Devon Energy Corporation (DVN) Stock Rating Upgraded by Jefferies Group LLC

Devon Energy Corporation (NYSE:DVN) was upgraded by Jefferies Group LLC from a “hold” rating to a “buy” rating in a note issued to investors on Monday. The brokerage currently has a $43.00 price target on the energy company’s stock. Jefferies Group LLC’s target price would suggest a potential upside of 19.44% from the stock’s previous close.

A number of other research analysts also recently commented on DVN. Barclays PLC reiterated an “overweight” rating and issued a $35.00 price objective (up previously from $31.00) on shares of Devon Energy Corporation in a report on Wednesday, August 9th. Stifel Nicolaus set a $66.00 price objective on Devon Energy Corporation and gave the company a “buy” rating in a report on Thursday, October 5th. Scotiabank set a $49.00 price objective on Devon Energy Corporation and gave the company a “buy” rating in a report on Saturday, July 1st. Cowen and Company reiterated a “buy” rating and issued a $40.00 price objective on shares of Devon Energy Corporation in a report on Thursday, September 28th. Finally, BidaskClub downgraded Devon Energy Corporation from a “sell” rating to a “strong sell” rating in a report on Saturday, August 19th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and twelve have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $44.88.

Shares of Devon Energy Corporation (NYSE:DVN) opened at 36.00 on Monday. The firm has a 50-day moving average price of $33.85 and a 200 day moving average price of $34.79. The firm has a market cap of $18.92 billion, a P/E ratio of 8.14 and a beta of 2.21. Devon Energy Corporation has a one year low of $28.79 and a one year high of $50.69.

Devon Energy Corporation (NYSE:DVN) last released its quarterly earnings data on Tuesday, August 1st. The energy company reported $0.34 EPS for the quarter, beating analysts’ consensus estimates of $0.33 by $0.01. Devon Energy Corporation had a return on equity of 5.36% and a net margin of 16.07%. The business had revenue of $3.27 billion for the quarter, compared to the consensus estimate of $3.24 billion. During the same quarter in the prior year, the business posted $0.06 EPS. The business’s revenue for the quarter was up 31.6% on a year-over-year basis. On average, analysts forecast that Devon Energy Corporation will post $1.72 earnings per share for the current fiscal year.

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In related news, Director Robert H. Henry sold 7,045 shares of the company’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $33.35, for a total value of $234,950.75. Following the completion of the sale, the director now directly owns 11,338 shares of the company’s stock, valued at approximately $378,122.30. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.51% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in DVN. Fifth Third Bancorp boosted its position in shares of Devon Energy Corporation by 10.4% in the 1st quarter. Fifth Third Bancorp now owns 2,630 shares of the energy company’s stock valued at $110,000 after purchasing an additional 248 shares during the period. Sun Life Financial INC boosted its position in shares of Devon Energy Corporation by 32,058.3% in the 2nd quarter. Sun Life Financial INC now owns 3,859 shares of the energy company’s stock valued at $123,000 after purchasing an additional 3,847 shares during the period. Fiduciary Trust Co. acquired a new stake in shares of Devon Energy Corporation in the 2nd quarter valued at about $144,000. Global X Management Co. LLC boosted its position in shares of Devon Energy Corporation by 12.5% in the 2nd quarter. Global X Management Co. LLC now owns 4,539 shares of the energy company’s stock valued at $145,000 after purchasing an additional 503 shares during the period. Finally, Exane Derivatives boosted its position in shares of Devon Energy Corporation by 36.0% in the 2nd quarter. Exane Derivatives now owns 5,650 shares of the energy company’s stock valued at $181,000 after purchasing an additional 1,497 shares during the period. 77.04% 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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