Analyst Rating Update on Devon Energy Corporation (DVN)

Devon Energy Corporation (DVN) : The consensus on Devon Energy Corporation (DVN) based on 23 analyst recommendation on the company stock is 1.61, which is interpreted as a Buy recommendation. Zacks Investment Research has issued a rank of 2 which endorses a Buy on the stock. However, 15 brokers have a differing view as they consider the stock to be a Strong Buy at current levels. 4 analyst believes that the stock is a Buy, which can produce decent returns in the future. 3 experts consider that the stocks earnings and the quoted price is in harmony, hence, they give it a Hold rating. 1 analyst sees the stock overvalued at current levels and advises a Strong Sell on the stock.

Devon Energy Corporation (DVN) has been rated by 20 research analysts. Fundamentally, the highest shorterm price forecast for the stock is expected to reach $61 and the lowest price target forecast is $30. The average forecast of all the analysts is $44.75 and the expected standard deviation is $9.18.

For the current week, the company shares have a recommendation consensus of Buy. Also, Equity Analysts at the Brokerage Firm, KLR Group, downgrades their rating on the shares of Devon Energy Corporation (NYSE:DVN). KLR Group has a Accumulate rating on the shares. Previously, the analysts had a Buy rating on the shares. As per the latest research report, the brokerage house raises the price target to $44 per share from a prior target of $41. The rating by the firm was issued on July 18, 2016.


Devon Energy Corporation (NYSE:DVN): During Wednesdays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $36.12 and $35.54 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $38.13. The buying momentum continued till the end and the stock did not give up its gains. It closed at $38.00, notching a gain of 5.20% for the day. The total traded volume was 11,775,449 . The stock had closed at $36.12 on the previous day.

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 Companys 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 Companys projects in North America include Anadarko Basin, Barnett Shale, Mississippian-Woodford Trend, Permian Basin, Rockies and Canadian Heavy Oil. EnLinks 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.

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