Analysts Set Devon Energy Co. (NYSE:DVN) PT at $30.25

Shares of Devon Energy Co. (NYSE:DVN) have been assigned an average rating of “Buy” from the twenty-five research firms that are presently covering the company, Marketbeat.com reports. Three analysts have rated the stock with a hold recommendation, seventeen have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $30.23.

Several equities analysts have recently weighed in on DVN shares. Truist lifted their price target on Devon Energy from $35.00 to $42.00 and gave the company a “buy” rating in a research report on Thursday, July 1st. They noted that the move was a valuation call. Piper Sandler lifted their price target on Devon Energy from $34.00 to $37.00 and gave the company an “overweight” rating in a research report on Thursday, July 22nd. Truist Securities lifted their price target on Devon Energy from $35.00 to $42.00 and gave the company a “buy” rating in a research report on Thursday, July 1st. Royal Bank of Canada reiterated a “hold” rating and issued a $35.00 price target on shares of Devon Energy in a research report on Wednesday, July 7th. Finally, Wells Fargo & Company boosted their target price on Devon Energy from $37.00 to $38.00 and gave the stock an “overweight” rating in a research report on Monday, August 23rd.

Several institutional investors and hedge funds have recently bought and sold shares of DVN. Dimensional Fund Advisors LP boosted its holdings in shares of Devon Energy by 23.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 7,288,528 shares of the energy company’s stock worth $115,241,000 after purchasing an additional 1,391,512 shares in the last quarter. CWM LLC lifted its stake in shares of Devon Energy by 61.6% in the 1st quarter. CWM LLC now owns 1,868 shares of the energy company’s stock valued at $41,000 after acquiring an additional 712 shares during the last quarter. Comerica Bank lifted its stake in shares of Devon Energy by 125.6% in the 1st quarter. Comerica Bank now owns 167,740 shares of the energy company’s stock valued at $3,596,000 after acquiring an additional 93,383 shares during the last quarter. DekaBank Deutsche Girozentrale lifted its stake in shares of Devon Energy by 3,660.9% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 47,951 shares of the energy company’s stock valued at $1,054,000 after acquiring an additional 46,676 shares during the last quarter. Finally, US Bancorp DE lifted its stake in shares of Devon Energy by 30.6% in the 1st quarter. US Bancorp DE now owns 96,556 shares of the energy company’s stock valued at $2,109,000 after acquiring an additional 22,627 shares during the last quarter. Hedge funds and other institutional investors own 86.42% of the company’s stock.

Shares of DVN traded down $0.65 during mid-day trading on Tuesday, hitting $28.27. The stock had a trading volume of 9,002,971 shares, compared to its average volume of 11,844,242. The firm has a market cap of $19.14 billion, a P/E ratio of 157.06, a PEG ratio of 0.32 and a beta of 3.37. The business has a fifty day moving average price of $27.45 and a 200-day moving average price of $26.05. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.00 and a quick ratio of 1.00. Devon Energy has a 52 week low of $7.73 and a 52 week high of $31.99.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, August 3rd. The energy company reported $0.60 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.53 by $0.07. The firm had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.38 billion. Devon Energy had a return on equity of 11.95% and a net margin of 4.21%. As a group, research analysts expect that Devon Energy will post 2.78 earnings per share for the current fiscal year.

The company also recently disclosed a None dividend, which will be paid on Thursday, September 30th. Stockholders of record on Monday, September 13th will be issued a $0.49 dividend. This represents a dividend yield of 1.7%. The ex-dividend date is Friday, September 10th. Devon Energy’s payout ratio is currently -488.89%.

About Devon Energy

Devon Energy Corp. engages in the exploration, development, and production of oil and natural gas properties. It develops and operates Delaware Basin, Eagle Ford, Heavy Oil, Baarnett Shale, STACK, and Rockies Oil. The company was founded by J. Larry Nichols and John W. Nichols in 1971 and is headquartered in Oklahoma City, OK.

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Analyst Recommendations for Devon Energy (NYSE:DVN)

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