Northland Securities initiated coverage on shares of Devon Energy (NYSE:DVN) in a research report sent to investors on Monday, Benzinga reports. The brokerage issued an outperform rating and a $15.00 price objective on the energy company’s stock.
A number of other equities research analysts have also commented on DVN. SunTrust Banks increased their price objective on shares of Devon Energy from $13.00 to $14.00 and gave the stock a hold rating in a report on Friday, June 19th. Piper Sandler increased their price objective on shares of Devon Energy from $15.00 to $18.00 and gave the stock an overweight rating in a report on Thursday, August 13th. Morgan Stanley increased their price objective on shares of Devon Energy from $11.00 to $13.00 and gave the stock an equal weight rating in a report on Friday, August 21st. JPMorgan Chase & Co. lowered shares of Devon Energy from an overweight rating to a neutral rating and decreased their price objective for the stock from $15.00 to $13.00 in a report on Thursday, July 23rd. Finally, Zacks Investment Research lowered shares of Devon Energy from a buy rating to a hold rating and set a $11.00 price objective on the stock. in a report on Wednesday, July 15th. Eight research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. The stock presently has an average rating of Buy and a consensus target price of $17.00.
DVN opened at $9.76 on Monday. The firm’s 50-day simple moving average is $10.85 and its 200-day simple moving average is $10.91. The company has a debt-to-equity ratio of 1.28, a quick ratio of 2.33 and a current ratio of 2.33. Devon Energy has a twelve month low of $4.70 and a twelve month high of $28.04. The firm has a market cap of $3.74 billion, a price-to-earnings ratio of -1.22 and a beta of 3.26.
Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, August 4th. The energy company reported ($0.18) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.26) by $0.08. Devon Energy had a negative net margin of 51.02% and a positive return on equity of 4.29%. The business had revenue of $394.00 million for the quarter, compared to analyst estimates of $1 billion. During the same quarter in the prior year, the firm earned $0.40 EPS. The firm’s quarterly revenue was down 78.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Devon Energy will post -0.14 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 30th. Shareholders of record on Friday, December 11th will be issued a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 4.51%. Devon Energy’s dividend payout ratio (DPR) is currently 31.88%.
Hedge funds have recently made changes to their positions in the business. AJO LP raised its holdings in Devon Energy by 254.4% during the 2nd quarter. AJO LP now owns 1,023,613 shares of the energy company’s stock worth $11,606,000 after buying an additional 734,765 shares during the period. Pitcairn Co. acquired a new stake in Devon Energy during the 2nd quarter worth approximately $200,000. ETRADE Capital Management LLC acquired a new stake in Devon Energy during the 1st quarter worth approximately $70,000. Advisor Group Holdings Inc. acquired a new stake in Devon Energy during the 1st quarter worth approximately $331,000. Finally, Swiss National Bank raised its holdings in Devon Energy by 17.0% during the 1st quarter. Swiss National Bank now owns 1,490,726 shares of the energy company’s stock worth $10,301,000 after buying an additional 216,100 shares during the period. Hedge funds and other institutional investors own 78.88% of the company’s stock.
Devon Energy Company Profile
Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States and Canada. It operates approximately 12,900 gross wells. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.
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