Devon Energy (NYSE:DVN)‘s stock had its “buy” rating restated by Jefferies Group in a report released on Monday. They presently have a $41.00 target price on the energy company’s stock. Jefferies Group’s price target indicates a potential upside of 29.95% from the stock’s previous close. Jefferies Group also issued estimates for Devon Energy’s Q1 2018 earnings at $0.25 EPS, Q2 2018 earnings at $0.26 EPS, Q3 2018 earnings at $0.27 EPS, Q4 2018 earnings at $0.33 EPS, FY2018 earnings at $1.11 EPS, Q1 2019 earnings at $0.55 EPS, Q2 2019 earnings at $0.55 EPS, Q3 2019 earnings at $0.59 EPS, Q4 2019 earnings at $0.67 EPS and FY2019 earnings at $2.36 EPS.
A number of other equities research analysts have also recently commented on DVN. Barclays increased their target price on shares of Devon Energy from $35.00 to $38.00 and gave the company an “overweight” rating in a research report on Monday, November 20th. Piper Jaffray Companies reiterated a “hold” rating and issued a $38.00 target price on shares of Devon Energy in a research report on Friday, November 24th. Scotiabank set a $50.00 target price on shares of Devon Energy and gave the company a “buy” rating in a research report on Saturday, November 25th. Citigroup restated a “buy” rating and set a $44.00 price objective on shares of Devon Energy in a research report on Tuesday, November 28th. Finally, Credit Suisse Group initiated coverage on shares of Devon Energy in a research report on Monday, December 11th. They set an “outperform” rating and a $43.00 price objective for the company. One research analyst has rated the stock with a sell rating, six have issued a hold rating and seventeen have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $45.60.
Shares of Devon Energy stock opened at $31.55 on Monday. The company has a market cap of $16,814.15, a PE ratio of 11.91, a PEG ratio of 2.43 and a beta of 2.26. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.45 and a quick ratio of 1.45. Devon Energy has a 12-month low of $28.79 and a 12-month high of $45.16.
Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, February 20th. The energy company reported $0.38 EPS for the quarter, missing the Zacks’ consensus estimate of $0.60 by ($0.22). The business had revenue of $3.98 billion during the quarter, compared to analyst estimates of $3.58 billion. Devon Energy had a net margin of 10.04% and a return on equity of 6.92%. Devon Energy’s quarterly revenue was up 41.8% on a year-over-year basis. During the same quarter last year, the company earned $0.25 earnings per share. sell-side analysts anticipate that Devon Energy will post 1.88 EPS for the current fiscal year.
Devon Energy announced that its Board of Directors has authorized a share repurchase plan on Wednesday, March 7th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the energy company to repurchase shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.
Institutional investors and hedge funds have recently made changes to their positions in the business. Smith Asset Management Group LP increased its position in shares of Devon Energy by 6.1% during the fourth quarter. Smith Asset Management Group LP now owns 269,375 shares of the energy company’s stock valued at $11,208,000 after acquiring an additional 15,485 shares during the last quarter. TVR Capital Management LP increased its position in shares of Devon Energy by 81.1% during the fourth quarter. TVR Capital Management LP now owns 253,504 shares of the energy company’s stock valued at $10,495,000 after acquiring an additional 113,504 shares during the last quarter. Synovus Financial Corp acquired a new stake in shares of Devon Energy during the fourth quarter valued at about $1,911,000. Folger Hill Asset Management LP acquired a new stake in shares of Devon Energy during the fourth quarter valued at about $1,656,000. Finally, Bank of Montreal Can increased its position in shares of Devon Energy by 301.0% during the fourth quarter. Bank of Montreal Can now owns 744,419 shares of the energy company’s stock valued at $30,819,000 after acquiring an additional 558,772 shares during the last quarter. Institutional investors and hedge funds own 82.19% of the company’s stock.
About Devon Energy
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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