The stock of Devon Energy Corp (NYSE:DVN) hit a new 52-week high and has $50.15 target or 7.00% above today’s $46.87 share price. The 9 months bullish chart indicates low risk for the $24.26 billion company. The 1-year high was reported on Nov, 30 by Barchart.com. If the $50.15 price target is reached, the company will be worth $1.70B more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 4.00 million shares traded hands. Devon Energy Corp (NYSE:DVN) has risen 14.22% since April 27, 2016 and is uptrending. It has outperformed by 9.00% the S&P500.
Analysts await Devon Energy Corp (NYSE:DVN) to report earnings on February, 21. They expect $0.18 earnings per share, down 76.62% or $0.59 from last year’s $0.77 per share. DVN’s profit will be $93.17M for 65.07 P/E if the $0.18 EPS becomes a reality. After $0.09 actual earnings per share reported by Devon Energy Corp for the previous quarter, Wall Street now forecasts 100.00% EPS growth.
Devon Energy Corp (NYSE:DVN) Ratings Coverage
Out of 25 analysts covering Devon Energy Corporation (NYSE:DVN), 18 rate it a “Buy”, 1 “Sell”, while 6 “Hold”. This means 72% are positive. $80 is the highest target while $26 is the lowest. The $45.17 average target is -3.63% below today’s ($46.87) stock price. Devon Energy Corporation has been the topic of 56 analyst reports since July 21, 2015 according to StockzIntelligence Inc. As per Wednesday, October 28, the company rating was downgraded by UBS. The firm has “Outperform” rating by Bernstein given on Thursday, October 1. As per Tuesday, January 26, the company rating was maintained by Susquehanna. RBC Capital Markets maintained the stock with “Outperform” rating in Thursday, February 18 report. As per Tuesday, August 23, the company rating was maintained by Argus Research. The company was upgraded on Friday, April 15 by Evercore. The rating was downgraded by Raymond James to “Mkt Perform” on Tuesday, September 6. The stock of Devon Energy Corp (NYSE:DVN) has “Buy” rating given on Wednesday, April 27 by Wunderlich. The company was upgraded on Thursday, November 12 by Guggenheim. On Tuesday, December 8 the stock rating was maintained by UBS with “Sell”.
According to Zacks Investment Research, “Devon Energy is a leading independent energy company engaged in finding and producing oil and natural gas. Based in Oklahoma City and included in the S&P 500, Devon operates in several of the most prolific oil and natural gas plays in the U.S. and Canada with an emphasis on a balanced portfolio. The Company is the second-largest oil producer among North American onshore independents.”
Insitutional Activity: The institutional sentiment decreased to 0.89 in Q2 2016. Its down 0.05, from 0.94 in 2016Q1. The ratio dropped, as 69 funds sold all Devon Energy Corp shares owned while 258 reduced positions. 98 funds bought stakes while 210 increased positions. They now own 391.88 million shares or 2.55% less from 402.14 million shares in 2016Q1.
Moreover, American Grp Incorporated has 0% invested in Devon Energy Corp (NYSE:DVN) for 228,362 shares. Legal And General Grp Inc Public Limited Company holds 2.54 million shares or 0.1% of its portfolio. Oregon Pub Employees Retirement Fund holds 128,669 shares or 0.1% of its portfolio. X Management Lc has 754 shares for 0% of their US portfolio. Motley Fool Wealth Management Lc holds 0.12% or 30,131 shares in its portfolio. Grt Capital Prns Lc reported 37,580 shares or 0.34% of all its holdings. Ubs Oconnor Limited Liability, a Illinois-based fund reported 119,574 shares. Fifth Third Commercial Bank has invested 0% of its portfolio in Devon Energy Corp (NYSE:DVN). Fiduciary Mngmt Wi owns 9.79 million shares or 2.16% of their US portfolio. Pittenger And Anderson owns 72 shares or 0% of their US portfolio. Moreover, Prtnrs Mngmt Limited Liability Com has 0.07% invested in Devon Energy Corp (NYSE:DVN) for 7,160 shares. Cornerstone Advsr Incorporated holds 0.01% or 354 shares in its portfolio. Foundation Resources Management last reported 29,344 shares in the company. Deutsche Comml Bank Ag holds 0.04% of its portfolio in Devon Energy Corp (NYSE:DVN) for 1.53 million shares. United Cap Fin Advisers Limited Liability Corp accumulated 0.02% or 54,051 shares.
More news for Devon Energy Corp (NYSE:DVN) were recently published by: Fool.com, which released: “Devon Energy Corp Delivers Record-Setting Well Results” on November 02, 2016. Newsok.com‘s article titled: “Devon Energy agrees to cancel federal leases on tribal land in Montana” and published on November 17, 2016 is yet another important article.
DVN Company Profile
Devon Energy Corporation (Devon), incorporated on May 18, 1999, is an independent energy firm engaged in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs). The Company’s activities are concentrated in various North American onshore areas in the United States and Canada. The Firm also produces over 1.6 billion cubic feet of natural gas a day and approximately 135 thousand barrels of NGLs per day. The Firm operates through three divisions: U.S., Canada and EnLink. Devon’s U.S. and Canadian divisions are engaged in gas and oil exploration and production activities. EnLink’s activities consist of midstream assets and activities located across the United States.
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