Devon Energy Corporation (DVN) PT Lowered to $36.00

Devon Energy Corporation (NYSE:DVN) had its price objective dropped by equities researchers at Piper Jaffray Companies from $46.00 to $36.00 in a research report issued on Monday. The firm presently has a “neutral” rating on the energy company’s stock. Piper Jaffray Companies’ target price suggests a potential upside of 6.60% from the company’s current price.

Other research analysts have also issued reports about the stock. Scotiabank set a $49.00 price target on shares of Devon Energy Corporation and gave the company a “buy” rating in a research report on Saturday, July 1st. BMO Capital Markets boosted their price target on shares of Devon Energy Corporation from $35.00 to $38.00 and gave the company an “outperform” rating in a research report on Friday, July 14th. Zacks Investment Research lowered shares of Devon Energy Corporation from a “hold” rating to a “sell” rating in a research report on Friday, July 14th. Sanford C. Bernstein lowered shares of Devon Energy Corporation from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $54.00 to $33.00 in a research report on Thursday, July 6th. Finally, Royal Bank of Canada restated a “buy” rating and set a $43.00 price target on shares of Devon Energy Corporation in a research report on Thursday, July 20th. Two analysts have rated the stock with a sell rating, six have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $45.64.

Shares of Devon Energy Corporation (NYSE:DVN) opened at 33.77 on Monday. The company has a market capitalization of $17.75 billion, a PE ratio of 7.64 and a beta of 2.18. The firm’s 50-day moving average price is $31.92 and its 200 day moving average price is $35.28. Devon Energy Corporation has a 1-year low of $28.79 and a 1-year high of $50.69.

Devon Energy Corporation (NYSE:DVN) last released its quarterly earnings results on Tuesday, August 1st. The energy company reported $0.34 EPS for the quarter, beating analysts’ consensus estimates of $0.33 by $0.01. The firm had revenue of $3.27 billion during the quarter, compared to analyst estimates of $3.24 billion. Devon Energy Corporation had a net margin of 16.07% and a return on equity of 5.36%. The business’s revenue for the quarter was up 31.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.06 EPS. Equities analysts predict that Devon Energy Corporation will post $1.73 EPS for the current fiscal year.

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In other news, Director Robert H. Henry sold 7,045 shares of the company’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $33.35, for a total transaction of $234,950.75. Following the completion of the transaction, the director now directly owns 11,338 shares of the company’s stock, valued at $378,122.30. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.98% of the company’s stock.

Large investors have recently modified their holdings of the company. Investec Asset Management LTD raised its stake in shares of Devon Energy Corporation by 6.5% during the first quarter. Investec Asset Management LTD now owns 571,980 shares of the energy company’s stock valued at $23,863,000 after acquiring an additional 35,008 shares during the last quarter. Shapiro Capital Management LLC raised its stake in shares of Devon Energy Corporation by 2.2% during the first quarter. Shapiro Capital Management LLC now owns 1,306,283 shares of the energy company’s stock valued at $54,498,000 after acquiring an additional 28,695 shares during the last quarter. Teachers Advisors LLC raised its stake in shares of Devon Energy Corporation by 2.3% during the first quarter. Teachers Advisors LLC now owns 939,950 shares of the energy company’s stock valued at $39,215,000 after acquiring an additional 20,850 shares during the last quarter. HGK Asset Management Inc. raised its stake in shares of Devon Energy Corporation by 7.0% during the first quarter. HGK Asset Management Inc. now owns 319,570 shares of the energy company’s stock valued at $13,332,000 after acquiring an additional 20,970 shares during the last quarter. Finally, Karp Capital Management Corp bought a new position in shares of Devon Energy Corporation during the first quarter valued at about $6,649,000. 76.99% of the stock is owned by hedge funds and other institutional investors.

About Devon Energy Corporation

Devon Energy Corporation is an independent energy company. The Company also controls EnLink Midstream Partners, L.P. (EnLink). The Company’s segments include U.S., Canada and EnLink. The Company is engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs).

Analyst Recommendations for Devon Energy Corporation (NYSE:DVN)

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