Devon Energy (NYSE:DVN) Shares Up 12.2%

Devon Energy Corp (NYSE:DVN)’s share price shot up 12.2% during mid-day trading on Monday . The stock traded as high as $28.41 and last traded at $28.12, 13,640,508 shares traded hands during mid-day trading. An increase of 90% from the average session volume of 7,169,198 shares. The stock had previously closed at $25.07.

Several brokerages have issued reports on DVN. Wells Fargo & Co began coverage on shares of Devon Energy in a report on Monday, May 20th. They issued an “outperform” rating and a $40.00 price target on the stock. Morgan Stanley lowered their price target on shares of Devon Energy from $32.00 to $31.00 and set an “equal weight” rating on the stock in a report on Friday, July 12th. Guggenheim set a $35.00 price target on shares of Devon Energy and gave the company a “buy” rating in a report on Wednesday, August 21st. Seaport Global Securities reissued a “buy” rating on shares of Devon Energy in a report on Friday, June 21st. Finally, SunTrust Banks began coverage on shares of Devon Energy in a report on Tuesday, July 30th. They issued a “buy” rating and a $33.00 price target on the stock. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and eleven have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $37.09.

The company’s fifty day moving average price is $23.65 and its two-hundred day moving average price is $27.89. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.61. The firm has a market cap of $9.93 billion, a P/E ratio of 21.80, a price-to-earnings-growth ratio of 1.74 and a beta of 2.34.



Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, August 6th. The energy company reported $0.43 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.07. Devon Energy had a net margin of 39.80% and a return on equity of 8.42%. The business had revenue of $1.92 billion for the quarter, compared to analyst estimates of $2.09 billion. During the same quarter in the prior year, the firm earned $0.34 EPS. The firm’s quarterly revenue was down .1% compared to the same quarter last year. On average, analysts predict that Devon Energy Corp will post 1.34 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 13th will be issued a $0.09 dividend. This represents a $0.36 annualized dividend and a dividend yield of 1.28%. The ex-dividend date of this dividend is Thursday, December 12th. Devon Energy’s payout ratio is 27.91%.

In other news, CAO Jeremy D. Humphers sold 1,500 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $21.66, for a total value of $32,490.00. Following the sale, the chief accounting officer now owns 42,475 shares of the company’s stock, valued at approximately $920,008.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.63% of the stock is currently owned by corporate insiders.

A number of large investors have recently modified their holdings of DVN. Price T Rowe Associates Inc. MD grew its holdings in Devon Energy by 252.7% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 8,032,588 shares of the energy company’s stock worth $229,089,000 after acquiring an additional 5,755,255 shares during the last quarter. Nuveen Asset Management LLC grew its holdings in Devon Energy by 8,782.8% during the 2nd quarter. Nuveen Asset Management LLC now owns 2,126,454 shares of the energy company’s stock worth $60,646,000 after acquiring an additional 2,102,515 shares during the last quarter. Balyasny Asset Management LLC grew its holdings in Devon Energy by 364.6% during the 2nd quarter. Balyasny Asset Management LLC now owns 2,507,426 shares of the energy company’s stock worth $71,512,000 after acquiring an additional 1,967,751 shares during the last quarter. Caymus Capital Partners L.P. acquired a new position in Devon Energy during the 2nd quarter valued at about $48,600,000. Finally, Invesco Ltd. lifted its position in Devon Energy by 5.3% during the 2nd quarter. Invesco Ltd. now owns 28,823,990 shares of the energy company’s stock valued at $822,059,000 after purchasing an additional 1,456,762 shares during the period. 85.79% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Company Profile (NYSE:DVN)

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 12,900 gross wells. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.

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