Devon Energy (NYSE:DVN – Get Rating) had its target price reduced by stock analysts at The Goldman Sachs Group from $70.00 to $61.00 in a report released on Tuesday, Marketbeat reports. The firm presently has a “neutral” rating on the energy company’s stock. The Goldman Sachs Group’s target price would suggest a potential upside of 19.61% from the company’s current price.
Several other research firms also recently commented on DVN. Credit Suisse Group lifted their price objective on shares of Devon Energy from $75.00 to $82.00 and gave the stock an “outperform” rating in a research note on Thursday, June 9th. Truist Financial lifted their price objective on shares of Devon Energy from $100.00 to $103.00 and gave the stock a “buy” rating in a research note on Thursday, June 9th. Barclays lifted their price objective on shares of Devon Energy from $73.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Tuesday, June 14th. Raymond James lifted their price objective on shares of Devon Energy from $90.00 to $102.00 in a research note on Thursday, June 9th. Finally, Mizuho lifted their price objective on shares of Devon Energy from $92.00 to $94.00 and gave the stock a “buy” rating in a research note on Friday, June 10th. Six research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $75.47.
NYSE DVN opened at $51.00 on Tuesday. The firm’s fifty day simple moving average is $66.12 and its two-hundred day simple moving average is $58.37. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.69. Devon Energy has a 12-month low of $24.05 and a 12-month high of $79.40. The firm has a market capitalization of $33.66 billion, a P/E ratio of 9.57 and a beta of 2.61.
Devon Energy (NYSE:DVN – Get Rating) last released its quarterly earnings results on Monday, May 2nd. The energy company reported $1.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.14. Devon Energy had a net margin of 25.69% and a return on equity of 36.57%. The business had revenue of $3.81 billion for the quarter, compared to analyst estimates of $4.02 billion. During the same period in the previous year, the company earned $0.45 earnings per share. As a group, sell-side analysts predict that Devon Energy will post 9.1 earnings per share for the current fiscal year.
Devon Energy announced that its board has approved a share repurchase program on Monday, May 2nd that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the energy company to reacquire up to 4.7% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.
In other Devon Energy news, EVP Dennis C. Cameron sold 4,537 shares of the business’s stock in a transaction dated Tuesday, July 5th. The shares were sold at an average price of $53.55, for a total value of $242,956.35. Following the transaction, the executive vice president now directly owns 270,269 shares in the company, valued at approximately $14,472,904.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ann G. Fox sold 2,150 shares of the business’s stock in a transaction dated Monday, June 13th. The shares were sold at an average price of $70.27, for a total transaction of $151,080.50. Following the completion of the transaction, the director now owns 26,858 shares in the company, valued at $1,887,311.66. The disclosure for this sale can be found here. Insiders have sold 65,316 shares of company stock valued at $4,257,888 in the last three months. Corporate insiders own 0.80% of the company’s stock.
Large investors have recently bought and sold shares of the business. Canada Pension Plan Investment Board acquired a new position in shares of Devon Energy in the 1st quarter worth approximately $26,000. WASHINGTON TRUST Co acquired a new stake in Devon Energy during the 1st quarter worth approximately $26,000. JNBA Financial Advisors lifted its holdings in Devon Energy by 274.4% during the 1st quarter. JNBA Financial Advisors now owns 498 shares of the energy company’s stock worth $29,000 after buying an additional 365 shares in the last quarter. Riverview Trust Co acquired a new stake in Devon Energy during the 1st quarter worth approximately $30,000. Finally, Northwest Investment Counselors LLC acquired a new stake in Devon Energy during the 1st quarter worth approximately $33,000. Institutional investors own 87.01% of the company’s stock.
About Devon Energy (Get Rating)
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. It operates approximately 5,134 gross wells. Devon Energy Corporation was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.
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Source: defenseworld.net
