Brokerages Set Devon Energy Co. (NYSE:DVN) Target Price at $51.85

Shares of Devon Energy Co. (NYSE:DVN) have received a consensus rating of “Moderate Buy” from the twenty-two brokerages that are presently covering the firm, MarketBeat reports. Ten research analysts have rated the stock with a hold recommendation and twelve have issued a buy recommendation on the company. The average 1-year target price among brokerages that have covered the stock in the last year is $51.15.

A number of equities research analysts recently issued reports on the company. BMO Capital Markets reduced their price target on Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a research report on Friday, October 4th. Raymond James reduced their target price on Devon Energy from $58.00 to $51.00 in a report on Tuesday, November 5th. Mizuho dropped their price target on Devon Energy from $53.00 to $51.00 and set an “outperform” rating for the company in a research note on Wednesday, October 9th. StockNews.com downgraded shares of Devon Energy from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $57.00 target price on shares of Devon Energy in a research report on Tuesday, September 3rd.

Devon Energy Stock Up 0.3 %

DVN stock opened at $37.95 on Monday. Devon Energy has a fifty-two week low of $37.28 and a fifty-two week high of $55.09. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. The stock has a market capitalization of $24.93 billion, a price-to-earnings ratio of 7.04, a PEG ratio of 1.20 and a beta of 2.03. The business’s fifty day moving average price is $39.68 and its two-hundred day moving average price is $43.52.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The business had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter in the previous year, the company earned $1.65 EPS. The business’s revenue was up 4.9% on a year-over-year basis. On average, equities analysts anticipate that Devon Energy will post 4.79 earnings per share for the current year.

Devon Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.32%. The ex-dividend date is Friday, December 13th. Devon Energy’s dividend payout ratio is currently 16.33%.

Institutional Investors Weigh In On Devon Energy

Several hedge funds have recently added to or reduced their stakes in DVN. Annex Advisory Services LLC raised its stake in shares of Devon Energy by 0.8% during the second quarter. Annex Advisory Services LLC now owns 27,651 shares of the energy company’s stock valued at $1,311,000 after acquiring an additional 223 shares during the last quarter. Versant Capital Management Inc lifted its holdings in Devon Energy by 30.4% during the 2nd quarter. Versant Capital Management Inc now owns 970 shares of the energy company’s stock worth $46,000 after buying an additional 226 shares during the period. Archer Investment Corp grew its position in shares of Devon Energy by 2.8% in the 2nd quarter. Archer Investment Corp now owns 8,535 shares of the energy company’s stock valued at $405,000 after buying an additional 235 shares during the last quarter. Citizens Financial Group Inc. RI increased its stake in shares of Devon Energy by 2.6% in the first quarter. Citizens Financial Group Inc. RI now owns 9,480 shares of the energy company’s stock valued at $476,000 after buying an additional 236 shares during the period. Finally, Institute for Wealth Management LLC. raised its position in shares of Devon Energy by 4.0% during the second quarter. Institute for Wealth Management LLC. now owns 6,234 shares of the energy company’s stock worth $296,000 after acquiring an additional 237 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Company Profile

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.