Devon Energy Corporation (DVN) : Analyst Rating Update

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 3 which endorses a Hold 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) : The consensus price target for Devon Energy Corporation (DVN) is $40.58 for the short term with a standard deviation of $7.38. The most optimist securities analyst among the 19 who monitor the stock believes that the stock can reach $54, however, the pessimist price target for the company is $30.

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 $35.83 and $35.68 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $37.02. The buying momentum continued till the end and the stock did not give up its gains. It closed at $36.98, notching a gain of 2.30% for the day. The total traded volume was 6,966,460 . The stock had closed at $36.15 on the previous day.

Also, CLSA initiates coverage on Devon Energy Corporation (NYSE:DVN) . Analysts at the CLSA have a current rating of Outperform on the shares. The rating by the firm was issued on June 22, 2016. The company shares have dropped -34.92% from its 1 Year high price. On Jul 8, 2015, the shares registered one year high at $67.96 and the one year low was seen on Feb 19, 2016. The 50-Day Moving Average price is $36.09 and the 200 Day Moving Average price is recorded at $29.48.

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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