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

Devon Energy Co. (NYSE:DVN) has been given an average recommendation of “Moderate Buy” by the nineteen research firms that are currently covering the firm, Marketbeat reports. Five equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $58.75.

A number of research firms have issued reports on DVN. 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. Scotiabank decreased their price target on shares of Devon Energy from $67.00 to $60.00 and set a “sector outperform” rating for the company in a report on Friday, July 12th. Bank of America restated a “buy” rating and set a $64.00 price target on shares of Devon Energy in a report on Friday, June 14th. BMO Capital Markets upgraded shares of Devon Energy to a “strong-buy” rating in a report on Wednesday, July 3rd. Finally, Piper Sandler decreased their price target on shares of Devon Energy from $65.00 to $57.00 and set an “overweight” rating for the company in a report on Thursday, August 15th.

Devon Energy Trading Up 2.4 %

Devon Energy stock opened at $44.70 on Friday. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.04 and a quick ratio of 0.97. The company has a market capitalization of $28.25 billion, a price-to-earnings ratio of 8.48, a PEG ratio of 0.75 and a beta of 2.07. Devon Energy has a one year low of $40.47 and a one year high of $55.09. The company’s fifty day moving average price is $45.96 and its two-hundred day moving average price is $47.40.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, topping the consensus estimate 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 net margin of 22.27% and a return on equity of 29.02%. The business’s quarterly revenue was up 13.4% on a year-over-year basis. During the same period in the prior year, the business posted $1.18 earnings per share. On average, analysts forecast that Devon Energy will post 5.4 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 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 1.97%. The ex-dividend date is Friday, September 13th. Devon Energy’s dividend payout ratio is 16.79%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. SPC Financial Inc. lifted its stake in Devon Energy by 19.1% during the second 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 during the period. IMS Capital Management increased its holdings in shares of Devon Energy by 3.3% during the second quarter. IMS Capital Management now owns 12,495 shares of the energy company’s stock worth $550,000 after buying an additional 400 shares in the last quarter. Truist Financial Corp increased its holdings in shares of Devon Energy by 48.5% during the second quarter. Truist Financial Corp now owns 539,645 shares of the energy company’s stock worth $25,579,000 after buying an additional 176,325 shares in the last quarter. B. Riley Wealth Advisors Inc. increased its holdings in shares of Devon Energy by 41.6% during the second quarter. B. Riley Wealth Advisors Inc. now owns 107,883 shares of the energy company’s stock worth $5,114,000 after buying an additional 31,668 shares in the last quarter. Finally, Quarry LP increased its holdings in shares of Devon Energy by 32.1% during the second quarter. Quarry LP now owns 1,832 shares of the energy company’s stock worth $87,000 after buying an additional 445 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

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.