Devon Energy Co. (NYSE:DVN) Receives $53.79 Average Target Price from Analysts

Shares of Devon Energy Co. (NYSE:DVN) have been assigned a consensus rating of “Moderate Buy” from the twenty-one brokerages that are currently covering the stock, MarketBeat Ratings reports. Seven 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 brokerages that have updated their coverage on the stock in the last year is $52.63.

DVN has been the subject of a number of recent analyst reports. Wolfe Research started coverage on Devon Energy in a report on Thursday, July 18th. They set a “peer perform” rating for the company. Scotiabank lowered their price target on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a report on Thursday. Piper Sandler cut their price objective on shares of Devon Energy from $65.00 to $57.00 and set an “overweight” rating on the stock in a report on Thursday, August 15th. BMO Capital Markets lowered their target price on shares of Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a report on Friday, October 4th. Finally, JPMorgan Chase & Co. cut their price target on shares of Devon Energy from $64.00 to $51.00 and set an “overweight” rating on the stock in a research note on Thursday, September 12th.

Devon Energy Stock Up 0.2 %

DVN stock opened at $42.96 on Friday. The company’s 50 day moving average price is $42.37 and its 200 day moving average price is $46.60. The firm has a market capitalization of $26.90 billion, a price-to-earnings ratio of 7.80, a PEG ratio of 1.27 and a beta of 2.02. Devon Energy has a fifty-two week low of $37.76 and a fifty-two week high of $55.09. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, beating analysts’ consensus estimates of $1.26 by $0.15. The company 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 22.60% and a return on equity of 29.14%. The company’s quarterly revenue was up 13.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.18 EPS. On average, equities research analysts anticipate that Devon Energy will post 5.01 EPS for the current fiscal year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were given a $0.22 dividend. 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 2.05%. Devon Energy’s payout ratio is currently 15.97%.

Hedge Funds Weigh In On Devon Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. William B. Walkup & Associates Inc. purchased a new stake in shares of Devon Energy in the second quarter valued at approximately $1,026,000. Creekmur Asset Management LLC purchased a new stake in Devon Energy during the fourth quarter worth about $791,000. Wahed Invest LLC grew its position in Devon Energy by 6.3% during the fourth quarter. Wahed Invest LLC now owns 10,944 shares of the energy company’s stock worth $496,000 after buying an additional 648 shares during the period. Tradewinds Capital Management LLC purchased a new position in Devon Energy in the first quarter valued at about $30,000. Finally, Gordian Capital Singapore Pte Ltd acquired a new stake in shares of Devon Energy during the 2nd quarter valued at approximately $711,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

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.