Devon Energy (NYSE:DVN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The firm presently has a $41.00 price target on the energy company’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 13.89% from the stock’s current price.
According to Zacks, “In last six months, Devon Energy’s shares have outperformed its industry. Devon Energy continues to benefit from strong performance in its Delaware and STACK assets, as well as high-quality domestic oil plays. Devon’s diversified portfolio, focus on high margin production zones, cost savings and divestment of non-core assets are boosting its performance. Thanks to solid oil production and the performance of its domestic oil players, the company is well poised to deliver a significant increase in U.S. oil production in 2018 from 2017 levels. However, the highly competitive nature of the oil and gas industry, limited control over some of its properties and stringent regulations are headwinds.”
A number of other brokerages also recently weighed in on DVN. BMO Capital Markets reaffirmed a “buy” rating and issued a $50.00 target price on shares of Devon Energy in a research note on Tuesday, August 7th. Barclays initiated coverage on shares of Devon Energy in a research note on Wednesday, August 29th. They issued an “overweight” rating and a $49.00 target price on the stock. ValuEngine downgraded shares of Devon Energy from a “buy” rating to a “hold” rating in a research note on Wednesday, August 8th. Jefferies Financial Group set a $53.00 target price on shares of Devon Energy and gave the company a “buy” rating in a research note on Wednesday, July 18th. Finally, Stephens set a $52.00 target price on shares of Devon Energy and gave the company a “buy” rating in a research note on Wednesday, July 25th. Eight investment analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the stock. Devon Energy has a consensus rating of “Buy” and an average target price of $49.78.
Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, July 31st. The energy company reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.03). Devon Energy had a positive return on equity of 5.52% and a negative net margin of 1.60%. The firm had revenue of $2.25 billion during the quarter, compared to analysts’ expectations of $3.96 billion. During the same period in the previous year, the company posted $0.80 earnings per share. On average, analysts anticipate that Devon Energy will post 1.65 earnings per share for the current year.
In other Devon Energy news, Director Robert H. Henry sold 5,600 shares of the stock in a transaction that occurred on Tuesday, August 21st. The shares were sold at an average price of $42.14, for a total transaction of $235,984.00. Following the transaction, the director now directly owns 9,704 shares in the company, valued at $408,926.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.55% of the stock is owned by company insiders.
Several institutional investors have recently modified their holdings of the company. BlackRock Inc. boosted its holdings in Devon Energy by 0.5% in the second quarter. BlackRock Inc. now owns 48,631,367 shares of the energy company’s stock valued at $2,137,835,000 after acquiring an additional 235,109 shares in the last quarter. FMR LLC lifted its position in Devon Energy by 11.1% during the second quarter. FMR LLC now owns 11,782,553 shares of the energy company’s stock valued at $517,962,000 after buying an additional 1,173,389 shares during the period. Diamond Hill Capital Management Inc. lifted its position in Devon Energy by 16.7% during the second quarter. Diamond Hill Capital Management Inc. now owns 9,201,696 shares of the energy company’s stock valued at $404,507,000 after buying an additional 1,316,231 shares during the period. Barrow Hanley Mewhinney & Strauss LLC lifted its position in Devon Energy by 4.7% during the first quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,496,237 shares of the energy company’s stock valued at $206,515,000 after buying an additional 293,877 shares during the period. Finally, Dimensional Fund Advisors LP lifted its position in Devon Energy by 4.6% during the second quarter. Dimensional Fund Advisors LP now owns 3,669,095 shares of the energy company’s stock valued at $161,278,000 after buying an additional 161,232 shares during the period. Hedge funds and other institutional investors own 84.03% 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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