Devon Energy (DVN) Given a $52.00 Price Target by Jefferies Financial Group Analysts

Devon Energy (NYSE:DVN) has been assigned a $52.00 price target by stock analysts at Jefferies Financial Group in a report released on Friday. The firm presently has a “buy” rating on the energy company’s stock. Jefferies Financial Group’s price objective would indicate a potential upside of 21.38% from the company’s previous close.

A number of other equities research analysts also recently issued reports on the company. ValuEngine downgraded Devon Energy from a “buy” rating to a “hold” rating in a research report on Wednesday. BMO Capital Markets reissued a “buy” rating and set a $50.00 price target on shares of Devon Energy in a research report on Tuesday, August 7th. UBS Group raised Devon Energy from a “neutral” rating to a “buy” rating and set a $53.00 price target on the stock in a research report on Monday, August 6th. Susquehanna Bancshares reduced their price target on Devon Energy from $54.00 to $53.00 and set a “positive” rating on the stock in a research report on Wednesday, August 1st. Finally, Stephens set a $52.00 price target on Devon Energy and gave the stock a “buy” rating in a research report on Wednesday, July 25th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and twenty have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $48.95.

Shares of NYSE:DVN opened at $42.84 on Friday. The company has a market cap of $21.41 billion, a P/E ratio of 68.00, a P/E/G ratio of 3.66 and a beta of 2.18. Devon Energy has a 1 year low of $29.78 and a 1 year high of $46.54. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.65 and a current ratio of 1.65.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, July 31st. The energy company reported $0.34 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.37 by ($0.03). The company had revenue of $2.25 billion for the quarter, compared to analyst estimates of $3.96 billion. Devon Energy had a positive return on equity of 5.52% and a negative net margin of 1.60%. During the same period in the prior year, the company earned $0.80 EPS. analysts anticipate that Devon Energy will post 1.64 EPS for the current fiscal year.

Devon Energy announced that its board has authorized a stock repurchase program on Tuesday, May 1st that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the energy company to repurchase up to 5.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its shares are undervalued.

In other news, EVP Lyndon C. Taylor sold 18,357 shares of the stock in a transaction on Monday, June 11th. The stock was sold at an average price of $42.09, for a total value of $772,646.13. Following the completion of the transaction, the executive vice president now directly owns 95,223 shares in the company, valued at approximately $4,007,936.07. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John E. Bethancourt purchased 12,000 shares of the company’s stock in a transaction dated Thursday, June 7th. The stock was purchased at an average price of $41.90 per share, with a total value of $502,800.00. Following the completion of the purchase, the director now directly owns 56,469 shares in the company, valued at approximately $2,366,051.10. The disclosure for this purchase can be found here. 0.55% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. lifted its stake in shares of Devon Energy by 0.5% in the 2nd quarter. BlackRock Inc. now owns 48,631,367 shares of the energy company’s stock valued at $2,137,835,000 after acquiring an additional 235,109 shares during the last quarter. FMR LLC lifted its stake in shares of Devon Energy by 11.1% in the 2nd quarter. FMR LLC now owns 11,782,553 shares of the energy company’s stock valued at $517,962,000 after acquiring an additional 1,173,389 shares during the last quarter. Diamond Hill Capital Management Inc. lifted its stake in shares of Devon Energy by 16.7% in the 2nd quarter. Diamond Hill Capital Management Inc. now owns 9,201,696 shares of the energy company’s stock valued at $404,507,000 after acquiring an additional 1,316,231 shares during the last quarter. Victory Capital Management Inc. lifted its stake in shares of Devon Energy by 18.4% in the 1st quarter. Victory Capital Management Inc. now owns 7,388,286 shares of the energy company’s stock valued at $234,874,000 after acquiring an additional 1,150,082 shares during the last quarter. Finally, American Century Companies Inc. lifted its stake in shares of Devon Energy by 46.8% in the 1st quarter. American Century Companies Inc. now owns 6,509,525 shares of the energy company’s stock valued at $206,938,000 after acquiring an additional 2,076,096 shares during the last quarter. Institutional investors own 83.02% 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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