Devon Energy (NYSE:DVN) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Monday, March 19th.
According to Zacks, “Devon’s diversified portfolio, focus on high margin production zones, cost savings and divestment of non-core assets are boosting its performance. Thanks to solid oil production and the performance of its domestic oil plays, the company is well poised to deliver a significant increase in U.S. oil production in 2018 from 2017 levels. However, the highly competitive nature of the oil and gas industry has always been a headwind and limited control over some properties controlled by third parties could have an adverse impact on Devon’s performance. In the last year, Devon Energy’s shares have declined more than the industry it belongs to.”
A number of other research firms have also commented on DVN. Piper Jaffray set a $44.00 price objective on shares of Devon Energy and gave the company a “hold” rating in a research note on Wednesday, March 14th. JPMorgan Chase dropped their price target on shares of Devon Energy from $47.00 to $42.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 14th. B. Riley set a $37.00 price target on shares of Devon Energy and gave the stock a “hold” rating in a research note on Friday, March 9th. UBS started coverage on shares of Devon Energy in a report on Wednesday, March 7th. They set a “neutral” rating and a $35.00 price objective on the stock. Finally, Jefferies Group set a $43.00 price target on shares of Devon Energy and gave the company a “buy” rating in a report on Thursday, March 1st. Two research analysts have rated the stock with a sell rating, six have given a hold rating and seventeen have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $45.60.
Devon Energy stock opened at $33.60 on Monday. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.45 and a quick ratio of 1.45. Devon Energy has a fifty-two week low of $28.79 and a fifty-two week high of $45.16. The company has a market capitalization of $16,545.84, a P/E ratio of 53.33, a P/E/G ratio of 2.95 and a beta of 2.17.
Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, February 20th. The energy company reported $0.38 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.60 by ($0.22). Devon Energy had a return on equity of 6.92% and a net margin of 10.04%. The firm had revenue of $3.98 billion for the quarter, compared to analysts’ expectations of $3.58 billion. During the same period last year, the firm posted $0.25 earnings per share. Devon Energy’s revenue for the quarter was up 41.8% on a year-over-year basis. sell-side analysts expect that Devon Energy will post 1.52 EPS for the current year.
Devon Energy declared that its board has initiated a share buyback program on Wednesday, March 7th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the energy company to repurchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.
Several institutional investors have recently bought and sold shares of DVN. Xact Kapitalforvaltning AB increased its holdings in shares of Devon Energy by 13.4% in the 4th quarter. Xact Kapitalforvaltning AB now owns 49,137 shares of the energy company’s stock worth $2,034,000 after acquiring an additional 5,807 shares during the period. Envestnet Asset Management Inc. increased its holdings in shares of Devon Energy by 15.5% in the 4th quarter. Envestnet Asset Management Inc. now owns 50,170 shares of the energy company’s stock worth $2,077,000 after acquiring an additional 6,743 shares during the period. OLD Mutual Customised Solutions Proprietary Ltd. increased its holdings in shares of Devon Energy by 65.9% in the 4th quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 24,668 shares of the energy company’s stock worth $1,021,000 after acquiring an additional 9,800 shares during the period. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp acquired a new position in Devon Energy during the 4th quarter valued at about $7,887,000. Finally, MetLife Investment Advisors LLC acquired a new position in Devon Energy during the 4th quarter valued at about $6,732,000. Institutional investors own 82.20% of the company’s stock.
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Devon Energy Company Profile
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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