Devon Energy Corporation (NYSE:DVN) Receives $44.86 Average PT from Analysts

Devon Energy Corporation (NYSE:DVN) has received a consensus rating of “Moderate Buy” from the thirty research firms that are covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, six have given a hold rating, twenty-one have assigned a buy rating and two have assigned a strong buy rating to the company. The average 1-year price target among analysts that have covered the stock in the last year is $44.8621.

Several research firms recently issued reports on DVN. Piper Sandler cut their price objective on Devon Energy from $57.00 to $55.00 and set an “overweight” rating on the stock in a report on Tuesday, November 18th. Siebert Williams Shank lowered their price objective on shares of Devon Energy from $52.00 to $46.00 and set a “buy” rating for the company in a research note on Monday, October 13th. Wells Fargo & Company cut their target price on shares of Devon Energy from $43.00 to $37.00 and set an “overweight” rating on the stock in a research note on Friday, October 17th. Barclays reduced their target price on shares of Devon Energy from $42.00 to $40.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 7th. Finally, JPMorgan Chase & Co. upgraded shares of Devon Energy from a “neutral” rating to an “overweight” rating and dropped their price target for the stock from $49.00 to $44.00 in a research note on Monday, December 8th.

Devon Energy Stock Performance

Shares of DVN stock opened at $36.66 on Tuesday. The firm’s 50 day moving average price is $35.51 and its 200-day moving average price is $34.42. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.87 and a current ratio of 0.96. Devon Energy has a one year low of $25.89 and a one year high of $38.88. The firm has a market cap of $23.00 billion, a P/E ratio of 8.63, a P/E/G ratio of 2.78 and a beta of 0.60.

Devon Energy (NYSE:DVN) last posted its earnings results on Wednesday, November 5th. The energy company reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.11. Devon Energy had a net margin of 15.56% and a return on equity of 18.14%. The firm had revenue of $0.00 million during the quarter, compared to the consensus estimate of $4.10 billion. During the same quarter last year, the firm earned $1.10 EPS. As a group, equities research analysts predict that Devon Energy will post 4.85 EPS for the current year.

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 30th. Investors of record on Monday, December 15th were paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend was Monday, December 15th. Devon Energy’s payout ratio is presently 22.59%.

Institutional Investors Weigh In On Devon Energy

A number of hedge funds have recently bought and sold shares of the stock. Canada Pension Plan Investment Board increased its stake in shares of Devon Energy by 157.9% during the first quarter. Canada Pension Plan Investment Board now owns 933,784 shares of the energy company’s stock worth $34,924,000 after buying an additional 571,775 shares during the period. Evergreen Capital Management LLC grew its holdings in Devon Energy by 21.6% during the 1st quarter. Evergreen Capital Management LLC now owns 13,394 shares of the energy company’s stock worth $501,000 after acquiring an additional 2,377 shares in the last quarter. Vident Advisory LLC grew its holdings in Devon Energy by 54.9% during the 1st quarter. Vident Advisory LLC now owns 17,063 shares of the energy company’s stock worth $638,000 after acquiring an additional 6,045 shares in the last quarter. Baird Financial Group Inc. increased its position in shares of Devon Energy by 2.8% in the 1st quarter. Baird Financial Group Inc. now owns 161,415 shares of the energy company’s stock valued at $6,037,000 after purchasing an additional 4,357 shares during the last quarter. Finally, Focus Partners Advisor Solutions LLC purchased a new stake in shares of Devon Energy in the 1st quarter valued at approximately $313,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

About Devon Energy

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.