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

Shares of Devon Energy Co. (NYSE:DVNGet Rating) have been assigned an average rating of “Moderate Buy” from the twenty-one brokerages that are currently covering the company, MarketBeat Ratings reports. Six research analysts have rated the stock with a hold recommendation, six have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $77.59.

A number of research analysts have recently weighed in on DVN shares. Stifel Nicolaus raised their price objective on Devon Energy from $88.00 to $93.00 in a research report on Thursday, June 9th. The Goldman Sachs Group dropped their price target on Devon Energy from $70.00 to $61.00 and set a “neutral” rating for the company in a research report on Tuesday, July 5th. Johnson Rice lowered Devon Energy from a “buy” rating to an “accumulate” rating in a research report on Tuesday, May 24th. Credit Suisse Group lifted their price target on Devon Energy from $75.00 to $82.00 and gave the stock an “outperform” rating in a research report on Thursday, June 9th. Finally, Bank of America dropped their price target on Devon Energy from $80.00 to $66.00 and set a “neutral” rating for the company in a research report on Tuesday, July 19th.

Devon Energy Trading Down 3.8 %

Shares of Devon Energy stock opened at $66.82 on Friday. The firm has a market cap of $43.75 billion, a price-to-earnings ratio of 8.48, a PEG ratio of 0.14 and a beta of 2.47. The business has a 50-day moving average price of $63.43 and a 200-day moving average price of $63.15. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.63. Devon Energy has a twelve month low of $27.40 and a twelve month high of $79.40.

Devon Energy (NYSE:DVNGet Rating) last issued its quarterly earnings data on Monday, August 1st. The energy company reported $2.59 earnings per share for the quarter, beating analysts’ consensus estimates of $2.38 by $0.21. The firm had revenue of $5.63 billion during the quarter, compared to analyst estimates of $4.77 billion. Devon Energy had a return on equity of 48.58% and a net margin of 30.65%. The business’s quarterly revenue was up 132.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.60 earnings per share. Equities research analysts anticipate that Devon Energy will post 9.33 EPS for the current fiscal year.

Devon Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Monday, September 12th will be paid a $1.55 dividend. The ex-dividend date of this dividend is Friday, September 9th. This represents a $6.20 annualized dividend and a yield of 9.28%. This is an increase from Devon Energy’s previous quarterly dividend of $1.27. Devon Energy’s dividend payout ratio (DPR) is presently 9.14%.

Insider Activity

In other news, EVP Dennis C. Cameron sold 4,537 shares of Devon Energy stock in a transaction that occurred on Tuesday, July 5th. The shares were sold at an average price of $53.55, for a total transaction of $242,956.35. Following the completion of the sale, the executive vice president now owns 270,269 shares of the company’s stock, valued at $14,472,904.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.80% of the company’s stock.

Institutional Trading of Devon Energy

Institutional investors and hedge funds have recently modified their holdings of the stock. WASHINGTON TRUST Co bought a new stake in shares of Devon Energy during the first quarter valued at approximately $26,000. Canada Pension Plan Investment Board bought a new position in Devon Energy in the first quarter worth approximately $26,000. JNBA Financial Advisors raised its stake in Devon Energy by 274.4% in the first quarter. JNBA Financial Advisors now owns 498 shares of the energy company’s stock worth $29,000 after buying an additional 365 shares in the last quarter. Riverview Trust Co bought a new position in Devon Energy in the first quarter worth approximately $30,000. Finally, American National Bank raised its stake in Devon Energy by 202.8% in the second quarter. American National Bank now owns 539 shares of the energy company’s stock worth $30,000 after buying an additional 361 shares in the last quarter. Institutional investors own 79.19% of the company’s stock.

Devon Energy Company Profile

(Get Rating)

Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates approximately 5,134 gross wells. Devon Energy Corporation was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.

See Also

Analyst Recommendations for Devon Energy (NYSE:DVN)

Receive News & Ratings for Devon Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Devon Energy and related companies with MarketBeat.com's FREE daily email newsletter.