Devon Energy Co. (NYSE:DVN) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Devon Energy Co. (NYSE:DVN) has been assigned an average recommendation of “Moderate Buy” from the twenty-two ratings firms that are covering the stock, Marketbeat Ratings reports. Eight analysts have rated the stock with a hold recommendation and fourteen have issued a buy recommendation on the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $49.27.

Several equities research analysts have recently commented on DVN shares. JPMorgan Chase & Co. cut shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price target for the company. in a research report on Thursday, December 5th. TD Cowen reduced their price target on Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a research report on Tuesday, November 5th. Wolfe Research raised Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a research note on Friday, January 3rd. Evercore ISI decreased their target price on Devon Energy from $55.00 to $50.00 and set an “in-line” rating for the company in a research report on Monday, September 30th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $50.00 target price on shares of Devon Energy in a research note on Friday, January 10th.

Devon Energy Trading Down 1.2 %

Shares of NYSE DVN opened at $37.98 on Tuesday. Devon Energy has a 1-year low of $30.39 and a 1-year high of $55.09. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. The company has a 50-day moving average of $35.48 and a two-hundred day moving average of $40.27. The company has a market cap of $24.95 billion, a PE ratio of 7.05, a P/E/G ratio of 1.14 and a beta of 2.00.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.01. The firm had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The business’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.65 EPS. As a group, equities analysts expect that Devon Energy will post 4.72 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were paid a $0.22 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.88 annualized dividend and a yield of 2.32%. Devon Energy’s payout ratio is currently 16.33%.

Hedge Funds Weigh In On Devon Energy

A number of large investors have recently modified their holdings of the business. SkyOak Wealth LLC increased its position in shares of Devon Energy by 4.1% in the second quarter. SkyOak Wealth LLC now owns 6,297 shares of the energy company’s stock valued at $298,000 after acquiring an additional 250 shares during the last quarter. Riversedge Advisors LLC increased its position in shares of Devon Energy by 3.6% during the 3rd quarter. Riversedge Advisors LLC now owns 7,336 shares of the energy company’s stock worth $287,000 after purchasing an additional 253 shares during the last quarter. Modus Advisors LLC raised its stake in shares of Devon Energy by 2.4% during the 3rd quarter. Modus Advisors LLC now owns 11,439 shares of the energy company’s stock worth $447,000 after purchasing an additional 272 shares in the last quarter. Lummis Asset Management LP boosted its holdings in shares of Devon Energy by 1.0% in the 2nd quarter. Lummis Asset Management LP now owns 30,055 shares of the energy company’s stock valued at $1,425,000 after buying an additional 290 shares during the last quarter. Finally, Hazlett Burt & Watson Inc. grew its stake in shares of Devon Energy by 29.8% in the third quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock valued at $49,000 after buying an additional 290 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

About Devon Energy

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.