An issue of Devon Energy Corporation (NYSE:DVN) debt fell 0.9% as a percentage of its face value during trading on Tuesday. The high-yield debt issue has a 4.75% coupon and will mature on May 15, 2042. The bonds in the issue are now trading at $96.25. Price moves in a company’s debt in credit markets sometimes anticipate parallel moves in its share price.
A number of research analysts have recently issued reports on DVN shares. Barclays PLC restated an “overweight” rating and issued a $35.00 price target (up from $31.00) on shares of Devon Energy Corporation in a research report on Thursday, August 3rd. Royal Bank Of Canada set a $53.00 price target on shares of Devon Energy Corporation and gave the stock a “buy” rating in a research report on Monday, May 29th. BidaskClub upgraded shares of Devon Energy Corporation from a “sell” rating to a “hold” rating in a research report on Wednesday, July 19th. Bank of America Corporation restated a “buy” rating on shares of Devon Energy Corporation in a research report on Thursday, May 11th. Finally, Piper Jaffray Companies initiated coverage on shares of Devon Energy Corporation in a research report on Monday, July 17th. They issued a “neutral” rating and a $48.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $47.62.
Shares of Devon Energy Corporation (NYSE DVN) traded down 0.48% during trading on Tuesday, hitting $30.92. 4,004,871 shares of the stock traded hands. The company has a market cap of $16.25 billion, a PE ratio of 7.00 and a beta of 2.17. Devon Energy Corporation has a 1-year low of $28.79 and a 1-year high of $50.69. The company has a 50 day moving average of $31.81 and a 200-day moving average of $37.50.
Devon Energy Corporation (NYSE:DVN) last announced its quarterly earnings results on Tuesday, August 1st. The energy company reported $0.34 EPS for the quarter, beating analysts’ consensus estimates of $0.33 by $0.01. The company had revenue of $3.27 billion during the quarter, compared to analysts’ expectations of $3.24 billion. Devon Energy Corporation had a return on equity of 5.36% and a net margin of 16.07%. Devon Energy Corporation’s revenue was up 31.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.06 EPS. On average, equities analysts anticipate that Devon Energy Corporation will post $1.74 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be paid a $0.06 dividend. The ex-dividend date is Thursday, September 14th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.78%. Devon Energy Corporation’s dividend payout ratio (DPR) is presently 5.47%.
In other 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 document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.98% of the company’s stock.
Several hedge funds have recently made changes to their positions in DVN. FTB Advisors Inc. boosted its stake in shares of Devon Energy Corporation by 84.2% in the first quarter. FTB Advisors Inc. now owns 2,755 shares of the energy company’s stock worth $108,000 after buying an additional 1,259 shares during the period. Fifth Third Bancorp boosted its stake in shares of Devon Energy Corporation by 10.4% in the first quarter. Fifth Third Bancorp now owns 2,630 shares of the energy company’s stock worth $110,000 after buying an additional 248 shares during the period. State of Alaska Department of Revenue bought a new stake in shares of Devon Energy Corporation during the first quarter worth approximately $116,000. Sun Life Financial INC boosted its stake in shares of Devon Energy Corporation by 32,058.3% in the second quarter. Sun Life Financial INC now owns 3,859 shares of the energy company’s stock worth $123,000 after buying an additional 3,847 shares during the period. Finally, FUKOKU MUTUAL LIFE INSURANCE Co boosted its stake in shares of Devon Energy Corporation by 88.9% in the first quarter. FUKOKU MUTUAL LIFE INSURANCE Co now owns 3,400 shares of the energy company’s stock worth $142,000 after buying an additional 1,600 shares during the period. 77.08% of the stock is owned by institutional investors.
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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).
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