Devon Energy (NYSE:DVN)‘s stock had its “buy” rating reissued by equities researchers at Royal Bank of Canada in a research note issued to investors on Friday, April 13th. They currently have a $44.00 target price on the energy company’s stock. Royal Bank of Canada’s price target suggests a potential upside of 24.29% from the stock’s previous close.
A number of other research analysts have also weighed in on DVN. Seaport Global Securities raised Devon Energy from a “neutral” rating to a “buy” rating in a research note on Tuesday, December 19th. Jefferies Group set a $46.00 price objective on Devon Energy and gave the stock a “buy” rating in a report on Wednesday, December 20th. Barclays restated a “buy” rating and set a $39.00 price objective on shares of Devon Energy in a report on Sunday, December 24th. Piper Jaffray restated a “hold” rating and set a $42.00 price objective on shares of Devon Energy in a report on Tuesday, January 9th. Finally, Capital One downgraded Devon Energy from an “overweight” rating to an “equal weight” rating in a report on Wednesday, January 10th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and nineteen have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $45.65.
Shares of NYSE:DVN opened at $35.40 on Friday. The company has a market cap of $18,623.94, a PE ratio of 22.26, a PEG ratio of 3.43 and a beta of 2.17. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.45 and a current ratio of 1.45. Devon Energy has a 12 month low of $28.79 and a 12 month high of $45.16.
Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, February 20th. The energy company reported $0.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.22). Devon Energy had a net margin of 10.04% and a return on equity of 6.92%. The company had revenue of $3.98 billion during the quarter, compared to analysts’ expectations of $3.58 billion. During the same period in the previous year, the company posted $0.25 EPS. Devon Energy’s quarterly revenue was up 41.8% compared to the same quarter last year. analysts expect that Devon Energy will post 1.48 EPS for the current fiscal year.
Devon Energy declared that its board has approved a share buyback plan on Wednesday, March 7th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the energy company to buy shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP grew its position in Devon Energy by 65.2% in the third quarter. Dimensional Fund Advisors LP now owns 1,546,068 shares of the energy company’s stock worth $56,751,000 after buying an additional 610,468 shares during the last quarter. Stifel Financial Corp grew its position in Devon Energy by 10.5% in the third quarter. Stifel Financial Corp now owns 117,005 shares of the energy company’s stock worth $4,302,000 after buying an additional 11,149 shares during the last quarter. Vident Investment Advisory LLC acquired a new position in Devon Energy in the third quarter worth approximately $235,000. Ladenburg Thalmann Financial Services Inc. grew its position in Devon Energy by 8.1% in the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 17,658 shares of the energy company’s stock worth $648,000 after buying an additional 1,329 shares during the last quarter. Finally, California Public Employees Retirement System grew its position in Devon Energy by 4.6% in the third quarter. California Public Employees Retirement System now owns 1,143,745 shares of the energy company’s stock worth $41,987,000 after buying an additional 49,974 shares during the last quarter. Institutional investors and hedge funds own 82.20% of the company’s stock.
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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