Devon Energy Corp (DVN) is Upgraded by Johnson Rice to Accumulate

Devon Energy Corp (DVN) was Upgraded by Johnson Rice to ” Accumulate”. Earlier the firm had a rating of “Hold ” on the company shares. Johnson Rice advised their investors in a research report released on May 19, 2016.

Many Wall Street Analysts have commented on Devon Energy Corp. Company shares were Reiterated by Barclays on May 5, 2016 to “Overweight”, Firm has raised the Price Target to $ 34 from a previous price target of $26 .Company shares were Reiterated by RBC Capital Mkts on May 4, 2016 to “Outperform”, Firm has raised the Price Target to $ 41 from a previous price target of $36 .Wunderlich Initiated Devon Energy Corp on Apr 27, 2016 to “Buy”, Price Target of the shares are set at $40.

On the company’s financial health, Devon Energy Corp reported $-0.53 EPS for the quarter, beating the analyst consensus estimate by $ 0.08 according to the earnings call on May 3, 2016. Analyst had a consensus of $-0.61. The company had revenue of $2126.00 million for the quarter, compared to analysts expectations of $2583.85 million. The company’s revenue was down -34.9 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.22 EPS.

Devon Energy Corp opened for trading at $33.48 and hit $34.42 on the upside on Monday, eventually ending the session at $33.79, with a gain of 3.91% or 1.27 points. The heightened volatility saw the trading volume jump to 85,87,993 shares. Company has a market cap of $17,706 M.

Investors should note that on Feb 16, 2016, Devon Energy Corp announced a cash dividend of $0.0600. The company’s management has announced Jun 13, 2016 as the ex-dividend date and fixed the record date on Jun 15, 2016. The payable date has been fixed on Jun 30, 2016.

In a different news, on Jan 6, 2016, Barbara M Baumann (director) purchased 8,200 shares at $30.44 per share price. According to the SEC, on Dec 22, 2015, John E Bethancourt (director) purchased 10,000 shares at $28.94 per share price. On Jun 11, 2015, Robert A Jr Mosbacher (director) sold 3,200 shares at $64.00 per share price, according to the Form-4 filing with the securities and exchange commission.

Devon Energy Corporation (Devon) is an independent energy company engaged in the exploration development and production of oil natural gas and natural gas liquids (NGLs). The Company’s operations are concentrated in various North American onshore areas in the United States and Canada. Devon has approximately 689 Million Barrels of Oil Equivalent (MMBoe) of proved undeveloped reserves. The Company operates through three segments: U.S. Canada and EnLink. The Company’s projects in North America include Anadarko Basin Barnett Shale Mississippian-Woodford Trend Permian Basin Rockies and Canadian Heavy Oil. EnLink’s operations consist of midstream assets and operations located across the United States. In Canada the company has two main projects Jackfish and Pike located in Alberta Canada. In addition its Lloydminster properties are located to the south and east of Jackfish in eastern Alberta.

Devon Energy Corp

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