Devon Energy (NYSE:DVN) Stock Price Expected to Rise, Raymond James Analyst Says

Devon Energy (NYSE:DVN) had its price objective increased by Raymond James from $53.00 to $54.00 in a report published on Thursday,Benzinga reports. The firm currently has an outperform rating on the energy company’s stock.

Several other equities analysts have also recently weighed in on DVN. Jefferies Financial Group assumed coverage on shares of Devon Energy in a research note on Thursday, October 3rd. They set a “hold” rating and a $45.00 target price for the company. Wells Fargo & Company reduced their target price on Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a report on Tuesday, December 17th. BMO Capital Markets dropped their price target on Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a research note on Friday, October 4th. Truist Financial cut their price target on Devon Energy from $43.00 to $42.00 and set a “hold” rating for the company in a report on Monday, January 13th. Finally, Wolfe Research raised Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price objective on the stock in a report on Friday, January 3rd. Nine research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $49.41.

Devon Energy Price Performance

Shares of Devon Energy stock opened at $35.98 on Thursday. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. Devon Energy has a 52 week low of $30.39 and a 52 week high of $55.09. The stock’s 50-day simple moving average is $35.27 and its 200-day simple moving average is $39.90. The company has a market capitalization of $23.64 billion, a price-to-earnings ratio of 6.68, a PEG ratio of 1.21 and a beta of 2.00.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results 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. The business had revenue of $4.02 billion during 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 firm’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same period in the prior year, the company posted $1.65 EPS. As a group, analysts expect that Devon Energy will post 4.7 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. Stockholders of record on Friday, December 13th were issued a $0.22 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.45%. Devon Energy’s payout ratio is 16.33%.

Hedge Funds Weigh In On Devon Energy

A number of large investors have recently bought and sold shares of DVN. EnCap Energy Capital Fund XI L.P. purchased a new stake in shares of Devon Energy during the third quarter valued at $461,857,000. EnCap Partners GP LLC purchased a new stake in Devon Energy in the 3rd quarter valued at about $408,653,000. EnCap Energy Capital Fund X L.P. purchased a new stake in Devon Energy in the 3rd quarter valued at about $230,928,000. International Assets Investment Management LLC grew its stake in Devon Energy by 4,125.7% in the 3rd quarter. International Assets Investment Management LLC now owns 2,280,961 shares of the energy company’s stock worth $89,231,000 after acquiring an additional 2,226,983 shares in the last quarter. Finally, Pacer Advisors Inc. increased its position in shares of Devon Energy by 16.9% during the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock worth $453,446,000 after acquiring an additional 1,677,652 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

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.