Devon Energy Corp. (NYSE:DVN) – Equities research analysts at Credit Agricole SA increased their FY2016 earnings per share (EPS) estimates for Devon Energy Corp. in a research note issued on Wednesday. Credit Agricole SA analyst A. Sen now forecasts that the firm will post earnings of ($0.17) per share for the year, up from their previous estimate of ($0.24). Credit Agricole SA has a “Outperform” rating on the stock.
DVN has been the subject of a number of other research reports. Vetr raised Devon Energy Corp. from a “buy” rating to a “strong-buy” rating and set a $46.16 target price for the company in a report on Tuesday, September 20th. Argus raised their target price on Devon Energy Corp. from $51.00 to $61.00 and gave the company a “buy” rating in a report on Tuesday, August 23rd. Bank of America Corp. set a $64.00 target price on Devon Energy Corp. and gave the company a “buy” rating in a report on Monday, October 10th. Barclays PLC raised their target price on Devon Energy Corp. from $45.00 to $50.00 and gave the company an “overweight” rating in a report on Thursday, September 1st. Finally, Morgan Stanley reissued an “overweight” rating on shares of Devon Energy Corp. in a report on Wednesday, June 29th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty have issued a buy rating and three have given a strong buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $42.21.
Devon Energy Corp. (NYSE:DVN) opened at 43.08 on Friday. The firm’s 50-day moving average is $42.81 and its 200-day moving average is $37.49. Devon Energy Corp. has a 52-week low of $18.07 and a 52-week high of $48.68. The stock’s market cap is $22.56 billion.
Devon Energy Corp. (NYSE:DVN) last posted its earnings results on Tuesday, August 2nd. The energy company reported $0.06 EPS for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.25. The business had revenue of $2.49 billion for the quarter, compared to the consensus estimate of $2.29 million. Devon Energy Corp. had a negative net margin of 114.09% and a positive return on equity of 3.62%. The company’s revenue for the quarter was down 26.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.78 EPS.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 30th. Investors of record on Thursday, December 15th will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.56%. The ex-dividend date is Tuesday, December 13th. Devon Energy Corp.’s dividend payout ratio (DPR) is presently -0.82%.
A number of institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in Devon Energy Corp. by 8.0% in the second quarter. Vanguard Group Inc. now owns 39,324,357 shares of the energy company’s stock valued at $1,425,508,000 after buying an additional 2,924,209 shares during the period. State Street Corp raised its position in Devon Energy Corp. by 1.8% in the second quarter. State Street Corp now owns 26,116,448 shares of the energy company’s stock valued at $946,729,000 after buying an additional 467,341 shares during the period. FMR LLC raised its position in Devon Energy Corp. by 95.3% in the second quarter. FMR LLC now owns 12,404,825 shares of the energy company’s stock valued at $449,675,000 after buying an additional 6,053,827 shares during the period. BlackRock Fund Advisors raised its position in Devon Energy Corp. by 41.1% in the second quarter. BlackRock Fund Advisors now owns 9,612,213 shares of the energy company’s stock valued at $348,443,000 after buying an additional 2,797,495 shares during the period. Finally, BlackRock Group LTD raised its position in Devon Energy Corp. by 4.4% in the second quarter. BlackRock Group LTD now owns 6,255,651 shares of the energy company’s stock valued at $226,768,000 after buying an additional 261,153 shares during the period. 75.62% of the stock is currently owned by hedge funds and other institutional investors.
Devon Energy Corp. Company Profile
Devon Energy Corporation (Devon) is an independent energy company engaged in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs). The Company’s operations are concentrated in various North American onshore areas in the United States and Canada. The Company also produces over 1.6 billion cubic feet of natural gas a day and approximately 135 thousand barrels of NGLs per day.
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