Analysts Set Devon Energy Co. (NYSE:DVN) PT at $58.63

Devon Energy Co. (NYSE:DVN) has earned a consensus recommendation of “Moderate Buy” from the nineteen research firms that are presently covering the firm, Marketbeat reports. Five research analysts have rated the stock with a hold recommendation, thirteen have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price target among analysts that have covered the stock in the last year is $57.81.

A number of equities research analysts recently weighed in on DVN shares. Sanford C. Bernstein lowered their price target on Devon Energy from $48.00 to $43.00 and set a “market perform” rating on the stock in a report on Wednesday, July 17th. Truist Financial lowered 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. Susquehanna cut their price target on Devon Energy from $65.00 to $63.00 and set a “positive” rating for the company in a research note on Wednesday, September 4th. Morgan Stanley increased their price objective on shares of Devon Energy from $52.00 to $54.00 and gave the company an “overweight” rating in a research note on Tuesday, July 9th. Finally, JPMorgan Chase & Co. cut their target price on shares of Devon Energy from $64.00 to $51.00 and set an “overweight” rating for the company in a research report on Thursday.

Hedge Funds Weigh In On Devon Energy

Hedge funds have recently made changes to their positions in the stock. Lazari Capital Management Inc. raised its position in shares of Devon Energy by 42.7% in the 2nd quarter. Lazari Capital Management Inc. now owns 31,507 shares of the energy company’s stock worth $1,493,000 after buying an additional 9,423 shares during the period. Sanctuary Advisors LLC purchased a new position in shares of Devon Energy in the 2nd quarter worth about $19,139,000. Gordian Capital Singapore Pte Ltd acquired a new position in shares of Devon Energy in the 2nd quarter valued at about $711,000. Dana Investment Advisors Inc. grew its holdings in shares of Devon Energy by 117.3% during the 2nd quarter. Dana Investment Advisors Inc. now owns 23,329 shares of the energy company’s stock worth $1,106,000 after purchasing an additional 12,593 shares during the period. Finally, SPC Financial Inc. increased its position in Devon Energy by 19.1% during the 2nd quarter. SPC Financial Inc. now owns 13,615 shares of the energy company’s stock worth $645,000 after purchasing an additional 2,186 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Trading Down 0.3 %

NYSE:DVN opened at $39.45 on Wednesday. Devon Energy has a 1 year low of $39.02 and a 1 year high of $55.09. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11. The stock has a fifty day moving average price of $44.64 and a two-hundred day moving average price of $47.41. The stock has a market capitalization of $24.93 billion, a price-to-earnings ratio of 7.53, a PEG ratio of 1.13 and a beta of 2.03.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.26 by $0.15. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The firm had revenue of $3.92 billion during the quarter, compared to analysts’ expectations of $3.90 billion. During the same quarter last year, the business earned $1.18 earnings per share. The business’s revenue for the quarter was up 13.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Devon Energy will post 5.36 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be issued a $0.22 dividend. The ex-dividend date is Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.23%. Devon Energy’s payout ratio is 16.79%.

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.