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

Shares of Devon Energy Co. (NYSE:DVN) have been assigned an average recommendation of “Moderate Buy” from the twenty-two ratings firms that are currently covering the company, MarketBeat Ratings reports. Ten investment analysts have rated the stock with a hold recommendation and twelve have given a buy recommendation to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $51.15.

A number of research analysts recently weighed in on DVN shares. Barclays dropped their price objective on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. Raymond James cut their price target on shares of Devon Energy from $58.00 to $51.00 in a report on Tuesday, November 5th. BMO Capital Markets decreased their price objective on shares of Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a report on Friday, October 4th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $57.00 target price on shares of Devon Energy in a report on Tuesday, September 3rd. Finally, Piper Sandler boosted their price target on Devon Energy from $56.00 to $57.00 and gave the stock an “overweight” rating in a research note on Monday, November 18th.

Devon Energy Stock Up 0.3 %

Shares of Devon Energy stock opened at $37.95 on Monday. Devon Energy has a one year low of $37.28 and a one year high of $55.09. The company has a market cap of $24.93 billion, a P/E ratio of 7.04, a PEG ratio of 1.20 and a beta of 2.03. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. The firm has a fifty day moving average of $39.74 and a two-hundred day moving average of $43.64.

Devon Energy (NYSE:DVN) last announced 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. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The firm had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter last year, the firm earned $1.65 earnings per share. The firm’s revenue was up 4.9% compared to the same quarter last year. On average, analysts forecast that Devon Energy will post 4.79 earnings per share for the current year.

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date of this dividend is Friday, December 13th. Devon Energy’s dividend payout ratio is currently 16.33%.

Institutional Trading of Devon Energy

Several institutional investors have recently made changes to their positions in the stock. William B. Walkup & Associates Inc. acquired a new position in Devon Energy in the second quarter valued at $1,026,000. CIBC Asset Management Inc lifted its stake in shares of Devon Energy by 6.3% in the 3rd quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock valued at $4,193,000 after purchasing an additional 6,358 shares in the last quarter. Smead Capital Management Inc. increased its position in Devon Energy by 3.5% during the 3rd quarter. Smead Capital Management Inc. now owns 5,879,516 shares of the energy company’s stock worth $230,007,000 after purchasing an additional 198,193 shares in the last quarter. Nations Financial Group Inc. IA ADV acquired a new stake in Devon Energy during the 3rd quarter worth approximately $592,000. Finally, Gordian Capital Singapore Pte Ltd purchased a new position in Devon Energy in the second quarter valued at approximately $711,000. 69.72% of the stock is 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.