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 analysts that are presently covering the company, Marketbeat reports. Eleven equities research analysts have rated the stock with a hold recommendation and eleven have given a buy recommendation to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $50.05.

DVN has been the topic of a number of analyst reports. Benchmark reaffirmed a “hold” rating on shares of Devon Energy in a research report on Tuesday, October 15th. Scotiabank decreased their price target on shares of Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. JPMorgan Chase & Co. downgraded shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price objective on the stock. in a research report on Thursday, December 5th. Mizuho decreased their price objective on shares of Devon Energy from $51.00 to $47.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. Finally, StockNews.com raised Devon Energy from a “sell” rating to a “hold” rating in a report on Wednesday.

Devon Energy Price Performance

Shares of DVN opened at $31.24 on Friday. The company has a market cap of $20.52 billion, a P/E ratio of 5.80, a PEG ratio of 1.10 and a beta of 1.99. Devon Energy has a fifty-two week low of $30.39 and a fifty-two week high of $55.09. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. The firm’s 50 day moving average price is $37.21 and its 200 day moving average price is $41.76.

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

Devon Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be paid a $0.22 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.82%. Devon Energy’s dividend payout ratio is presently 16.33%.

Institutional Investors Weigh In On Devon Energy

Several hedge funds have recently made changes to their positions in the business. Geode Capital Management LLC raised its stake in Devon Energy by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company’s stock valued at $619,747,000 after acquiring an additional 206,884 shares during the last quarter. EnCap Energy Capital Fund XI L.P. acquired a new position in shares of Devon Energy in the third quarter valued at approximately $461,857,000. Pacer Advisors Inc. raised its stake 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 purchasing an additional 1,677,652 shares during the last quarter. EnCap Partners GP LLC purchased a new position in Devon Energy in the 3rd quarter valued at $408,653,000. Finally, Victory Capital Management Inc. grew its position in Devon Energy by 3.8% in the 3rd quarter. Victory Capital Management Inc. now owns 9,971,343 shares of the energy company’s stock valued at $390,079,000 after buying an additional 361,968 shares during the last quarter. Institutional investors and hedge funds 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.