Todays Report: The Bank of America Corp. Reiterates $64.00 Price Target for Devon Energy Corp. (DVN)

The Bank of America Corp. Reiterates $64.00 Price Target for Devon Energy Corp. (DVN)

Bank of America Corp. set a $64.00 price objective on Devon Energy Corp. (NYSE:DVN) in a research report sent to investors on Monday morning. The firm currently has a a buy rating on the energy company’s stock.

Other equities research analysts also recently issued reports about the company. Deutsche Bank AG reaffirmed a buy rating on shares of Devon Energy Corp. in a report on Sunday, July 17th. BMO Capital Markets reissued a buy rating and issued a $40.00 target price (up from $35.00) on shares of Devon Energy Corp. in a report on Monday, June 13th. Scotiabank reissued a focus stock rating and issued a $61.00 target price (up from $50.00) on shares of Devon Energy Corp. in a report on Monday, July 11th. JPMorgan Chase & Co. reissued a buy rating on shares of Devon Energy Corp. in a report on Wednesday, August 3rd. Finally, Piper Jaffray Cos. reissued a neutral rating and issued a $41.00 target price (up from $39.00) on shares of Devon Energy Corp. in a report on Thursday, July 7th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty have issued a buy rating and three have issued a strong buy rating to the company. Devon Energy Corp. currently has a consensus rating of Buy and a consensus price target of $42.21.

Devon Energy Corp. (NYSE:DVN) opened at 44.56 on Monday. Devon Energy Corp. has a one year low of $18.07 and a one year high of $48.68. The firm’s market capitalization is $23.33 billion. The company has a 50 day moving average price of $42.87 and a 200-day moving average price of $37.32.

Devon Energy Corp. (NYSE:DVN) last released its quarterly earnings data on Tuesday, August 2nd. The energy company reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.25. The company had revenue of $2.49 billion for the quarter, compared to the consensus estimate of $2.29 million. Devon Energy Corp. had a positive return on equity of 3.62% and a negative net margin of 114.09%. The company’s quarterly revenue was down 26.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.78 earnings per share. On average, equities analysts predict that Devon Energy Corp. will post ($0.29) EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, December 30th. Shareholders of record on Thursday, December 15th will be issued a $0.06 dividend. The ex-dividend date is Tuesday, December 13th. This represents a $0.24 annualized dividend and a yield of 0.54%. Devon Energy Corp.’s dividend payout ratio is currently -0.82%.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC boosted its position in Devon Energy Corp. by 29.0% in the first quarter. Geode Capital Management LLC now owns 4,016,066 shares of the energy company’s stock valued at $109,975,000 after buying an additional 902,528 shares in the last quarter. Retirement Systems of Alabama boosted its position in Devon Energy Corp. by 49.2% in the second quarter. Retirement Systems of Alabama now owns 390,482 shares of the energy company’s stock valued at $14,155,000 after buying an additional 128,792 shares in the last quarter. Guinness Asset Management Ltd boosted its position in Devon Energy Corp. by 0.7% in the second quarter. Guinness Asset Management Ltd now owns 307,076 shares of the energy company’s stock valued at $11,132,000 after buying an additional 2,000 shares in the last quarter. Wellington Management Group LLP boosted its position in Devon Energy Corp. by 53.3% in the first quarter. Wellington Management Group LLP now owns 1,770,278 shares of the energy company’s stock valued at $48,576,000 after buying an additional 615,396 shares in the last quarter. Finally, Standard Life Investments LTD bought a new position in Devon Energy Corp. during the second quarter valued at $46,082,000. 75.62% of the stock is currently owned by hedge funds and other institutional investors.

About Devon Energy Corp.

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