Devon Energy (DVN) Upgraded to Buy at Seaport Global Securities

Devon Energy (NYSE:DVN) was upgraded by stock analysts at Seaport Global Securities from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Tuesday, December 19th, Marketbeat Ratings reports. Seaport Global Securities also issued estimates for Devon Energy’s Q4 2017 earnings at $0.52 EPS, Q1 2018 earnings at $0.54 EPS, Q2 2018 earnings at $0.53 EPS, Q3 2018 earnings at $0.56 EPS, Q4 2018 earnings at $0.53 EPS and FY2018 earnings at $2.16 EPS.

DVN has been the subject of a number of other reports. Stifel Nicolaus restated a “buy” rating and issued a $67.00 price target on shares of Devon Energy in a research report on Sunday, September 3rd. Citigroup restated a “buy” rating and issued a $44.00 price target on shares of Devon Energy in a research report on Tuesday, November 28th. BMO Capital Markets set a $45.00 price target on Devon Energy and gave the stock a “buy” rating in a research report on Tuesday, October 10th. Jefferies Group upgraded Devon Energy from a “hold” rating to a “buy” rating and set a $43.00 target price on the stock in a research note on Monday, October 9th. Finally, Cowen reiterated a “buy” rating and issued a $40.00 target price on shares of Devon Energy in a research note on Thursday, September 28th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and fifteen have issued a buy rating to the stock. Devon Energy currently has a consensus rating of “Buy” and an average target price of $46.06.

Devon Energy (DVN) traded up $0.89 during trading on Tuesday, reaching $43.07. 6,770,400 shares of the company traded hands, compared to its average volume of 4,500,000. Devon Energy has a one year low of $28.79 and a one year high of $47.82. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 0.87. The stock has a market cap of $22,630.00, a price-to-earnings ratio of 14.65, a price-to-earnings-growth ratio of 2.56 and a beta of 2.21.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, October 31st. The energy company reported $0.46 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.39 by $0.07. The business had revenue of $3.16 billion during the quarter, compared to the consensus estimate of $3.13 billion. Devon Energy had a return on equity of 6.88% and a net margin of 11.62%. The firm’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same period in the prior year, the company posted $1.89 EPS. analysts predict that Devon Energy will post 1.79 EPS for the current fiscal year.

In other news, EVP Lyndon C. Taylor sold 12,798 shares of the business’s stock in a transaction that occurred on Thursday, December 14th. The stock was sold at an average price of $38.29, for a total value of $490,035.42. Following the completion of the sale, the executive vice president now directly owns 67,900 shares in the company, valued at $2,599,891. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.51% of the stock is owned by insiders.

Several institutional investors have recently bought and sold shares of DVN. Sawyer & Company Inc purchased a new stake in shares of Devon Energy during the fourth quarter worth approximately $151,000. National Investment Services Inc. WI purchased a new stake in shares of Devon Energy during the fourth quarter worth approximately $1,431,000. Trust Co increased its position in shares of Devon Energy by 19.7% during the third quarter. Trust Co now owns 9,780 shares of the energy company’s stock worth $360,000 after purchasing an additional 1,608 shares in the last quarter. Foundation Resource Management Inc. boosted its stake in Devon Energy by 23.8% during the fourth quarter. Foundation Resource Management Inc. now owns 46,323 shares of the energy company’s stock worth $1,918,000 after buying an additional 8,910 shares during the last quarter. Finally, DnB Asset Management AS boosted its stake in Devon Energy by 5.5% during the fourth quarter. DnB Asset Management AS now owns 57,675 shares of the energy company’s stock worth $2,388,000 after buying an additional 3,000 shares during the last quarter. Institutional investors and hedge funds own 77.44% of the company’s stock.

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Devon Energy Company Profile

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 (NYSE:DVN)

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