Investment analysts at MKM Partners began coverage on shares of Devon Energy (NYSE:DVN) in a research report issued on Wednesday, The Fly reports. The firm set a “buy” rating and a $38.00 price target on the energy company’s stock. MKM Partners’ price target would indicate a potential upside of 34.90% from the stock’s previous close.
A number of other research analysts have also recently commented on DVN. BMO Capital Markets reissued a “buy” rating and issued a $50.00 target price on shares of Devon Energy in a report on Tuesday, August 7th. Zacks Investment Research raised shares of Devon Energy from a “hold” rating to a “buy” rating and set a $41.00 target price for the company in a report on Tuesday, October 16th. Piper Jaffray Companies reissued a “hold” rating and issued a $52.00 target price on shares of Devon Energy in a report on Thursday, August 16th. Stifel Nicolaus reissued a “buy” rating and issued a $50.00 target price on shares of Devon Energy in a report on Tuesday, November 27th. Finally, Mizuho set a $31.00 target price on shares of Devon Energy and gave the stock a “hold” rating in a report on Wednesday, November 28th. Nine research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $47.52.
Shares of DVN stock traded down $0.60 on Wednesday, reaching $28.17. The company had a trading volume of 9,765,490 shares, compared to its average volume of 8,003,061. The stock has a market capitalization of $12.66 billion, a P/E ratio of 44.71, a price-to-earnings-growth ratio of 1.46 and a beta of 2.26. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.65. Devon Energy has a one year low of $25.87 and a one year high of $46.54.
Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, November 6th. The energy company reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.42 by $0.21. The firm had revenue of $2.58 billion during the quarter, compared to analysts’ expectations of $2.61 billion. Devon Energy had a net margin of 16.62% and a return on equity of 6.40%. The business’s revenue for the quarter was up 33.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.46 earnings per share. As a group, equities analysts predict that Devon Energy will post 1.57 EPS for the current fiscal year.
A number of large investors have recently added to or reduced their stakes in the business. Northwestern Mutual Wealth Management Co. grew its position in shares of Devon Energy by 18.9% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 8,696 shares of the energy company’s stock worth $382,000 after buying an additional 1,382 shares during the period. Aperio Group LLC grew its position in shares of Devon Energy by 0.7% during the 3rd quarter. Aperio Group LLC now owns 220,582 shares of the energy company’s stock worth $8,810,000 after buying an additional 1,574 shares during the period. Financial Architects Inc grew its position in shares of Devon Energy by 168.5% during the 2nd quarter. Financial Architects Inc now owns 2,709 shares of the energy company’s stock worth $119,000 after buying an additional 1,700 shares during the period. Dupont Capital Management Corp grew its position in shares of Devon Energy by 37.6% during the 2nd quarter. Dupont Capital Management Corp now owns 6,413 shares of the energy company’s stock worth $282,000 after buying an additional 1,753 shares during the period. Finally, Hartford Investment Management Co. grew its position in shares of Devon Energy by 2.7% during the 3rd quarter. Hartford Investment Management Co. now owns 66,688 shares of the energy company’s stock worth $2,664,000 after buying an additional 1,759 shares during the period. 82.99% of the stock is owned by institutional investors and hedge funds.
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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