Analysts Set Devon Energy Co. (NYSE:DVN) PT at $51.85

Shares of Devon Energy Co. (NYSE:DVN) have received an average recommendation of “Moderate Buy” from the twenty-two ratings firms that are covering the stock, MarketBeat Ratings reports. Ten research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $51.15.

DVN has been the topic of a number of analyst reports. Jefferies Financial Group initiated coverage on Devon Energy in a research note on Thursday, October 3rd. They set a “hold” rating and a $45.00 price objective on the stock. Citigroup reduced their target price on Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a research report on Tuesday. StockNews.com downgraded Devon Energy from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Evercore ISI reduced their target price on Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a research report on Monday, September 30th. Finally, Scotiabank reduced their target price on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th.

Institutional Investors Weigh In On Devon Energy

Several hedge funds have recently modified their holdings of the stock. Franklin Resources Inc. raised its holdings in shares of Devon Energy by 90.1% during the 3rd quarter. Franklin Resources Inc. now owns 1,363,090 shares of the energy company’s stock valued at $58,435,000 after buying an additional 646,045 shares during the period. Peapack Gladstone Financial Corp raised its holdings in shares of Devon Energy by 13.1% during the 3rd quarter. Peapack Gladstone Financial Corp now owns 137,427 shares of the energy company’s stock valued at $5,377,000 after buying an additional 15,929 shares during the period. Synovus Financial Corp raised its holdings in shares of Devon Energy by 67.1% during the 3rd quarter. Synovus Financial Corp now owns 38,097 shares of the energy company’s stock valued at $1,490,000 after buying an additional 15,294 shares during the period. Wilmington Savings Fund Society FSB purchased a new stake in shares of Devon Energy during the 3rd quarter valued at about $1,576,000. Finally, Sfmg LLC grew its stake in Devon Energy by 0.5% during the 3rd quarter. Sfmg LLC now owns 64,871 shares of the energy company’s stock valued at $2,538,000 after purchasing an additional 294 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Stock Up 0.3 %

DVN opened at $37.83 on Monday. 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 has a market cap of $24.85 billion, a P/E ratio of 7.05, a PEG ratio of 1.21 and a beta of 2.03. Devon Energy has a 52 week low of $37.28 and a 52 week high of $55.09. The business’s fifty day simple moving average is $39.85 and its 200 day simple moving average is $43.73.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating 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 business’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same quarter last year, the company earned $1.65 earnings per share. As a group, equities research analysts anticipate that Devon Energy will post 4.79 EPS for the current fiscal year.

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be issued a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.33%. Devon Energy’s payout ratio is currently 16.33%.

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.