Devon Energy (NYSE:DVN) has been assigned a $44.00 price target by Piper Jaffray in a research note issued to investors on Wednesday, March 14th. The brokerage presently has a “hold” rating on the energy company’s stock. Piper Jaffray’s target price indicates a potential upside of 39.90% from the company’s current price.
Several other analysts also recently weighed in on DVN. Royal Bank of Canada set a $43.00 target price on Devon Energy and gave the company a “buy” rating in a research note on Friday, February 23rd. KLR Group downgraded Devon Energy from a “buy” rating to a “hold” rating and set a $49.00 price objective on the stock. in a research note on Tuesday, January 23rd. Wolfe Research raised Devon Energy from a “market perform” rating to an “outperform” rating in a research note on Tuesday, January 30th. BMO Capital Markets restated a “buy” rating and issued a $50.00 target price on shares of Devon Energy in a report on Tuesday, February 27th. Finally, Barclays lifted their target price on Devon Energy from $35.00 to $38.00 and gave the stock an “overweight” rating in a report on Monday, November 20th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and seventeen have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $45.60.
NYSE DVN traded down $0.84 during mid-day trading on Wednesday, reaching $31.45. 6,514,139 shares of the company’s stock traded hands, compared to its average volume of 7,758,104. The firm has a market cap of $16,987.77, a PE ratio of 49.92, a price-to-earnings-growth ratio of 3.03 and a beta of 2.18. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 0.73. Devon Energy has a 1-year low of $28.79 and a 1-year high of $45.16.
Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, February 20th. The energy company reported $0.38 EPS for the quarter, missing the 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 during the quarter, compared to analyst estimates of $3.58 billion. During the same quarter in the previous year, the business posted $0.25 EPS. Devon Energy’s revenue was up 41.8% compared to the same quarter last year. analysts anticipate that Devon Energy will post 1.52 earnings per share for the current year.
Devon Energy announced that its board has approved a share buyback program on Wednesday, March 7th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the energy company to repurchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Private Advisor Group LLC grew its position in Devon Energy by 4.5% during the 3rd quarter. Private Advisor Group LLC now owns 29,484 shares of the energy company’s stock worth $1,059,000 after acquiring an additional 1,273 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. lifted its holdings in Devon Energy by 8.1% during the 3rd 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 in the last quarter. Crossmark Global Holdings Inc. lifted its holdings in Devon Energy by 2.4% during the 4th quarter. Crossmark Global Holdings Inc. now owns 56,676 shares of the energy company’s stock worth $2,346,000 after buying an additional 1,344 shares in the last quarter. Fernwood Investment Management LLC lifted its holdings in Devon Energy by 17.2% during the 3rd quarter. Fernwood Investment Management LLC now owns 9,200 shares of the energy company’s stock worth $338,000 after buying an additional 1,350 shares in the last quarter. Finally, Intrust Bank NA lifted its holdings in Devon Energy by 15.9% during the 4th quarter. Intrust Bank NA now owns 10,573 shares of the energy company’s stock worth $438,000 after buying an additional 1,451 shares in the last quarter. Institutional investors and hedge funds 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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