Devon Energy Corp (DVN) is Resumed by Piper Jaffray to Neutral, Raises Price Target to $ 41

Devon Energy Corp (DVN) was Resumed by Piper Jaffray to “Neutral” according to the research note released today. The brokerage firm has raised the Price Target to $ 41 from a previous price target of $39 . Piper Jaffray advised their investors in a research report released on Jul 7, 2016.

Many Wall Street Analysts have commented on Devon Energy Corp. Company shares were Reiterated by Deutsche Bank on Jul 5, 2016 to “Buy”, Firm has raised the Price Target to $ 45 from a previous price target of $41 .Devon Energy Corp was Initiated by Credit Agricole to “Outperform” on Jun 22, 2016. Company shares were Reiterated by Wunderlich on Jun 16, 2016 to “Buy”, Firm has raised the Price Target to $ 41 from a previous price target of $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 closed down -1.3 points or -3.47% at $36.15 with 64,08,596 shares getting traded on Tuesday. Post opening the session at $36.43, the shares hit an intraday low of $35.47 and an intraday high of $36.73 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

Investors should note that on Jun 8, 2016, Devon Energy Corp announced a cash dividend of $0.0600. The company’s management has announced Sep 13, 2016 as the ex-dividend date and fixed the record date on Sep 15, 2016. The payable date has been fixed on Sep 30, 2016.

In a different news, on Jun 22, 2016, Robert H. Henry (director) sold 7,100 shares at $37.43 per share price. According to the SEC, on Jan 6, 2016, Barbara M Baumann (director) purchased 8,200 shares at $30.44 per share price. On Dec 22, 2015, John E Bethancourt (director) purchased 10,000 shares at $28.94 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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