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

Shares of Devon Energy Co. (NYSE:DVN) have been given a consensus rating of “Moderate Buy” by the twenty-two research firms that are covering the company, MarketBeat Ratings reports. Eight analysts have rated the stock with a hold recommendation and fourteen have issued a buy recommendation on the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $52.53.

A number of research analysts recently issued reports on DVN shares. Benchmark reissued a “hold” rating on shares of Devon Energy in a research report on Tuesday, October 15th. Wolfe Research began coverage on shares of Devon Energy in a report on Thursday, July 18th. They set a “peer perform” rating for the company. Royal Bank of Canada restated a “sector perform” rating and issued a $57.00 price target on shares of Devon Energy in a research note on Tuesday, September 3rd. Wells Fargo & Company reiterated a “sector outperform” rating on shares of Devon Energy in a research note on Friday, October 18th. Finally, Piper Sandler dropped their target price on Devon Energy from $57.00 to $56.00 and set an “overweight” rating on the stock in a report on Tuesday, October 15th.

Devon Energy Price Performance

Shares of NYSE DVN opened at $38.34 on Thursday. 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 has a 1 year low of $37.76 and a 1 year high of $55.09. The company’s 50-day moving average is $41.26 and its 200 day moving average is $45.48. The stock has a market capitalization of $24.01 billion, a P/E ratio of 6.96, a P/E/G ratio of 1.22 and a beta of 2.02.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.26 by $0.15. The firm had revenue of $3.92 billion for the quarter, compared to the consensus estimate of $3.90 billion. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The business’s revenue for the quarter was up 13.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.18 EPS. On average, sell-side analysts expect that Devon Energy will post 4.98 earnings per share for the current year.

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were paid a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.30%. Devon Energy’s dividend payout ratio is presently 15.97%.

Hedge Funds Weigh In On Devon Energy

A number of institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in Devon Energy by 3.5% in the first quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock worth $3,836,615,000 after purchasing an additional 2,559,039 shares during the last quarter. International Assets Investment Management LLC boosted its holdings in shares of Devon Energy by 4,125.7% in the third quarter. International Assets Investment Management LLC now owns 2,280,961 shares of the energy company’s stock worth $89,231,000 after buying an additional 2,226,983 shares during the last quarter. Pacer Advisors Inc. grew its position in Devon Energy by 16.8% during the second quarter. Pacer Advisors Inc. now owns 9,913,516 shares of the energy company’s stock valued at $469,901,000 after buying an additional 1,428,776 shares during the period. Los Angeles Capital Management LLC increased its holdings in Devon Energy by 7,165.6% during the second quarter. Los Angeles Capital Management LLC now owns 1,376,253 shares of the energy company’s stock valued at $65,234,000 after buying an additional 1,357,311 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Devon Energy by 16.7% in the second quarter. Dimensional Fund Advisors LP now owns 8,793,217 shares of the energy company’s stock worth $416,779,000 after acquiring an additional 1,255,543 shares during the period. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

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.