Devon Energy Co. (NYSE:DVN) Given Consensus Rating of “Moderate Buy” by Brokerages

Devon Energy Co. (NYSE:DVN) has been given a consensus rating of “Moderate Buy” by the twenty-two analysts that are presently covering the stock, Marketbeat.com reports. Eleven investment analysts have rated the stock with a hold recommendation and eleven have issued a buy recommendation on the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $50.05.

Several equities research analysts recently weighed in on the company. JPMorgan Chase & Co. cut Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price target on the stock. in a research note on Thursday, December 5th. Jefferies Financial Group began coverage on shares of Devon Energy in a research note on Thursday, October 3rd. They set a “hold” rating and a $45.00 target price on the stock. Mizuho cut their price target on Devon Energy from $51.00 to $47.00 and set an “outperform” rating for the company in a research note on Monday. Truist Financial cut Devon Energy from a “buy” rating to a “hold” rating and reduced their price target for the stock from $49.00 to $43.00 in a research report on Thursday, November 7th. Finally, Wells Fargo & Company cut their price target on Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a research note on Tuesday.

Hedge Funds Weigh In On Devon Energy

A number of institutional investors have recently bought and sold shares of DVN. William B. Walkup & Associates Inc. purchased a new position in Devon Energy in the second quarter valued at $1,026,000. Legacy Investment Solutions LLC purchased a new position in shares of Devon Energy during the 3rd quarter worth $8,002,000. Bridgewater Associates LP acquired a new position in shares of Devon Energy in the 3rd quarter worth approximately $9,426,000. Petrus Trust Company LTA lifted its stake in Devon Energy by 394.7% during the 3rd quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company’s stock worth $854,000 after acquiring an additional 17,415 shares in the last quarter. Finally, CIBC Asset Management Inc increased its stake in Devon Energy by 6.3% during the 3rd quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock worth $4,193,000 after buying an additional 6,358 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Stock Performance

NYSE DVN opened at $30.52 on Friday. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. Devon Energy has a 12-month low of $30.49 and a 12-month high of $55.09. The company has a 50-day simple moving average of $37.89 and a two-hundred day simple moving average of $42.16. The firm has a market cap of $20.05 billion, a price-to-earnings ratio of 5.66, a PEG ratio of 1.10 and a beta of 1.99.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The business had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter last year, the business posted $1.65 EPS. The business’s revenue was up 4.9% on a year-over-year basis. On average, equities analysts forecast that Devon Energy will post 4.79 EPS for the current year.

Devon Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.88%. Devon Energy’s dividend payout ratio is currently 16.33%.

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.