Devon Energy Co. (NYSE:DVN) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Devon Energy Co. (NYSE:DVN) have been assigned a consensus recommendation of “Moderate Buy” from the twenty-three brokerages that are covering the stock, MarketBeat reports. Nine equities research analysts have rated the stock with a hold recommendation and fourteen have assigned a buy recommendation to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $43.71.

Several research analysts recently commented on the stock. Royal Bank of Canada reduced their target price on shares of Devon Energy from $49.00 to $40.00 and set a “sector perform” rating for the company in a report on Monday, April 14th. Cowen cut shares of Devon Energy to a “hold” rating and cut their price target for the stock from $46.00 to $45.00 in a research report on Tuesday, February 18th. Wall Street Zen upgraded Devon Energy from a “sell” rating to a “hold” rating in a report on Thursday, May 15th. UBS Group lowered their target price on Devon Energy from $41.00 to $35.00 and set a “neutral” rating on the stock in a research report on Monday, April 7th. Finally, Wells Fargo & Company upped their target price on Devon Energy from $44.00 to $46.00 and gave the stock an “overweight” rating in a report on Wednesday, May 14th.

Institutional Investors Weigh In On Devon Energy

Several hedge funds have recently bought and sold shares of DVN. Banque Cantonale Vaudoise acquired a new stake in Devon Energy during the 1st quarter worth approximately $26,000. Financial Gravity Asset Management Inc. bought a new position in Devon Energy during the 1st quarter worth $26,000. Hurley Capital LLC bought a new position in Devon Energy during the 4th quarter worth $26,000. Rakuten Securities Inc. grew its stake in shares of Devon Energy by 94.6% in the first quarter. Rakuten Securities Inc. now owns 833 shares of the energy company’s stock valued at $31,000 after acquiring an additional 405 shares in the last quarter. Finally, Accredited Wealth Management LLC acquired a new position in shares of Devon Energy in the fourth quarter valued at about $28,000. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Stock Down 0.5%

DVN stock opened at $34.31 on Friday. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. The stock has a market capitalization of $22.03 billion, a P/E ratio of 7.52, a P/E/G ratio of 1.20 and a beta of 1.02. Devon Energy has a fifty-two week low of $25.89 and a fifty-two week high of $49.35. The business has a 50-day moving average of $31.22 and a 200-day moving average of $33.67.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, May 6th. The energy company reported $1.21 earnings per share for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.06). The firm had revenue of $4.45 billion for the quarter, compared to analyst estimates of $4.31 billion. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The company’s revenue was up 23.8% compared to the same quarter last year. During the same period last year, the company earned $1.16 EPS. On average, sell-side analysts anticipate that Devon Energy will post 4.85 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be paid a $0.24 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.96 dividend on an annualized basis and a yield of 2.80%. Devon Energy’s dividend payout ratio (DPR) is currently 21.87%.

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.