Devon Energy’s (DVN) “Sector Perform” Rating Reaffirmed at Royal Bank of Canada

Royal Bank of Canada reissued their sector perform rating on shares of Devon Energy (NYSE:DVN) in a research report released on Tuesday, Benzinga reports. They currently have a $57.00 target price on the energy company’s stock.

A number of other equities analysts also recently commented on DVN. Bank of America reissued a buy rating and set a $64.00 price objective on shares of Devon Energy in a research report on Friday, June 14th. Wolfe Research assumed coverage on shares of Devon Energy in a research report on Thursday, July 18th. They issued a peer perform rating on the stock. StockNews.com cut shares of Devon Energy from a buy rating to a hold rating in a research report on Monday. Truist Financial dropped their target price on Devon Energy from $67.00 to $64.00 and set a buy rating on the stock in a report on Tuesday, July 9th. Finally, BMO Capital Markets raised Devon Energy to a strong-buy rating in a report on Wednesday, July 3rd. Six research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $58.75.

Devon Energy Price Performance

Shares of DVN opened at $43.02 on Tuesday. The firm has a 50-day simple moving average of $45.70 and a two-hundred day simple moving average of $47.62. The stock has a market cap of $26.94 billion, a PE ratio of 8.21, a P/E/G ratio of 1.26 and a beta of 2.07. Devon Energy has a 1-year low of $40.47 and a 1-year high of $55.09. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.11 and a quick ratio of 1.03.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, beating analysts’ consensus estimates of $1.26 by $0.15. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The company had revenue of $3.92 billion during the quarter, compared to analysts’ expectations of $3.90 billion. During the same period last year, the business posted $1.18 EPS. Devon Energy’s revenue for the quarter was up 13.4% on a year-over-year basis. As a group, analysts forecast that Devon Energy will post 5.37 EPS for the current year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.05%. Devon Energy’s payout ratio is 16.79%.

Hedge Funds Weigh In On Devon Energy

Several institutional investors have recently added to or reduced their stakes in DVN. Creekmur Asset Management LLC acquired a new stake in Devon Energy in the fourth quarter valued at $791,000. Wahed Invest LLC increased its position in shares of Devon Energy by 6.3% in the fourth quarter. Wahed Invest LLC now owns 10,944 shares of the energy company’s stock valued at $496,000 after buying an additional 648 shares in the last quarter. Tradewinds Capital Management LLC acquired a new stake in shares of Devon Energy in the first quarter valued at approximately $30,000. MCF Advisors LLC increased its stake in shares of Devon Energy by 5.6% during the 1st quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock worth $202,000 after purchasing an additional 215 shares in the last quarter. Finally, Principal Securities Inc. acquired a new position in shares of Devon Energy in the fourth quarter worth $702,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

About Devon Energy

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.