related news, EVP Lyndon C. Taylor sold 12,798 shares of the firm’s stock in a transaction on Thursday, December 14th. The stock was sold at an average price of $38.29, for a total transaction of $490,035.42. Following the completion of the sale, the executive vice president now directly owns 67,900 shares of the company’s stock, valued at approximately $2,599,891. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.51% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the stock. Gabelli Funds LLC increased its stake in shares of Devon Energy by 3.2% in the 3rd quarter. Gabelli Funds LLC now owns 483,500 shares of the energy company’s stock valued at $17,749,000 after buying an additional 15,000 shares during the period. Ninepoint Partners LP acquired a new stake in shares of Devon Energy in the 3rd quarter valued at $6,241,000. Halbert Hargrove Russell LLC acquired a new stake in shares of Devon Energy in the 4th quarter valued at $336,000. Bank of Montreal Can increased its stake in shares of Devon Energy by 301.0% in the 4th quarter. Bank of Montreal Can now owns 744,419 shares of the energy company’s stock valued at $30,819,000 after buying an additional 558,772 shares during the period. Finally, 3G Capital Partners LP acquired a new stake in shares of Devon Energy in the 3rd quarter valued at $14,684,000. 76.94% of the stock is owned by hedge funds and other institutional investors.
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Devon Energy 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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